The Global Cannabis Market is Set to Grow as the U.S. Sets to Ratify Landmark Bill

NEW YORK, December 18, 2018 /PRNewswire/ --

Cannabis has been spreading rapidly due to the recent spur in legalization. For instance, Canada recently passed a bill to legalize cannabis nationwide, while the U.S. had three more states pass legislation for either medical or recreational use. The North American segment heavily contributes to the global cannabis market, as it accounts for more than 95% of the market value. With Canada being the first and only G-7 nation to legalize cannabis entirely, a major milestone for the industry was achieved. Now, the recent trend has caused other nations to delve into the market. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is projected to reach USD 65 Billion by 2023. Additionally, the market is projected to grow at a CAGR of 37% throughout the forecast period. The market will continue to grow due to the increasing amount of countries which are now legalizing cannabis for either medical or recreational usage. Biome Grow Inc. ORTFF, MariMed Inc. MRMD, The Supreme Cannabis Company, Inc. SPRWF, Terra Tech Corp. TRTC, Origin House ORHOF

Recently, the U.S. Congress also legalized hemp with the passage of the 2018 Farm Bill. The Senate passed the USD 867 Billion bill on December 11th, 2018, followed by the House passing it on December 12th, 2018. The new Farm Bill removes hemp from the Controlled Substances Act, which allows farmers to pursue federal hemp cultivation permits, according to Cannabis Business Times. The hemp industry is already growing at a rapid pace due to the popularity of one of its derivatives: cannabinoid (CBD). The passing of this bill will allow the broad cannabis market to grow, while also allowing various cannabis businesses to thrive. "With the Farm Bill of 2018, the restrictions around growing industrial hemp could be lifted by the end of the year," said Ari Sherman, President of Evo Hemp. "This bill will also help clarify that resin products derived from hemp, like cannabinoids, will be legal on a federal level. Many people will benefit from this bill, including farmers, manufactures, retailers and consumers.

Biome Grow Inc. ORTFF listed on the Canadian Securities Exchange under the ticker BIO. Yesterday, the Company announced that, "its Nova Scotia-based subsidiary, Highland Grow Inc. ("Highland Grow"), has received its sales authorization via an amendment to its existing license from Health Canada under the Cannabis Act. This authorization will allow Highland Grow to sell cannabis products to end consumers through appropriate medical and recreational cannabis channels, dramatically increasing product availability. The sales authorization will position Biome Grow to serve the rapidly growing domestic and international cannabis markets.

"Biome Grow has been steadfast in its focus on a regional business strategy and building provincial brands that can serve the unique requirements of its local cannabis consumers. This new amendment marks the complete transition of Biome to a commercial cannabis enterprise in the Canadian market," said Khurram Malik, CEO of Biome.

Finished product grown and packaged specifically for our customers in Nova Scotia is ready to be delivered. Highland Grow looks forward to completing the final distribution steps with the Nova Scotia Liquor Corporation ("NSLC") to get this product into the hands of its local customers as soon as possible.

"The Highland Grow team, has been working hard to achieve this important milestone. The company is looking forward to doing its part to eliminate the current supply shortage in our home province," added Frank MacMaster, President of Highland Grow.

About Highland Grow Inc. Reflective of the beautiful and rugged northern Nova Scotia terrain, Highland is a local Cannabis grower near Antigonish that is Biome Grow's first licensed producer under Canada's Cannabis Act. Highland Grow was granted its Grow License from Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR) on December 1, 2017."

MariMed Inc. MRMD, collectively with its subsidiaries MariMed Advisors and various holdings, designs, develops, finances, and optimizes medical cannabis cultivation, production, and dispensary facilities as a management service. MariMed Inc. and its MariMed Advisors subsidiary recently announced that they have entered into an exclusive licensing agreement for Alternative Medicine Association to produce and distribute, in Nevada, MariMed's branded cannabis products, including unique Kalm Fusion™ THC and CBD formulations for sublingual Mari-Melts, Kalm Chewable Tablets, Kalm Corn Popcorn, Kalm Powdered Tincture and Betty's Eddies™ line of Fruit Chews and Berry Bombs.  The companies plan to commence production in the fourth quarter of 2017. "MariMed licenses its products to state-licensed facilities and operators, such as AMA, who meet MariMed's strict production standards and will apply MariMed's scientific formulations to create high quality end products custom designed for THC and CBD precise dosing," noted Timothy Shaw, Chief Operating Officer of MariMed. "Conveniently located near our client's cultivation facility in Las Vegas, we are confident they share MariMed's passion for excellence and quality as they have developed their own ultra efficient extraction technologies and are one of the few companies that has been successfully producing and distributing medical cannabis in Nevada since it became legal.  They have also proven they can produce the potency and purity of the extracts specified for our precision dosed products, which will help our brands maintain the quality and consistency for which we are known."

