Data Shows Medical Cannabis Market Value is Set to Grow
NEW YORK, June 7, 2018 /PRNewswire/ --
FinancialBuzz.com News Commentary
According to data compiled by Oristep Consulting, the global medical cannabis market was worth USD 12.67 Billion in 2016 and will reach USD 33.41 Billion by 2022 at a CAGR of 17.53% over the forecast period. Scientific studies and trials of cannabinoid have already resulted in two FDA-approved medications in pill form. The two main cannabinoids from the marijuana plant are THC and CBD, and are commonly used as medications for increasing appetite, reducing nausea, decreasing pain, inflammation (swelling and redness), as well as muscle-control problems. The report also indicates that North America leads the market having held nearly half of the market share in 2016. High Hampton Hldgs Corp. (OTC: HHPHF), GB Sciences, Inc. (OTC: GBLX), Isodiol International Inc. (OTC: ISOLF), Future Farm Technologies Inc. (OTC: FFRMF), NightFood, Inc (OTC: NGTF)
Beginning January 1st, California started legal sales of cannabis products for recreational use, and since then further political changes have been planned. Earlier in March, Forbes reported that a bipartisan pair of California lawmakers had announced a bill which would drop the state excise tax on cannabis from 15% to 11% for a period of three years. Beau Whitney, a senior economist at data analytics for New Frontier Data, which conducted an analysis of the bill, explained to Leafly that, "by lowering the excise tax and postponing the cultivation tax, it will lower the overall price for consumers at the register, which will also reduce the differential between illicit and legal prices… Reducing this gap is critical to making the legal market more competitive against the illicit market and more attractive for consumers."
High Hampton Hldgs Corp. (OTC: HHPHF) also listed on the Canadian Securities Exchange under the Ticker (CSE: HC). Earlier in May the company announced that, "it has appeared in front of the Coachella City Planning Commission on May 2nd to present and respond to final questions regarding its 10.8 acre CoachellaGro property situated in the cannabis industrial park in Coachella, California. The purpose was to grant approval by the planning commission for a conditional use permit (CUP) for cannabis farming. The Company is pleased to report that the remaining questions were resolved to the satisfaction of the commission who has now approved and recommended to Coachella City Council to grant a conditional use permit for the CoachellaGro property, which is expected to be issued at the next city council meeting before month's end.
David E. Argudo, CEO of High Hampton, commented: "It has been a diligent application process with significant work completed by our executive management team and our experienced Infrastructure Engineers team, and we are very pleased to have received an approval from the Coachella Planning Commission to award a conditional use permit. Once City Council issues the permit, we can move forward with the selection of a construction team and breaking ground at CoachellaGro."
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. The company has been issued its production license and now begins full production operations in the Las Vegas, Nevada, facility. Production license partners include Relax With Happy™ ("RWH"), a new venture co-founded by veteran cannabis chef, Deliciously Dee™, and Cura Cannabis Solutions, maker of the best-selling cannabis brand on the West Coast, Select Oil. Operations are expected to generate significant monthly free cash flow after a ramp up period of approximately two months. "We are most fortunate to have Cura with its pristine reputation and demonstrated expertise, as well as Relax With Happy™, whose hand-crafted, micro-dosed edibles will vastly improve the options available in the Nevada market," said John Poss, CEO & Chairman of the board of GB Sciences, before concluding, "We are excited by the prospect of these partnerships, and we expect first retail sales from the production facility sometime during the second quarter of 2018."
Isodiol International Inc. (OTC: ISOLF) the market leader in pharmaceutical grade phytochemical compounds and the industry leader in the manufacturing and development of consumer products, announced that it has closed its acquisition of a 51% equity stake in Farmtiva Inc., a cultivator of hemp that also provides hemp farming and distribution support for farmers and other industry participants. Farmtiva has a partnership agreement with the not-for-profit group, Imperial Valley Conservation Research Center and together they completed the first commercial planting of an approximately sixty-acre hemp crop as of June 1, 2018. This project is the first of its type in California for hemp legally grown as an "established agricultural research institution," under Food and Agricultural Code (FAC) Section 81000, the project is exempt from registration and is authorized to grow industrial hemp in Imperial County, California and the Agricultural Act of 2014 § 7606. "Isodiol is proud to support Farmtiva in their efforts, and we are excited about this opportunity for our shareholders. Having a captive supply of Farm Bill compliant industrial hemp is yet another example of how Isodiol continues to be a step ahead of its competition," said CEO of Isodiol, Marcos Agramont. Under the terms of this agreement, Isodiol will issue and exchange stock equal to US$1,500,000 based on the closing price of Isodiol's common stock on the Canadian Securities Exchange on April 30, 2018, which will be subject to thirty-six month lock-up/leak-out guidelines.
Future Farm Technologies Inc. (OTCQX: FFRMF) is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. The company recently announced that it is moving into Phase II of its ongoing efforts to be the largest hemp cultivator and CBD producer in New England. In response to a successful petition by Future Farm and other Maine licensees, Maine's State Horticulturist has issued an Extension of Indoor Growing Allowance for the 2018 Season. The extension will allow hemp seedlings the extra growing time needed to become hardy enough to withstand Maine's unpredictable weather. As a result of the extension, Future Farm plans to transfer its seedlings from the propagation facility to its Amity and Hersey fields on or about June 10, 2018. The fields are being prepared for transplant in tandem with the build-out of the state of the art propagation facility, leveraging the most modern irrigation and fertilization systems the industry has to offer. The next phase is the build-out of the processing and extraction lab, which will be capable of processing over 500 pounds of biomass an hour. In 2018, the Company is projected to produce 150,000-200,000 pounds of organic, high CBD biomass and to harvest over 75,000,000 organic, feminized, high CBD hemp seeds.
NightFood, Inc (OTC: NGTF) is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. NightFood, a brand development company pioneering the projected billion dollar nighttime nutrition category, and developing unique properties and products in the marijuana/cannabis/CBD related snack space, announced on May 21st, 2018 that the first production run of Half-Baked™ branded products has been successfully completed under license in the State of California. The Half-Baked brand THC-infused cookies each contain 10mg of THC and will retail for approximately $5. As originally announced on April 20, 2018, the product is on track to be available at retail before the end of May. "This is the birth of a leading national edibles brand in the marijuana space. That's how we view this initial production run and pilot launch," commented CEO Sean Folkson. "As more states continue to follow suit and pass marijuana legislation, we see an increase in the value of the opportunity and in the value of the Half-Baked intellectual property."
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