Widespread Perception Shift Helps to Propel the Cannabis Industry to New Heights

NEW YORK, Oct. 4, 2019 /PRNewswire/ -- The cannabis market showed investors its long-term potential in recent years. Despite legal setbacks on the federal level, the young industry has made impressive progress in terms of cultivation, distribution, packaging and product innovation. This positive trajectory is expected to continue, especially as legalization sweeps throughout the U.S., Europe, and Latin America. For example, Jefferies Group, an investment bank, predicts that these regions will legalize cannabis for both medical and recreational use in the shortcoming years. Additionally, cannabis products can be grouped with many other industries and Jefferies projects that the pharmaceutical, alcohol, health and wellness, and pet supply industries will have a growing portfolio of cannabis products in the near future. Last year, Canada made headlines after it became the second country ever to legalize cannabis and the first G-7 nation to do so. Additionally, the remaining G-7 nations, with the exception of Japan, have all adopted partial or full medical cannabis programs, while several have decriminalized the recreational use of cannabis. Meanwhile, the U.S rakes in billions of dollars in cannabis sales annually, largely thanks to states such as California, Colorado, Nevada, and Washington. Jefferies also estimates that less regulated markets can account for nearly USD 80 Billion of the total global cannabis market value. Specifically, Jefferies projects the U.S. cannabis market to reach a value of USD 21.7 Billion by 2029, compared to Canada's estimate of just USD 5.8 Billion. This estimated value is also added onto Jefferies' base valuation for the global cannabis industry of USD 50 Billion by 2029, a figure that accounts for all the countries that have already legalized cannabis for either medical or recreational use. As a result, Jefferies forecasts that the total global legal cannabis industry is positioned to reach USD 130 Billion by 2029. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Tilray, Inc. (NASDAQ: TLRY), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Innovative Industrial Properties, Inc. (NYSE: IIPR), Aphria Inc. (NYSE: APHA) (TSX: APHA)

The medical cannabis segment holds the majority of the overall cannabis market share because of its widespread availability and accessibility. However, the recreational sector is growing at a much more rapid rate due to the expanding user base in the North American region. Additionally, due to the legalization efforts and changing consumer trends, cannabis-based companies have introduced new products that are much more potent and clean. Cannabis flower is starting to become less popular among avid consumers, however, the cannabinoids found within the flower are still required to create other products such as oils, concentrates, and edibles. Now, more and more consumers are starting to use oils and concentrates over traditional flower because of their potency and ease. However, the potency primarily depends on the strain used as well as the extraction process. Fortunately, extractors want to use the best quality strain for their products, whether it comes to THC dominant or CBD dominant strains. "Although there are many people who purchase cannabis on a budget, with the plethora of options available on the retail market, it's understandable that discerning consumers are willing to spend a bit more for a better product," said Lisa Rough, former Associate Editor at Leafly. "Remember: Craft cannabis does not necessarily require more funding to make a better product. Rather, it requires patience, care, and attention to detail."

Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT) is also listed on the Canadian Securities Exchange under the ticker (CSE: CRFT). Just announced breaking cannabis news, "Canada's largest craft cannabis brands organization, has announced the acquisition of the Beard Brothers Collective brand. Beard Brothers was previously used by an established provider of craft cannabis concentrates, extracts, tinctures, oils, flower, topicals, edibles, rosin, distillate, and isolates, based in Victoria, BC.

Founded in 2014 by brother-and-sister duo Bradley and Elissa Macauley, the Beard Brothers brand was previously associated with a non-profit, medicinal cannabis provider. Having worked closely with physicians and experts in cannabis therapy for years, the Macauley's were dedicated to providing consumers access to quality products that met their needs. The Macauley's award-winning concentrates and advanced extraction technologies have been lauded by manufacturers and consumers alike. Pasha hopes to make products available under the Beard Brothers through legal retailers across Canada after October 17, 2019.

"The Beard Brothers brand feels right at home with Pasha, helping to shape the new cannabis movement," said cofounder Bradley Macauley, reacting to the news. "Elissa and I truly feel blessed to be able to share our love for this sacred plant with our communities and the world, and we're grateful our products will reach more people thanks to Pasha."

Pasha has acquired all of Beard Brothers Collectives' trademarks, names, and intellectual property and will launch the brand in the Canadian regulated market in the coming months. Already, Beard Brothers Collective products have been included in several product offering packages presented to provincial wholesalers, including Ontario and British Columbia.

"Adding an established brand like Beard Brothers to our family of craft cultivators and purveyors shows that Pasha is setting the bar for craft products in all areas, including extracts and concentrates," said Patrick Brauckmann, Executive Chairman of Pasha Brands. "Bradley and Elissa have truly captured the essence of craft, both with their premium products and their patient-first model. We're committed to upholding that dedication as we prepare to provide Canadian cannabis consumers with access to these fantastic products."

