NEW YORK, June 12, 2019 /PRNewswire/ -- Following the ascent of the cannabis marketplace, reputable analysts have initiated their coverage on the industry. Major Wall Street firms such as RBC Capital Markets, Cowen, Piper Jaffray, and Bank of America Merrill Lynch have covered several companies within the market space, as well as the overall outlook for the industry. Although the industry is still technically illegal under international regulations, many countries have decided to overlook laws and move towards cannabis legalization. Large international countries such as Australia, Argentina, Colombia, France, Germany, Spain, parts of the U.S., and most notably, Canada have all adopted some form of cannabis legislation. While predominantly, most countries are adopting medicinal cannabis legislation due to its therapeutic benefits, the U.S. and Canada are accelerating the recreational market due to their large user bases. For instance, RBC Capital Markets analyst Nik Modi believes that the U.S. legal market is positioned to reach USD 47 Billion within the next decade while registering a CAGR of 17%. And while the medical sector currently accounts for the majority of the market share, Modi believes that the recreational sector will prevail in the shortcoming future, due to the increasing usage of concentrates and edibles. However, despite the U.S.' dominance, its market share is expected to slowly dwindle as more countries enter into the marketplace. On the other hand, Bank of America Merrill Lynch analyst Chris Carey predicts that events such as Canada reaching oversupply by 2021 in combination with U.S. legalization efforts are expected to further shift the market. Meanwhile, Cowen analysts attribute the successful growth of the cannabis industry to numerous factors such as continued cannabis trial and use, lower levels of binge drinking and its role as an opioid alternative. According to data compiled by Zion Market Research, the global marijuana market was valued at approximately USD 16.71 Billion in 2017. By 2024, the market is expected to generate revenue of USD 62.96 Billion while growing at a CAGR of 21% from 2018 to 2024. Pasha Brands Ltd. (CSE: CRFT), Constellation Brands, Inc. (NYSE: STZ), Pyxus International Inc. (NYSE: PYX), Greenlane Holdings, Inc. (NASDAQ: GNLN), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA)
Previously, many consumers obtained their cannabis supply from unknown sources and shady dealers. Consumers generally had no clue where their cannabis was grown or what it was treated with throughout the growing process. The concern over the illicit trade of cannabis prompted a handful of countries and U.S. states to legalize cannabis. For instance, Colorado was among the first regions to legalize cannabis entirely. And while prices for cannabis-based products were relatively expensive in the beginning, they have since declined tremendously. Now, more consumers in Colorado are buying their supply at recreational dispensaries as opposed to black market sellers as Colorado lawmakers took precautions to ensure that consumers would have access to cheaper legal cannabis when compared to black market prices. Since then, dispensaries and retailers have implemented a seed-to-sale process in order to provide greater transparency and show customers a strain's history throughout its growth, harvest, and sale. Consumers are told the conditions the plant was grown in, what it was treated with, and the contents of the bud itself. Now, as a result of more discerning customers and the plethora of available data, cultivators are shifting towards growing organic and natural cannabis, typically known as "craft cannabis." Craft cannabis is the result of the artisan profession of growing cannabis without using artificial additives and preservatives. Furthermore, growers focus on natural processing techniques in order to alter the plant's THC to CBD ratio. As the industry continues to advance, many are speculating that craft cannabis is quickly becoming the future of the marketplace. "There is a long way to grow from startup to large-cap (generally speaking requiring a company to be worth in excess of USD 5 Billion). Many of the marijuana growers we work with are designing their facilities for efficient expansion, or increasing productions through technologies like rolling benches, or adding a new a greenhouse range to expand their product mix. Craft cannabis is a vibrant and growing business that will continue to thrive," said Michael Camplin, Sales Manager at GGS Structures Inc. "But the real reason craft cannabis will never die, is human beings want choice. We all want freedom of choice in our lives. This is the foundation that many of today's cannabis farmers started on, and this is the essential human spirit."