The Supreme Cannabis Company, Inc. SPRWF is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. Recently, The Supreme Cannabis Company, Inc. and Khalifa Kush Enterprises Canada ULC an affiliate of Khalifa Kush Enterprises, LLC, have entered into an exclusive consulting services agreement to develop and launch a lineup of premium cannabis products. KKE will provide cannabis related consulting services to Supreme Cannabis who will be the exclusive producer of KKE branded products in Canada and, subject to certain approvals, international markets (other than the United States). This will include a strain to be developed by the parties in Canada based on KKE's flagship 'Khalifa Kush' strain. Supreme Cannabis and KKE will work to develop and commercialize a product lineup that is expected to include pre-rolls, extracts, capsules, and cannabis oils to be sold by Supreme Cannabis under the KKE brand. "In 2015 I saw an opportunity to introduce the highest quality cannabis products I love and enjoy, to the American market. KKE USA was the first move in bringing amazing cannabis and cannabis experiences to our customers," said Wiz Khalifa, Principal of KKE. "Canada is a very important place to me with the idea for 'Kush and Orange Juice' being created in Toronto, it's the perfect start for the international expansion of Khalifa Kush. My team and I have spent the past year finding a partner that shares our vision, values and passion for cannabis. The team at Supreme Cannabis understands the importance of high quality cannabis and how to produce high quality cannabis at scale. I am very excited to be working with them to bring Khalifa Kush quality products to Canada and other international markets," continued Wiz Khalifa.

Terra Tech Corp. TRTC operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that on November 2, 2018 it signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd., a cannabis company with cultivation, production and retail operations built around recognized brands. Under the terms of the letter of intent, a wholly owned subsidiary of Terra Tech will amalgamate with Golden Leaf, with the resulting amalgamated corporation being a wholly owned subsidiary of Terra Tech. Consummation of the transaction is subject to a number of conditions, including entering into a mutually agreed definitive arrangement agreement, completion of due diligence, the waiting period for the Hart-Scott-Rodino Act, state and local regulatory approvals, approval by the Ontario courts, Terra Tech board approval, Golden Leaf receiving a positive fairness opinion, Canadian Securities Exchange (the "CSE") approval and Golden Leaf shareholder and board approval. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "As new participants enter the cannabis industry the market is undergoing rapid consolidation. The companies that are vertically integrated with strong brands and multi-jurisdictional operations are best situated to achieve scale and retain market-leading positions. We are planning to merge with Golden Leaf's operations because its seed-to-sale business model is complementary to ours, encompassing both the Oregon and Canadian market which represent new markets for us, and touching Nevada where we are focused on gaining market share. Its 'Chalice Farms' retail dispensaries are well known and have an excellent reputation in Oregon, and the wholesale side of the business offers diverse, high quality cannabis products for all demographics, which are complementary to our existing wholesale product lines. This transaction, if completed, will create a combined company that will control 41 permits across cultivation, manufacturing, distribution and retail spanning Oregon, California and Nevada, in addition to 21 pending permit applications in multiple jurisdictions throughout the U.S."

Origin House ORHOF is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. CannaRoyalty Corp. d/b/a Origin House recently announced that the Company has signed a binding term sheet to purchase and acquire certain business assets of California-based cannabis cultivator, Cub City LLC for total consideration of USD 7,025,000. Afzal Hasan, President and General Counsel of Origin House commented, "This Acquisition was a logical next step for Origin House, led by the needs of our brand partners as we execute on our brand support and acceleration strategy. Access to bespoke third-party cultivation is critical for new flower brands that want an authentic brand promise from seed to consumption. The existing alternative for brands is to use undifferentiated and mass produced biomass available on the market. Cub City was co-founded by a team that included our partners Drew and Karen Duval of FloraCal. The facility and team have produced flower for some of the top packaged flower brands in California, as well as a prominent pre-roll brand. Furthermore, being just minutes away from our current Santa Rosa facility provides natural efficiencies and synergies. We are excited to continue growing our infrastructure and team to unlock further opportunities for growth that we have been cultivating with brand partners in California."

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