Pasha is also pleased to announce the appointment of senior Vice-President of Southern Glazier's Wine and Spirits Doug Wieland to it's Board of Directors. As a new member of the Board, Doug will join fellow directors Patrick Brauckmann, Rosy Mondin, Scott Walters, and Hugo Alves. Wieland has spent over a decade working in beverage alcohol distribution in Canada, the majority of that time at Southern Glazer's Wine & Spirits, the world's largest distributor of beverage alcohol. Earlier this year, he oversaw the launch of a wine division focused on growing the company's business across the Canadian market.

In July, Pasha signed an agreement with Great North, a company established by the owners of Southern Glazer's and Canada's first national sales broker for legalized adult-use cannabis, to distribute Pasha's craft cannabis products throughout Canada. The agreement will give Pasha access to Great North's nationwide sales and distribution network, which includes experienced sales and marketing teams, established relationships with all government cannabis distribution boards, as well as coverage with Canada's numerous private retailers.

"Having spent the past year meeting the Pasha team and craft producers in BC Craft's supply chain, we believe that the next big move in Canada's cannabis sector will be craft products," Wieland said at the time. "I am thrilled to be joining Pasha's Board just as Canada's legal cannabis market prepares to usher in a new wave of consumer products."

"Doug's skillset lends itself perfectly to our operational plan at Pasha," said Executive Director Patrick Brauckmann in reaction to the news. "His experience at the head of one of the world's largest beverage alcohol distributors is an incredible asset to us, and I'm very much looking forward to working alongside him as we look to make Pasha the world's most recognized craft cannabis brand."

About Pasha Brands - Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC's craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.

Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada. Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market. Pasha's common shares trade on the CSE under the symbol "CRFT" and on the FSE under the symbol "ZZD". For more information, please visit www.pashabrands.com" 

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Tilray, Inc. (NASDAQ: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 12 countries spanning 5 continents. Tilray, Inc. recently announced that its wholly-owned subsidiary, Tilray Portugal Unipessoal Lda., had received a standard manufacturing license and a Good Manufacturing Practices (GMP) certification, in accordance with the European Medicines Agency's (EMA) standards, for its Biocant Park manufacturing facility in Cantanhede, Portugal. This license and certification allow Tilray Portugal to manufacture and export GMP-certified dried cannabis as an active substance for medicinal products. Tilray's EU Campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites; research and quality control labs; as well as processing, packaging and distribution sites for medical cannabis and cannabinoid-containing medical products. To date, Tilray has invested approximately EUR 20 Million in the facility, which totals nearly 250,000 sq. ft. with additional room to expand. The site also serves as a hub supporting Tilray's clinical research and product development efforts across Europe. The Tilray EU Campus currently employs over 100 people, and that number is expected to double by the end of 2019, with production ramping up and multiple harvests anticipated in the coming months. An official ribbon-cutting ceremony celebrating the inauguration of Tilray's EU Campus was hosted in April 2019. "This licensing and certification marks a critical milestone for our growth in Portugal and Europe. We're proud to increase our international export capacity and are looking forward to exporting dried cannabis as active substances from our EU Campus to legal jurisdictions in the EU and other international markets," said Sascha Mielcarek, Managing Director, Europe. "The next phase of GMP certification will allow us to utilize the full capacity of our multi-faceted facility and continue to serve more patients in-need."

Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth's subsidiary, Storz & Bickel GMbH & Co. KG. — Canopy Growth Corporation recently announced that it had received a licence from Health Canada for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. Including the Smiths Falls site and the recently licensed BC Tweed extraction site, Canopy Growth now operates three significant extraction assets to support the throughput required for large scale value-add product development. "With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term," said Mark Zekulin, Chief Executive Officer, Canopy Growth. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada."

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. recently announced that it had closed on the acquisition of a property in Scott Township, Pennsylvania, and entered into a long-term lease and development agreement with a subsidiary of PharmaCann LLC for an approximately 23,000 sq. ft. industrial facility and an approximately 31,000 sq. ft. greenhouse facility on the property. "PharmaCann has demonstrated very clearly over time its dedication to patients in providing the highest quality products in a compassionate environment, and we are excited to partner with them again as they bring their program to the people of Pennsylvania," said Paul Smithers, President and Chief Executive Officer of IIP. "We look forward to working closely with the PharmaCann team in the development of this new facility that will provide them the highly controlled environment to meet their exacting product specifications."

Aphria Inc. (NYSE: APHA) (TSX: APHA) is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Aphria Inc. recently entered into an exclusive agreement with Toronto-based UNOapp Inc. to collaborate on the development of technology and analytics solutions for Canada's adult-use cannabis industry.  Founded in 2010, UNOapp has developed proven technology, marketing and analytical solutions that has enabled more than 4,500 customers across the globe to engage with their customers and drive revenue. As part of the Agreement, UNOapp has granted Aphria a first option to commercialize any platform or solution developed from this collaboration in any international market outside Canada. "With our innovation-focused approach, Aphria is setting the pace for the evolution of the adult-use cannabis industry in Canada," said Jakob Ripshtein, President of Aphria. "Our industry's long-term future will be driven by consumer-centric, innovation-led product, brand and technology solutions. We are excited for this collaboration with a fantastic technology partner in UNOapp and look forward to developing industry-leading solutions that shape the adult-use cannabis market for years to come."

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