NEW YORK, April 2, 2019 /PRNewswire/ -- In light of the rapid expansion of the cannabis market, many wonder what will be the next step for the industry. As of now, the cannabis market is heavily hindered by the lack of clinical trials and research, as most clinical trials conducted thus far have too few a number of participants, for government agencies such as the U.S. Food and Drug Administration, to approve. However, many of those trials have actually linked cannabis to effectively treating certain medical conditions such as cancer and chronic pain. While the studies haven't led the FDA, or any other international health agencies, to approve the plant for medicinal uses, many countries have already moved to adopt medical cannabis legislation nonetheless. Compared to opioids, cannabis can be administered in larger doses with a less frequent intake while providing similar, to possibly even more efficient, results. The medical cannabis sector currently controls the majority of the global share, but as the industry continues to develop, the medical and recreational sector could see a shift in dominance. Primarily, the U.S. and Canada remain the main contributors to the growth of the recreational sector and with Canada's recent legalization of cannabis, as well as more U.S. states moving to legalize recreational use, the cannabis industry is positioned to see explosive growth. According to BCC Research, the North American legal cannabis market was valued at USD 10.7 Billion in 2018 and is expected to reach USD 25.5 Billion by 2023. Additionally, the market is also projected to register a CAGR of 18.9% from 2018 to 2023. CLS Holdings, USA Inc. (OTC: CLSH) (CSE: CLSH.U), Trulieve Cannabis Corp. (OTC: TCNNF) (CSE: TRUL), HEXO Corp. (NYSE: HEXO) (TSX: HEXO), Curaleaf Holdings, Inc. (OTC: CURLF) (CSE: CURA), India Globalization Capital, Inc. (NYSE: IGC)
The cannabis industry has already developed into a large global market, despite regulatory restrictions continuing to limiting. The cannabis plant is comprised of approximately 104 different cannabinoids and around 750 different chemicals such as cannabidiol (CBD), cannabinol (CBN), and delta-9-tetrahydrocannabinol (THC). THC is mainly connected with the marijuana family within the cannabis plant and is known to provide users with psychoactive effects such as a "high", which is the main reason why nations have barred the plant legally. However, CBD, which is derived from the hemp family, offers no psychoactive effects on the consumer, but still provides its therapeutic effects. Due to this key difference in the hemp plant, nations have begun to reconsider the legality of CBD products, which are having a profound increase in popularity across the world, and particularly within the U.S. "On one hand, yes, it's really surprising to see this young industry be at such huge numbers so quickly—and still kind of pulling itself together—and on the other side, I don't think it's a surprise at all, because it's about time," said Lex Pelger, Science Director at Bluebird Botanicals, in an interview with Cannabis Dispensary. "With such a long human history of cannabis being an important plant, it makes sense that this is just exploding back onto the public consciousness like it does every couple decades."
CLS Holdings, USA Inc. (OTCQB: CLSH) (CSE: CLSH.U) is also listed on the Canadian Securities Exchange under the ticker (CSE: CLSH.U). Yesterday, the Company announced breaking news that, "Oasis Cannabis dispensary in Las Vegas, Nevada, and the City Trees brand, both of which are fully owned and operated by CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH.U), have set a new record for the most revenue in a single month, with total combined net revenue in Nevadaexceeding USD $1 Million in March, 2019.
The Oasis Cannabis dispensary set a new monthly record, with over USD $560K in net sales revenue. Net sales exclude Nevada state marijuana and sales tax collected from customers. The Oasis Cannabis dispensary is one of the top dispensaries in the state, processing approximately 400 orders per day.
City Trees also set a new monthly record, recording USD $453K in total wholesale revenue from sales to third party dispensaries in Nevada. City Trees products are now available in 40 dispensaries in Nevada and counting.
Andrew Glashow, President & COO, stated, "In the past 90 days we've made a number of positive changes. These changes have resulted in increased revenue, increased margin, consistent growth of daily customer traffic and an organization that is currently executing at a high level. I am really proud of the effort all our team members make on a daily basis. In the weeks ahead we look forward to providing additional information including the results of our quarter ended February 28 2019."
About Oasis Cannabis - Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In February 2019, it was named "Best Dispensary for Pot Pros" by Desert Companion Magazine.
