PALM BEACH, Florida, Sept. 19, 2019 /PRNewswire/ -- Recent articles, like one in Investopedia, show that there is no denying that 2018 was a major year for the legal cannabis industry. Last year, legal cannabis broke new ground in many ways. Several U.S. states legalized medical or recreational marijuana, as did Canada. The FDA approved the first cannabis-based drug treatments. Companies saw their stocks rise to tremendous new highs and it seemed that the dynamic of the industry changed every day, with fast-paced mergers and acquisitions (M&A), new companies launching and older outfits coming to prominence. Marijuana Business Daily ("MBD") also reported data in its Marijuana Business Factbook that shows how quickly the industry has grown, saying: "With revenue of $5.8 billion-$6.6 billion, sales of legal recreational and medical cannabis in the United States in 2017 topped those of Oreos and organic produce combined." Grandview Research added that the cannabis industry is on a tremendous upswing, with numbers expected to reach $31.4 billion by the year 2021. Active cannabis companies in the markets this week include Tilray, Inc. (NASDAQ: TLRY), Integrated Cannabis Company, Inc. (OTCQB: ICNAF) (CSE: ICAN), The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) (TSX: FIRE), Valens GroWorks Corp. (OTCQX: VGWCF) (TSX-V: VGW), The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) (TSX: TGOD).
The MBD article continued: "It now rivals Americans' collective spending on Netflix subscriptions – and will likely surpass McDonald's annual U.S. revenue now that California's massive new legal industry is getting off the ground. By the end of 2019, sales of legal cannabis in the United States could overtake those of firearms and ammunition, an industry with a huge amount of influence on Capitol Hill. Continued growth in mature medical and recreational markets, legalization in new states and further development of recently launched MMJ and rec industries will be the primary drivers of growth for the U.S. marijuana industry over the coming years.
Integrated Cannabis Company, Inc. (CSE: ICAN) (OTCQB: ICNAF) BREAKING NEWS: Integrated Cannabis Company a multi-state brand operator in California and Nevada, is pleased to announce that its wholly-owned subsidiary, Ganja Gold, is the top infused pre-roll brand in California, through July 2019, with roughly USD$3,300,000 in sales to date for fiscal year 2019.
According to BDS Analytics, "This past July, consumers in California spent $25 million on Pre-Rolled products, a 66 percent increase compared to July 2018. While sales of Flower have ceded share to other categories, Pre-Rolled products are another matter. This past July, revenues from Pre-rolled products contributed nine percent towards overall revenue in California." Furthermore, the number 1 and number 3 selling SKUs in the infused pre-roll category were Ganja Gold products - which are currently available in over 250 dispensaries all over California.
"The pre-roll and specifically pre-roll market has seen tremendous growth in the last year, and of late due to many factors, Seth Wiles, president of Integrated Cannabis. Wiles also went on to say, "We will leverage our standing as the best-selling infused pre-roll brand in the world's largest cannabis market (California) to launch in other key states this Fall."
Other Companies with recent developments or to keep watch for in the cannabis industry include: The Supreme Cannabis Company, Inc.
(TSX: FIRE.TO) (OTCQX: SPRWF) recently announced the closing of its acquisition of all of the issued and outstanding shares of privately-held Truverra Inc. ("Truverra") (the "Transaction"). The Transaction was completed by way of a three-cornered amalgamation pursuant to which 2708300 Ontario Ltd., a wholly-owned subsidiary of Supreme Cannabis, amalgamated with Truverra to form a newly amalgamated company ("Amalco") which shall operate under the name "Truverra Inc." as a wholly-owned subsidiary of the Company.
The company also announced the release of its financial and operating results for the fourth quarter and fiscal year ended June 30, 2019. "We end fiscal 2019 as one of the few Canadian cannabis businesses building sustainable operations and valuable brands, reporting $3.2 million in Adjusted EBITDA1for the fourth quarter," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "Our positive Adjusted EBITDA and significant revenue growth in the fourth quarter reflects the rapid scale of our 7ACRES business and continued strong sales pricing for our brands from the provinces as we transition our premium supply to recreational sales channels."
Valens GroWorks Corp. (TSX-V: VGW) (OTCQX: VGWCF) recently announced that it has entered into a five-year, white-label cannabis-infused beverage contract with the cannabis division of Iconic Brewing. Under the white label agreement, Valens will provide high-quality extracts, formulation services, and SoRSE emulsion IP for its cannabis-infused beverages. Whereas, Iconic will brand and market the final product across Canada.
Under the terms of the agreement, a minimum of 2.5 million cannabis-infused beverages will be produced over five years with the opportunity to expand on the partnership with new product offerings in the near future, according to Valens statement. The partnership with Iconic Brewing will help Valens "create their new line of cannabis-infused beverages," stated Valens CEO Tyler Robson.
Tilray, Inc. (NASDAQ: TLRY) and TruTrace Technologies Inc. (CSE: TTT) (OTCQB: TTTSF), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, recently announced that Tilray Canada Ltd. ("Tilray Canada"), a subsidiary of Tilray, Inc.,( a global pioneer in cannabis research, cultivation, production and distribution, has joined the Shoppers Drug Mart ("Shoppers") medical cannabis verification pilot program (the "Pilot Program").
The Pilot Program is designed to increase transparency, interoperability and product identification within the medical cannabis industry. Shoppers recently announced the successful completion of Phase 1 of the Pilot Program and the addition of Deloitte Canada LLP in a project management and advisory role to execute Phase 2. Full production and implementation of TruTrace's StrainSecure™ platform is targeted for late November 2019 .
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD.TO) (OTCQX: TGODF) recently announced that following its launch in Ontario at the end of August, which marked the Company's entrance into Canada's recreational market, initial demand has exceeded expectations. TGOD's high-THC signature strain, Unite Organic, is performing well online and at dispensaries, triggering a second order from the OCS earlier than initially anticipated.
"We are thrilled to witness such strong sales and positive feedback from retailers and consumers across Ontario, Canada's most populous province at 14.32 million people. We can see from the initial response that demand for high-quality flower is strong," commented Brian Athaide, CEO of TGOD. "Our team is working hard to ramp up production of our premium organic products as we get ready to expand distribution with additional strains and product forms as well as to other provinces in the months ahead. With our Hamilton hybrid greenhouse completed, and a second one nearing completion in Valleyfield, we are on track to distribute nationally early next year."
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