FinancialBuzz.com News Commentary
NEW YORK, April 29, 2020 /PRNewswire/ -- Newly developed cannabis products, both for medical and adult-use purposes, were at the forefront of the societal and behavioral shift towards more widespread acceptance of an industry previously damaged by stigmas. This young industry made some impressive strides in recent years; according to data provided by BDSA and ArcView Market Research, legal cannabis sales grew by 46% to USD 14.7 Billion in 2019, a significant increase from the 16% growth of 2018 and the industry's highest annual rate of growth to-date. BDSA projects that U.S. legal cannabis sales will approach USD 34 Billion by 2025, increasing at an 18% CAGR. This growth is largely attributed to the markets of Canada, California and Massachusetts, which were the largest contributors to global sales growth in 2019, supplemented by the expanding medical markets of Florida and Oklahoma. "By relaxing product restrictions and adopting more of a free-market approach to licensing, states like Florida are realizing the potential of medical cannabis sales," said Roy Bingham, Co-Founder and CEO at BDSA. "In addition, light regulation and low tax rates in states like Oklahoma enable citizen access, greater performance over the illicit markets and a healthy tax revenue stream for the state." Now, a new field of potential medicinal substances, psychedelics, may follow the path of the cannabis industry. Global Trac Solutions Inc. (OTC: PSYC), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), 22nd Century Group, Inc. (NYSE: XXII), Acreage Holdings Inc. (OTC: ACRGF) (CSE: ACRG.U), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB)
Psychedelics are a class of pharmacological compounds that produce various changes in consciousness. The most commonly used psychedelic compounds are psilocybin (originated in mushrooms), LSD (lysergic acid diethylamide), DMT (dimethyltryptamine), and mescaline. Numerous studies have been conducted on how such compounds can be useful for medicinal purposes. For example, scientists at Johns Hopkins have administered psilocybin to more 350 healthy patients and volunteers over the course of the last 19 years, with about 700 sessions recorded overall. Last year, the Center for Psychedelic and Consciousness Research at Johns Hopkins Medicine has been launched and attracted investors as well as private donors. According to the research center, data from studies points towards therapeutic effects in people who suffer a range of challenging conditions including addiction (smoking, alcohol, other drugs of abuse), existential distress caused by life-threatening disease, and treatment-resistant depression.
Global Trac Solutions Inc. (OTC: PSYC) announced yesterday breaking news that it has, "purchased over 25 psychedelic-related domains, which the Company intends to strategically utilize over the next several months as part of its objective to emerge as one of the first and most reliable resources in the budding sector of psychedelic medicine and treatments.
The Company believes that as this exciting and relatively new market sector continues to develop and gain traction across the country, psychedelic-related domains, similar to those they have acquired, may become a hot commodity resulting in limited availability of usable and effective domains and is therefore pleased to have acquired a variety of viable domains for its intended growth and development within this sector.
'The value of effective and practical domain names is something I have learned should not be underestimated by a company that intends to make a name for itself in a specific industry. Acquiring the ownership of the several domains will offer us the unique flexibility of establishing PSYC as one of the most recognized resource leaders in this exciting new market sector of medicinal psychedelics. Developing PSYC into a trusted resource marketplace for medicinal psychedelics is a multi-stage project that we have just initiated. In my opinion, adding these carefully selected domain names to our arsenal provides us with a very strategic advantage to build this out exactly how we want to, and deliver the value we fully intend to provide this industry with,' said Vanessa Luna, Global Trac Solutions, Inc. CEO.
Among the psychedelic-related domains recently purchased by the Company are https://www.microdosemonthly.com/, www.myshroomhealth.com and www.psychedelicfinder.com. Over the coming months the Company intends to build these into a trusted educational and informational resource marketplace for medicinal psychedelics. The Company will continue to provide shareholders with additional news and updates related to the ongoing progress made with the development of its multiple and forthcoming websites.
About Global Trac Solutions, Inc. (OTC Pink:PSYC): Global Trac Solutions is a diversified holding company dedicated to identifying new and emerging industries. By utilizing our years of business development expertise our diverse team of innovators continuously leverages our experience to effectively execute go-to-market strategies in order to position ourselves for rapid growth through the creation of an evolving business foundation to enhance profitability potential.
Most recently, PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA's more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream."
For our latest "Buzz on the Street" Show featuring Global Trac Solutions Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=wEr8JAf0OnI
Cresco Labs Inc. (OTCQX: CRLBF) (CSE: CL) completed the expansion of its cultivation facility in Lincoln, IL, the largest in the state,1 and the first phase of expansion at its Kankakee facility. These expansions add almost 180,000 sq. ft. of additional indoor and greenhouse cultivation space, bringing the total cultivation space2 to 215,000 sq. ft. across all three of its Illinois facilties. As the only operator in Illinois with three cultivation sites which are licensed to grow up to 630,000 sq. ft. of flowering canopy, Cresco has a unique competitive advantage and is positioned to build on its already market-leading position. "Illinois represents one of the largest opportunities in U.S. cannabis, and at Cresco Labs we are committed to strengthening our share in this high growth market. The expansion of our Illinois cultivation footprint at both our Lincoln and Kankakee facilities enables us to quickly bring additional capacity to such a growing, high-demand market, support supply to our statewide dispensary and wholesale network, and simultaneously cater to both medical and recreational consumers in our home state…" said Charlie Bachtell, Cresco Labs' CEO and Co-founder.
22nd Century Group, Inc. (NYSE: XXII) announced last month that lead scientists from 22nd Century Group and KeyGene have assembled a high quality genome sequence of two hemp/cannabis lines and established a new, proprietary hemp/cannabis bioinformatics platform. Both are believed to be among the highest quality, hemp/cannabis reference genomes in the world. "These exciting, new developments are already enabling the rapid breeding of new and proprietary hemp/cannabis plant lines with truly remarkable and potentially novel medicinal cannabinoid profiles," said Michael Zercher, President & Chief Operating Officer of 22nd Century Group. "Our research partnership with KeyGene will bolster our existing, proprietary hemp/cannabis plant lines and accelerate our molecular breeding work focused on the creation of valuable, new hemp/cannabis plant varieties and related intellectual property. We congratulate 22nd Century's science team as well as our partners at KeyGene on these very exciting achievements, and we look forward to even more exciting and valuable results in our hemp/cannabis plant genetics research," Zercher concluded.
Acreage Holdings Inc. (OTCQX: ACRGF) (CSE: ACRG.U) announced last month the opening of The Botanist in Spring Hill, Florida, a suburb of Tampa. The medical cannabis dispensary is Acreage's first retail location in the state. Developed by Acreage, The Botanist is both a retail and product brand, deeply rooted in health and wellness, and focused on the holistic power of cannabis to help individuals live balanced lifestyles. The Botanist offers a wide selection of cannabis-derived products and features a "science meets nature" retail design reminiscent of a 19th century botanist laboratory. Offering a warm and inviting environment in which to learn about the healing properties of the cannabis plant from trained patient care specialists, the Spring HillBotanist dispensary includes a private consultation room, The Botanist's signature "green foliage wall," and much more.Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) and and EnWave Corporation announced recently that the companies have entered into a royalty-bearing commercial license agreement, providing Aurora with the exclusive rights to EnWave's patented Radiant Energy Vacuum (REVTM) drying technology for the production of cannabis materials in the European Union, excluding Portugal. Aurora has also secured exclusive license options for both Australia and South America, excluding Peru, exercisable pursuant to minimum REV™ machine purchase order requirements. Additionally, Aurora has signed a non-exclusive sub-license to use REV™ technology in Canada.
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