Pasha Brands Ltd. (CSE: CRFT) yesterday announced, "the appointment of Dr. Brigitte Simons as its new Chief Scientific Officer. Dr. Simons will bring extensive knowledge of chemistry, pharmaceutical drug development, and laboratory testing to the brand to strengthen the value chains accessed by craft cannabis growers, while ensuring proper compliance with Health Canada regulations. Dr. Simons aims to bridge the learning gap for craft growers who are navigating product lot release, quality control, genetics breeding programs, and product development, especially in future edibles and beverage markets. In addition, she will provide advanced expertise in scientific asset development for the international distribution of craft products.
'I have visited many cannabis cultivation and processing facilities across Canada, and I resonate with the passion that producers pour into their relationship with their plants to deliver highly recognized cultivars that are in demand,' said Dr. Simons. 'I wish to help make their craft cannabis a commercial reality, and build strong brands where quality is an experience by the consumer and backed by traceable science.'
Dr. Simons pulls craft cannabis ahead in its discovery for data-driven intelligence through analytical chemistry, using state-of-the art instrumentation such as mobile mass spectrometry and sampling robotics. She is revered as one of the few experts in technical quantitative reporting using mass spectrometry, a technology that is used to deliver accurate potency and testing of cannabis products. For over 16 years, she operated mass spectrometers for the National Institutes of Health (USA), and contracted partners of Canadian federal and provincial government agencies. Her experience covered drug toxicology, product health, and environmental safety, and was essential to the construction of the framework of Bill C-45 for Good Production Practices of Cannabis. She has guided studies with the Canadian Food Inspection, Agriculture Canada, Environment Canada and Health Canada – where she spent over six years working in the government's analytical testing facilities. Most recently, Dr. Simons was Vice President of Laboratories and Operations at Molecular Science Corp., a Health Canada-licensed laboratory services company specializing in analytical testing with a mobile lab to service the cannabis industry.
'With Dr. Simons' rich experience in mass spectrometry and laboratory services combined with her passion for cannabis, there was no better choice when it came time to name a Chief Scientific Officer for Pasha,' said Patrick Brauckmann, Executive Chairman of Pasha. 'Dr. Simons spent a year getting to know us and played an invaluable role with Pasha is educating farmers throughout BC over the past few months.'
In addition to her lengthy list of qualifications, including a Ph.D. in Chemical Biology from the University of Ottawa , as well as finished post-doctoral fellowships in the United States , Dr. Simons is currently enrolled in the Kellogg-Schulich Executive Master of Business Administration program – making her the first and only eMBA candidate with a thesis on the globalization of cannabis.
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's subsidiary Medcann Health Products Ltd. is a Health Canada approved licenced producer which includes a cultivation, processing and sales license in a facility on Vancouver Island, British Columbia. Pasha's common shares trade on the CSE under the symbol "CRFT". For more information, please visit www.pashabrands.com
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Constellation Brands, Inc. (NYSE: STZ), a Fortune 500® company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Constellation Brands, Inc. (Constellation) (NYSE: STZ and STZ.B) and Canopy Growth Corporation recently announced the closing of Constellation's CAD 5 Billion (USD 4 Billion) investment in Canopy Growth, which was previously announced on August 15, 2018. The transaction was approved by an overwhelming majority of Canopy Growth shareholders and has been granted all required regulatory approvals, including by the Canadian government under the Investment Canada Act. This investment provides Canopy Growth with significant funding needed to build scale in the more than 30 countries currently pursuing federally permissible medical cannabis programs, while establishing the foundation needed to supply new recreational adult-use markets as cannabis becomes legal in markets around the world. "We're excited to expand our strategic partnership with Canopy Growth and to begin helping them build the global scale needed to win long-term," said Rob Sands, Chief Executive Officer, Constellation Brands. "The global cannabis market presents a significant growth opportunity and Canopy Growth is well-positioned to establish a strong leadership position in this fast-evolving category."