In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. http://oasiscannabis.com
About City Trees - Founded in 2017, City Trees is a Nevada based cannabis cultivation, production and distribution company. Offering a wide variety of products with consistent results, City Trees is one the fastest growing wholesale companies in the industry. Its products are now available at 40 dispensaries in Nevada. https://citytrees.com
About CLS Holdings USA, Inc. - CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH.U) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada, and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services."
For our latest "Buzz on the Street" Show featuring CLS Holdings, USA Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=Z0DU6RWZeJ8 and https://www.youtube.com/watch?v=rFuEBDOjsqU
Trulieve Cannabis Corp. (OTC: TCNNF) (CSE: TRUL) is a vertically integrated "seed to sale" company and is the first and largest fully licensed cannabis company in the State of Florida. Trulieve Cannabis Corp. recently announced that it had signed an agreement with Colorado-based Love's Oven, LLC to bring their edible cannabis-infused baked goods, craft concentrates, and other products to Florida's growing patient base. Based in Denver, Colorado, Love's Oven is a family-run cannabis company committed to creating high-quality products, using all-natural ingredients sourced locally and organically, and using a proprietary extraction method designed to ensure consistency and effectiveness. Over the past decade, Love's Oven has built a reputation for crafting clean, natural products while remaining innovative, approachable, and potent. "Love's Oven specifically crafts their products to be the highest-quality available on the market and is dedicated to helping patients achieve relief from everything from chronic pain to insomnia and other ailments. Their products are not only delicious, they're clean, organic, and, most importantly, all natural, which is what Trulieve has focused on since the beginning," said Trulieve Chief Executive Officer Kim Rivers. "Their products are an effective, reliable treatment option for patients seeking relief in innovative ways."
HEXO Corp. (NYSE: HEXO) (TSX: HEXO) is an award-winning consumer packaged goods cannabis company that creates and distributes prize-winning products to serve the global cannabis market. HEXO Corp. has recently completed the first harvest in its 1 million sq. ft. expansion, marking an important execution milestone in the Company's continuous growth. Since early January, plants have been moving into the greenhouse and the first plants have now been harvested. The Company continues to ramp up to full harvest capacity using the continuous harvest methodology, the latest step towards reaching the full annual production capacity of 108,000 kg of dried flower per year. "Completing the first harvest in our 1,000,000 sq. ft. greenhouse expansion showcases the dedication and hard work of the entire HEXO team," said Sébastien St-Louis, HEXO's Chief Executive Officer and Co-Founder. "We are very proud of our continued ability to execute on our plans, creating value for our shareholders and demonstrating our commitment to our customers. This cultivation milestone means that an expanded HEXO product offering will be available to more Canadians shortly."
Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA) is the leading vertically integrated multi-state cannabis operator in the United States. Curaleaf Holdings, Inc. recently announced that it had completed the acquisition of EC Investment Partners, LLC. Curaleaf has the largest footprint of single-branded retail stores in the U.S. and is executing on its strategy of building a national brand in highly populated states. Curaleaf will continue to explore opportunities to open additional locations throughout the state of California in 2019. "The acquisition of Eureka cements our foundation in California and positions us well in the largest cannabis consumption market in the U.S.," said Joseph Lusardi, Chief Executive Officer of Curaleaf. "The closing of this transaction marks an important milestone for Curaleaf, enabling us to enter the highly attractive California market as a vertically integrated operator with plans to expand across the state."
India Globalization Capital, Inc. (NYSE: IGC) has two lines of business: infrastructure and hemp-derived medical cannabis/industrial hemp. India Globalization Capital, Inc. recently announced that, as of Wednesday, March 27, 2019, Hyalolex™, the Company's cannabinoid-based, non-FDA approved product designed to assist in helping improve the lives of patients suffering from Alzheimer's disease, will be available for purchase in select dispensaries in San Juan, Puerto Rico. The MSRP for a 30 ml bottle of Hyalolex™ is USD 55.00. On March 22, 2019, the Company launched a new website where customers can place orders for wholesale hemp crude extract, hemp distillate, or hemp isolate, subject to certain terms and conditions, including compliance with applicable local laws and regulations.
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