Retail Stores Growing As Global Cannabis Sales Are Projected To Exceed $55 Billion by 2026
Financialnewsmedia.com News Commentary
PALM BEACH, Fla., May 6, 2021 /PRNewswire/ -- Retail cannabis sales in North America soared in 2020. The pandemic has virtually destroyed many businesses, big and small, over the last year, but there is a retail business that has flourished IN and BECAUSE of the healthcare crisis… Cannabis Dispensaries. In fact sales increased over 67% in 2020, so says an article in FlowHub. They said that analysts attribute this massive increase both to changing public perception, but also to the pandemic itself. More home-bound than ever, and with ongoing fear of shutdowns, people stocked up on cannabis to the tune of nearly $18 billion, said Leafly. Delivery and online ordering reigned supreme. Online ordering, curbside pickup, and delivery were big trends in 2020 that helped consumers get their products quickly and safely… in the 30 days following the March 13 declaration of a national emergency, new delivery customer sign-ups jumped by nearly 60%. Similarly, the State of the Cannabis Industry found that stores with order ahead enabled sold 22% more on average compared to stores without order ahead. Not surprisingly, tech companies in cannabis ecommerce increased their market share in 2020 also. Sales in North America grew at an exponential rate. A report from BDSA said that Global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, a compound annual growth rate (CAGR) of more than 17%. Active Cannabis companies in the markets this week include Quizam Media Corporation (OTCQB: QQQFF) (CSE: QQ), Cresco Labs (OTCQX:CRLBF) (CSE:CL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), GrowGeneration Corp. (NASDAQ: GRWG), Inner Spirit Holdings Ltd. (OTCQB: INSHF) (CSE: ISH).
"The cannabis industry faced numerous challenges in the past few years, none so potentially disruptive as the coronavirus pandemic in 2020," said Micah Tapman, Chief Executive Officer, BDSA. "Our previous forecast was conservative based on the expected economic fallout from the pandemic, but the industry not only survived, it thrived and legal cannabis gained considerable ground, exceeding our expectations in several markets."
Quizam Media Corporation (OTCQB: QQQFF) (CSE: QQ) BREAKING NEWS: Quantum 1 Cannabis Signs Purchase Agreement to Open Flagship Location Near Oakridge Centre, Vancouver's Largest Retail and Residential Development - Quizam Media Corporation ("the Company") is pleased to announce that its subsidiary, Quantum 1 Cannabis ("Quantum"), one of Canada's fastest growing and leading recreational cannabis retailers, has signed a revised Memorandum of Understanding ("MOU") with Canna-Place to acquire an approved, municipal cannabis retail location in one of Vancouver's most diverse neighborhoods at 41st and Cambie Street in Vancouver, BC. The purchase includes a retail cannabis development permit and other rights for the purpose of Quantum to operate a legal cannabis retail store.
Under the terms of the new agreement, Quantum 1 has secured and finalized a prime location to move its development permit from a basement location to a higher traffic ground floor space. Quantum 1 is awaiting approval from the city for said move.
The new location will feature a full service, recreational cannabis retail experience featuring an upscale, contemporary design and a staff of highly trained cannabis consultants.
"With the recent financial announcement of record sales growth across our chain of unique cannabis stores, this flagship location expands our footprint in the Lower Mainland and has exceptional potential for growth. With over a billion dollars of development being spent at Oakridge Centre, density will significantly increase in what is already a high traffic area," stated CEO Russ Rossi. "Our dedicated team of experts is excited to serve our growing base of customers with a service and retail experience unlike anything seen in BC before."
In the past fourteen months, Quantum 1 has opened stores in North Vancouver, Vernon, Grand Forks, Keremeos and Creston. CONTINUED… Read this and more news for Quizam Media Corporation by visiting: https://www.quizammedia.com/news-archive/
Other recent developments in the markets include:
Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA) a leading international provider of consumer products in cannabis, recently announced the completion of the previously announced reorganization of its Maryland business. The reorganization optimizes Curaleaf's cultivation, processing and dispensary footprint in Maryland, further strengthening the Company's position as a leading cannabis operator in the state.
In connection with the reorganization, Curaleaf has completed the acquisition of Maryland Compassionate Care and Wellness, LLC ("MCCW"), which operates a 55,000 square foot co-located cultivation and processing facility in Taneytown, MD and a dispensary in Gaithersburg, MD under the Herbology brand. Curaleaf has also completed the sale to TerrAscend Corp. ("TerrAscend") of its interest in the HMS cultivation and processing facility in Frederick, MD for a total consideration of $27.5 million, comprised of $25.0 million in cash prior to net adjustments and a $2.5 million note. Additionally, Curaleaf sold to PharmaCann its 100% interest in the Elevate Takoma dispensary located in Takoma Park, MD and Grassroots' principals' 51% interest in a dispensary in Westminster, MD, for total proceeds to the Company of $3.9 million.
GrowGeneration Corp. (NASDAQ: GRWG), the nation's largest chain of specialty hydroponic and organic garden centers, recently announced a new partnership with Belushi's Farm to outfit its newest greenhouse. Based in Oregon, Belushi's Farm was founded in 2015 by performer Jim Belushi to cultivate premium medical and recreational cannabis, producing signature brands such as Belushi's Secret Stash, The Blues Brothers, and Captain Jack's (also known as "The Smell of SNL").
"We've spent several weeks on the ground in Oregon working with Jim and his exceptional team at Belushi's Farm working on plans and visiting our retail locations for top-grade supplies," said Jeremy Corrao, Vice President of Commercial Operations at GrowGeneration. "Our team of grow professionals are experts in cannabis-growing techniques, and we're excited to support Jim's vision with GrowGeneration's unparalleled supplies and services."
Inner Spirit Holdings Ltd. (OTCQB: INSHF) (CSE: ISH), a Canadian company that has established a national network of Spiritleaf retail cannabis stores, recently announced its 83rd, 84th and 85thSpiritleaf stores are set to open in Toronto and Kemptville, Ontario and in Calgary, Alberta this weekend. Spiritleaf operates the most cannabis stores under one single brand in Canada and will be the first retailer to achieve the 85-store milestone.
The franchised Spiritleaf stores in Toronto's Riverside neighborhood on Queen Street East and in the Kemptville community south of Ottawa will bring the number of Spiritleaf locations in Canada's largest province to 27. The franchised store in Calgary, in the northwest community of Evanston, will add to the growing footprint for Spiritleaf in Alberta where the Company will have 46 stores. Additional Spiritleaf stores are projected to open in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador this year.
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF), a vertically integrated multistate operator and the number one wholesaler of branded cannabis products in the U.S., recently announced that it will report financial results for the first quarter ended March 31st, 2021 on Thursday May 27th, 2021 before the market opens.
The Company also announced that it will, for the first time, report its financial results under accounting principles generally accepted in the United States ("U.S. GAAP"), resulting in a later reporting date than typical. This conversion from IFRS to U.S. GAAP is being made to further prepare Cresco Labs for future capital markets opportunities in the U.S. and to more closely align with reporting standards familiar to U.S. investors and stakeholders. The Company also plans to provide prior financial information recast under U.S. GAAP for the previous four quarters along with the release of its first quarter 2021 earnings. The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday May 27th, 2021 at 8:30 am Eastern Time (7:30am Central Time).
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Quizam Media Corporation by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Contact Information:
Media Contact email: editor@financialnewsmedia.com
+1(561)325-8757
Share this article