PALM BEACH, Florida, May 21, 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. Two of the biggest factors driving growth have been deregulation and decriminalization. In the U.S., state governments have passed legislation for medical use, or decriminalized it for recreational use. As a result, the market has been very explosive. Some of the top companies in the industry include High Tide Inc. (CSE:HITI)(OTC:HITIF), Trulieve Cannabis Corporation (CSE:TRUL)(OTC:TCNNF), Westleaf Inc. (TSX-V:WL) (OTC:WSLFF), Aphria Inc. (NASDAQ:APHA)(TSX:APHA), and HEXO Corporation (NYSE:HEXO)(TSX:HEXO).
High Tide Inc. (CSE:HITI)(OTCQB:HITIF) BREAKING NEWS: High Tide Inc. just announced that Canna Cabana was selected by random algorithmic draw as the Successful Retailer for the community of Niverville during Manitoba's Cannabis Retail Opportunities Draw held on May 15, 2019. The opportunity will permit Canna Cabana to be licensed by the Liquor, Gaming and Cannabis Authority of Manitoba to operate a bricks- and-mortar retail store in Niverville as well as e-commerce sales serving the entire province. As the parent company of Canna Cabana, High Tide has confirmed its interest in the Niverville license.
"We are very happy to have won the best location of the seven in the Draw and greatly look forward to bringing the Canna Cabana experience to the residents of Niverville and Winnipeg," said Raj Grover, President and Chief Executive Officer of High Tide. "Canna Cabana is a one-stop cannabis and accessories shop that we expect will appeal strongly to customers and the High Tide team is excited to enter Manitoba as its fifth Canadian province."
Other cannabis-related developments from around the markets include:
Trulieve Cannabis Corporation (CSE:TRUL)(OTCPK:TCNNF) just announced that it entered into an agreement dated May 16, 2019, to acquire 100% of The Healing Corner, Inc., a medical marijuana dispensary located in Bristol, Connecticut. "Expanding and diversifying beyond our Florida base is key to our strategic vision. This further growth in the New England region is an important step as we move forward with establishing Trulieve as a national presence in the cannabis sector," said Kim Rivers, CEO of Trulieve. "We look forward to providing patients across the Connecticut medical marijuana market with the exceptional customer service and best-in-class products that Trulieve is known for."
Westleaf Inc. (TSX-V:WL)(OTCQB:WSLFF) just announced that it has received voluntary commitments from each of its executive officers and directors pursuant to which the D&O's have agreed that they will not offer, sell, assign, transfer, contract to sell or otherwise dispose of, or announce the intention to otherwise dispose of, any of their common shares of Westleaf or any securities convertible into Westleaf Shares such that all of the shares held either directly or indirectly by D&O's will now be restricted from any trading, unless approved by Westleaf's board of directors, until September 29, 2019. "Westleaf's directors and officers remain committed to Westleaf and its growth, and their voluntary commitment to not sell their Westleaf Shares or their securities convertible into Westleaf Shares, as an act of good faith, is expected to send a positive message to our shareholders," stated Scott Hurd, Director, President and CEO.
Aphria Inc. (NASDAQ:APHA)(TSX:APHA) just secured a license for the domestic cultivation of medical cannabis from the German Federal Institute for Drugs and Medical Drugs and Medical Devices following the conclusion of a mandatory 10-day standstill period for public contracts. Aphria was granted a cultivation license for four of the nine total lots awarded by BfArM and is awaiting the completion of the tender process for the four remaining lots under review, one of which was provisionally awarded to Aphria Germany.
"Aphria thanks the BfArM for their diligent examination and validation of our approach for domestic cultivation with this license," said Hendrik Knopp, Managing Director Aphria Germany. "Construction on our 8,000 square meter indoor cultivation facility is already underway and we anticipate it will be fully operational by Summer 2020. We are pleased to additionally support German patients in the upcoming months with high-quality imported cannabis flower and oils from Denmark and Canada."
HEXO Corporation (NYSE:HEXO)(TSX:HEXO) just announced it has received regulatory approval from the Canadian Competition Bureau by way of a no-action letter under the Competition Act (Canada) indicating that it does not intend to challenge the proposed arrangement between HEXO and Newstrike, whereby HEXO intends to acquire all of the issued and outstanding common shares of Newstrike by way of a plan of arrangement under the Business Corporations Act (Ontario). The Transaction has already been unanimously approved by the board of directors of each of HEXO and Newstrike.
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