Pyxus International Inc. (NYSE: PYX) is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. Criticality, a North Carolina-based agricultural hemp company, recently announced the expansion of its consumer products under its brand name Korent with the launch of its line of cannabidiol (CBD) e-liquids. The announcement follows the brand's launch of CBD oils in December 2018. Criticality partners with Pyxus International, Inc. (NYSE: PYX), a provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services, to source, process and produce industrial hemp and hemp products under North Carolina's Industrial Hemp Pilot Program. The Korent e-liquids are featured in Mango Pineapple, Watermelon and Fresh Mint and come in two concentrations in each flavor – 600mg of CBD/60ml and 100mg of CBD/10ml. Additionally, a natural, unflavored booster is available for purchase in 100mg of CBD/10ml. These THC-free products feature flavors designed specifically to pair with, and enhance, Korent's CBD e-liquids, and are compatible with any open tank e-liquid module. "Korent's CBD products are expertly crafted and designed to help consumers effectively restore balance to their lives. Our new line of CBD e-liquids uses high-quality, verifiable ingredients," said Brian Moyer, Chief Executive Officer of Criticality. "Criticality provides unparalleled transparency into the production of our industrial hemp and hemp-derived products. The company's expertise in extraction and purification technologies enables us to produce superior hemp products that adhere to the highest quality standards."
Greenlane Holdings, Inc. (NASDAQ: GNLN) is a leading distributor of premium vaporization products and consumption accessories in the United States and has a growing presence in Canada. Greenlane Holdings, Inc. recently reported financial results for its first quarter ended March 31, 2019. First Quarter 2019 and Other Recent Financial and Operating Highlights: Completed Initial Public Offering (IPO) of 5.25 million primary shares on April 23, 2019; Revenue increased 15.3% to USD 49.9 Million; Commenced distribution of premium hemp-derived CBD products in late February 2019, entering into exclusive distribution agreements with leading brands Mary's Nutritionals and Select. "We are very pleased to report our first quarterly financial results as a publicly traded company and are off to a strong start to fiscal 2019," stated Aaron LoCascio, Greenlane's Chairman and Chief Executive Officer. "We generated 15.3% revenue growth in the first quarter, which is particularly impressive given our very strong revenue numbers in the same period last year. Our top selling products continue to generate strong sales momentum and we have seen a robust response to our introduction of hemp-derived CBD products in late February. We are continuing to expand our hemp-derived CBD offerings and see considerable opportunity in this on-trend and growing category. In April, we enhanced our e-commerce capabilities with the launch of Vapor.com, which will leverage traffic from our existing sites. We believe Vapor.com will become the leading e-commerce platform in the industry. Greenlane has never been better positioned or more excited for our opportunity to capitalize on the large and growing markets for cannabis, nicotine and hemp-derived CBD. We are the industry's leading partner to bring premium vaporization and consumption accessories to market across channels and geographies. We believe we are uniquely positioned with the experience, the people, the infrastructure and the capital to support and drive continued industry growth," continued LoCascio.
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 it has signed a definitive agreement granting it an option to acquire Ohio Grown Therapies ("OGT") medical cannabis cultivation and processing licenses and facility in Ohio. OGT was awarded preliminary cultivation and processing licenses by the Ohio Department of Commerce in 2018. OGT is building out its 32,000 sq. ft. cultivation and processing facility in Johnstown, Ohio. At completion, the facility will be comprised of 15,000 sq. ft. for two-tier cultivation and 7,500 sq. ft. for processing. Curaleaf is advising OGT on the buildout and expects to acquire OGT's cultivation and processing licenses as well as the lease to the Johnstown facility in the second half of 2019, subject to regulatory approval. "Curaleaf's expansion into Ohio is another step in our goal to be the most accessible cannabis company in the country, providing patients with high-quality, reliable products," said Joseph Lusardi, Chief Executive Officer of Curaleaf. "This transaction is reflective of our strategy to become vertically integrated with a focus on limited license markets. As the seventh most populous state in the country, Ohio is an emerging cannabis market with strong growth potential and we plan to continue pursuing opportunities that increase our exposure to this expanding customer base."
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