Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Nov. 6, 2019 /PRNewswire/ -- Cannabis growth is expected to be incredibly explosive. All thanks to incredible demand from consumers. In the U.S. alone, 61% of Americans support the legalization of cannabis, according to the General Social Survey conducted by NORC at the University of Chicago. That's up from just 57% in 2016. Even retailers are waking up to sizable growth and demand. Neiman Marcus, Abercrombie & Fitch, Vitamin Shopper, Kroger's, Barney's, DSW, CVS, American Eagle Outfitters, Sephora, and Walgreen's are all carrying CBD products. That's leading to a wide range of opportunity for companies including Veritas Farms Inc. (OTCQB:VFRM), Aphria Inc. (NYSE:APHA) (TSX:APHA), Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), OrganiGram Holdings Inc. (TSX-V:OGI) (NASDAQ:OGI), and CV Sciences Inc. (OTCQB:CVSI).
Veritas Farms Inc. (OTCQB:VFRM) BREAKING NEWS: Veritas Farms Inc. just announced that its ingestible and topical products will be featured in 152 South Eastern Grocers' Winn Dixie stores in Florida and South Carolina. Veritas Farms full spectrum hemp oil products available at Winn Dixie include tinctures, capsules, gummies, salves, lotions and pet tinctures. Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, "We are excited to grow our chain grocery presence with South Eastern Grocers in their Winn Dixie brand of grocery stores. As a highly regarded grocery retailer, their entrance into the full spectrum hemp oil category with Veritas Farms further signals the growing significance of the category and Veritas Farms ability to capitalize on chain retail opportunities." Mr. Salgado concluded, "We look forward to working with and supporting Winn Dixie's full spectrum hemp oil category."
Other cannabis-related developments from around the markets include:
Aphria Inc. (NYSE:APHA) (TSX:APHA) announced it has received a cultivation licence from Health Canada for Aphria Diamond, the Company's second Leamington, Ontario cannabis greenhouse facility, bringing an additional 1,300,000 square feet of production space with an annual growing capacity of 140,000kg. Combined with the Company's Aphria One facility and its subsidiary Broken Coast Cannabis, the Company now has more than 2,400,000 square feet of cultivation space capable of reaching a total annualized production capacity of 255,000kg. "We are extremely pleased to receive the licence for our long-awaited Aphria Diamond facility, which more than doubles our Canadian production capacity," said Irwin D. Simon. "Reaching industry-leading production levels coinciding with the expansion into new categories and new opportunities for cannabis in Canada and around the world is a transformative moment for Aphria Inc."
Green Thumb Industries Inc. (CSE:GTII)(OTCQX:GTBIF) announced that GTI Founder and Chief Executive Officer Ben Kovler will participate in a panel discussion and one-on-one meetings at the Cowen 2nd Annual Boston Cannabis Conference on Tuesday, November 12, 2019.
OrganiGram Holdings Inc. (TSX-V:OGI)(NASDAQ:OGI) announced that the Company was recognized at the Excellence in Manufacturing Consortium Awards of Excellence ceremony in Toronto on October 9. Organigram was honored with an Outstanding Member Contribution Award for delivering exemplary support to the EMC over the course of the Company's membership. The award, accepted by Organigram Senior Vice President of Operational Services, Jeff Purcell, recognizes organizations which demonstrate outstanding achievement in manufacturing. "Producing high-quality cannabis in a state-of-the-art indoor environment, Organigram operates in an interesting cross-section of horticulture, consumer packaged goods and manufacturing," Purcell said. "We are very proud to accept this award and support EMC, a group that sets the standard for manufacturing excellence in Canada."
CV Sciences Inc. (OTCQB:CVSI) announce its support of the U.S. Department of Agriculture's (USDA) progress on implementation of the hemp provisions of the 2018 Farm Bill. On October 29, 2019, U.S. Secretary of Agriculture Sonny Perdue announced the interim final rule for the U.S. Domestic Hemp Production Program. USDA regulation of hemp farming provides a consistent regulatory framework that supports responsible and sustainable hemp production in the United States. A strong USDA regulatory framework is needed to differentiate hemp, an agricultural commodity, from marijuana, a controlled substance, and to protect farmers and consumers. USDA announced that later this week, an interim final rule formalizing the program will be published in the Federal Register. This will allow hemp to be grown under federally-approved plans and make hemp producers eligible for agricultural programs, like crop insurance. The rule includes provisions for USDA to approve hemp production plans developed by states and Indian tribes including: requirements for maintaining information on the land where hemp is produced; testing the levels of THC to ensure compliance with the law; disposing of noncompliant plants; and licensing requirements. "We are eager to see full implementation of USDA's Hemp Production Program," said Joseph Dowling, Chief Executive Officer of CV Sciences. "The hemp industry is poised for rapid growth that will create new jobs and economic development opportunities for farmers, rural communities and the CBD industry. Regulatory clarity is critical for the hemp industry and we believe the interim final rule is another step toward the proper regulatory framework that will help unlock the true domestic growth potential of the industry. We'd like to thank the U.S. Hemp Roundtable and its hemp industry members for their tireless efforts in achieving this milestone. Now that hemp farming regulations have been established it's time to focus on FDA's work to clarify the regulatory pathway for hemp-derived CBD products in dietary supplements. USDA and FDA regulation of hemp and CBD will provide a level playing field for quality and science-based CBD companies to operate, and allow consumers access to safe and beneficial products."
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