Financialnewsmedia.com News Commentary
PALM BEACH, Florida, May 9, 2019 /PRNewswire/ -- Global spending in the retail cannabis market is expected to grow 38% in 2019 to $16.9 billion, according to analysts at Arcview Group, growing to $31.3 billion by 2022. "Despite the speed bumps in Canada and California, the basic story line prompting an explosion of investment in the industry in 2018 remains intact," said Tom Adams, managing director and principal analyst at BDS Analytics. "The gradual legalization around the world of a plant which humans have been happily consuming for millennia is creating one of the largest industry-growth phenomena."
Some of the top companies in the industry include High Tide Inc. (CSE:HITI) (OTC:HITIF), Trulieve Cannabis Corporation (CSE:TRUL) (OTC:TCNNF), Green Growth Brands Inc. (CSE:GGB) (OTC:GGBXF), Westleaf Inc. (TSX-V:WL) (OTC:WSLFF) and Fire & Flower Holdings Corporation (TSX-V:FAF) (OTC:FFLWF).
High Tide Inc. (CSE:HITI) (OTCQB:HITIF) BREAKING NEWS: High Tide just announced that it has been licensed to open their 14th and 15th Canna Cabana retail stores, which are located in Fort Saskatchewan, Alberta and Lacombe, Alberta. Having met all municipal business requirements, the new stores are approved to sell smoking accessories and cannabis lifestyle products while the temporary suspension of incremental cannabis retail licensing by Alberta Gaming, Liquor and Cannabis.
The new stores continue to demonstrate High Tide's ability to execute in the rapidly growing cannabis industry. At the moment, the company has 36 of the 37 effective maximum number of development permits established by the AGLC for retail cannabis stores across Alberta and expects to receive the one remaining development permit in the near future.
High Tide continues to advance its next 23 Alberta locations that are under various stages of development and construction. In Ontario, two Canna Cabana-branded retail cannabis locations in Hamilton and Sudbury were opened on April 20, 2019 and both are performing strongly in each market, with the next branded location in downtown Toronto expected to open on or before June 1, 2019. In Saskatchewan, the company is progressing through the last steps to complete two pending retail cannabis acquisitions. Lastly, across Alberta, British Columbia and Nova Scotia the Company has 13 Smoker's Corner accessories shops, of which five are corporately owned and eight are franchises. For more information and additional news for High Tide, please visit: https://hightideinc.com/
Other cannabis-related developments from around the markets include:
Trulieve Cannabis Corporation (CSE:TRUL) (OTCPK:TCNNF) recently announced that it signed an agreement with Colorado-based Love's Oven, LLC to bring their edible cannabis-infused baked goods, craft concentrates, and other products to Florida's growing patient base. "Love's Oven specifically crafts their products to be the highest-quality available on the market and is dedicated to helping patients achieve relief from everything from chronic pain to insomnia and other ailments. Their products are not only delicious, they're clean, organic, and, most importantly, all natural, which is what Trulieve has focused on since the beginning," said Trulieve CEO Kim Rivers. "Their products are an effective, reliable treatment option for patients seeking relief in innovative ways."
Green Growth Brands Inc. (CSE:GGB) (OTCQB:GGBXF) is marketing its CBD personal care products under its Seventh Sense Brand. The company just opened two new CBD shops in Indianapolis Indiana, and Louisville, Kentucky. The new locations are the fourth and fifth Seventh Sense shops to open of the hundreds planned for the year.
"We are pleased with the initial performance of our shops and our eCommerce site, ShopSeventhSense.com," said Peter Horvath, CEO of Green Growth Brands. "The investments we are making in securing premium leases and in designing beautiful shop fixtures not only create amazing consumer experiences but are fantastic marketing mechanisms for our brand. With our eventual footprint of hundreds of shops in high foot traffic locations, we will be gaining exposure to millions of potential customers."
Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) just exercised its previously announced to purchase all of the issued and outstanding shares of 102053592 Saskatchewan Ltd., which operates a cannabis retail store located at 170-3020 Preston Avenue, Saskatoon. The store, which was built out as part of a license agreement with Westleaf, will operate under the Prairie Records retail banner opened for business on April 18, 2019.
"While Prairie Records creates a unique and totally different cannabis retail experience, we do want to recognize the day that activists used to bring attention to the push for legalization of cannabis which has gone on for many years," said Adam Coates, CCO at Westleaf. "We are excited to open our doors in two Saskatoon locations providing the community with a unique retail option that celebrates the relationship between cannabis and music."
Fire & Flower Holdings Corporation (TSX-V:FAF) (OTCPK:FFLWF) just announced that it entered into an agreement pursuant to which Fire & Flower will acquire certain assets of vendor, Prairie Sky Cannabis Inc. The Vendor currently operates four licensed retail cannabis shops in the province of Saskatchewan in the communities of Battleford, Estevan, Martensville and Moosomin, Saskatchewan under the name Jimmy's Cannabis Shop.
"The acquisition of four additional retail cannabis stores in the province of Saskatchewan is the first in Fire & Flower's aggressive acquisition strategy for 2019. In conjunction with our Open Fields wholesale distribution platform in the province, it cements our leadership position in this strategic market. Along with our existing portfolio of organic growth opportunities, the acquisition puts us in a good position to meet our growth goals for the year," said Trevor Fencott, CEO of Fire & Flower.
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