Additional Regions Prepare to Enter Into the Legalized Cannabis Industry

NEW YORK, July 31, 2019 /PRNewswire/ -- Earlier this week, New York state decriminalized the recreational use of marijuana. Instead of jail time, offenders will now be punished with a fine. New York Governor Andrew Cuomo has been pushing to legalize marijuana for quite some time now but has fallen short each time. Despite the numerous attempts, Cuomo is still actively pushing to legalize the recreational use of cannabis. If New York were to legalize cannabis, it would become the 12th U.S. state to pass legislation for recreational use, following Illinois' recent legalization. While cannabis is only legal for medicinal purposes in the state of New York, many companies have established operations in anticipation of recreational legalization. In New York City, there are already over a dozen legal medical dispensaries. Notably, several of these dispensaries even operate recreational channels in legal markets. Moreover, there are also several hemp farms operating in upstate New York. And despite New York's legalization, the state already has cannabis companies fluidly operating to serve thousands of consumers. Several other states are witnessing similar patterns to New York. For instance, states such as Arizona, Florida, and New Jersey were reporting over tens of millions of dollars in annual sales in 2018 despite having only legalized medical cannabis. Notably, these states were among the most likely candidates to legalize recreational use in the shortcoming years, according to industry experts. Overall, the legal cannabis market is permeating throughout the U.S. states and is creating a multi-billion dollar industry. Additionally, ongoing legalization efforts in the U.S. are beginning to further influence other nations as they explore opportunities within the legal market. And while medical cannabis still dominates that broad cannabis marketplace, increasing awareness and legalization efforts are expected to further propel the industry. As a result, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research. Pasha Brands Ltd. CRFTF CRFT, Canopy Growth Corporation CGC WEED, Cronos Group Inc. CRON CRON, Organigram Holdings Inc. OGI OGI, Cresco Labs Inc. CRLBF CL

In most regions where cannabis is legal, regulators allow citizens to grow their own cannabis but are limited to only several plants. Large-scale licensed producers are equipped to produce tons of cannabis each year to meet the demands of consumers, however, a license approval is required from the federal government. In particular, Colorado allows residents to grow their own cannabis for personal or medical use. Specifically, residents are allowed to grow up to six plants as long as they are over 21 years old, however, each household is only limited to 12 plants total. Growing cannabis at home is a simple procedure and allows homeowners to have full control over the outcome of their strain. For instance, home growers can have the option to grow either a THC-dominant strain that is heavily potent or can grow a mild CBD strain for relaxation, depending on the purpose. For example, a novice user may look to grow a CBD-dominant strain since its psychoactive properties will be rather mild. On the other hand, a frequent recreational user or a dependent medical patient may look to grow a more potent strain. Frequent users may require a stronger strain because of their tolerance levels, while medical patients use potent strains in order to effectively suppress their medical conditions. Consumers also have the option to purchase their supply at a dispensary, however, many locations receive their products from large-scale producers in order to create cheaper price margins. The major drawback is that many large producers tend to lack great quality control because they mass produce their flower. Growing cannabis in masses is a tedious procedure and cultivators typically use automated systems or machinery in their grow facilities. Unlike large cultivators, smaller entities have decided to implement a more personal and comprehensive growing process in efforts to create premium cannabis. The meticulous process requires small cultivators to tend to each individual plant as opposed to using machinery that may damage the cannabinoids in the plant. Generally, the output of this attentive process is known as "craft cannabis." Craft cultivators are able to stand out from their larger competitors because of their attention to quality. Large-scale producers aim to meet the demands of consumers looking for cannabis that is inexpensive, but small producers are targeting avid consumers searching for high-quality and organic cannabis. "As the market for legal cannabis becomes more sophisticated, we are seeing an emergence of price segmentation across the board, not just in terms of more premium strains of flower but also higher end edibles, concentrates and other infused products. Many brands now tout their gourmet chocolate inputs, gluten free snacks or organically grown marijuana flower. Lab testing is still voluntary in some markets, but more companies are voluntarily submitting to this testing to align with customer demand. The legal market has led to a greater selection, which offers them the opportunity to choose which premium attributes they are willing to pay more for." according to a report by Brightfield Group.

Pasha Brands Ltd. CRFTF CRFT is also listed on the Canadian Securities Exchange under the ticker CRFT. Earlier this week, the Company announced that, "its wholly owned subsidiary, BC Craft Supply Co. Ltd ("BC Craft"), has signed a supply agreement with Canada's first licensed micro-cultivator applicant, Hearst Organic Cannabis ("Hearst").

Founded by Joël Lacelle in Hearst, Ontario, Hearst Organic Cannabis received its micro-cultivation licence from Health Canada on July 12, 2019. Under the new agreement, Hearst will supply BC Craft with its ongoing production to be sold as dried flower. BC Craft has agreed to process and package this flower before it is destined for licensed retailers.

'Joël and his team started with a shovel and navigated the licensing process in just over nine months,' said Jason Longden, CEO Pasha Brands. 'They represent the first truly craft producer to be licensed as a micro-cultivator in Canada, the first of many BC Craft intends to bring to market, so this agreement is historic.'

With Canada's current licensed cannabis producers only able to supply an estimated 15 per cent of what Canadians are consuming, Pasha is optimistic that this new supply agreement will help correct the cannabis supply imbalance. Each micro cultivator in Canada will be able to produce approximately 500 kg of cannabis per year. Canada has tens of thousands of craft producers operating in the illicit cannabis market and BC Craft is focused on helping as many small farmers transition into the regulated market as possible.

'Building Hearst and receiving my Health Canada licence has been a challenge, but I'm encouraged by the high demand for craft products,' said Joël Lacelle, Founder of Hearst Organic Cannabis. "I'm proud to partner with the team at Pasha and BC Craft as they have clearly demonstrated their passion for supporting all craft cannabis producers in Canada.'

Hearst Organic Cannabis will plant its first legal crop in August 2019 and harvest later in the fall.

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.

For our latest "Buzz on the Street" Show featuring Pasha Brands Ltd. recent corporate news, please head over to: https://www.youtube.com/watch?v=A-Re7xyxt-s.

Canopy Growth Corporation CGC 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 has received a new licence from Health Canada permitting it to grow cannabis at an outdoor site in northern Saskatchewan. Hours after receiving the licence, the first cannabis cuttings were planted at a 7 million sq. ft. (160 acres) secure cultivation field in the province, one that is patrolled by drones (kidding – no drones, promise.) The new licence expands Canopy Growth's diversified Canadian footprint and complements its existing indoor and greenhouse facilities to provide a leading balance of facilities to produce low cost input materials for value-add products, while ensuring more sophisticated growing operations for in-demand flower products. "Our team has outdoor, at-scale cannabis expertise gained from over a decade of hemp farming experience, including Canopy's 4,000-acre hemp operation executed last year, the extract of which is bolstering our CBD supply for the medical and recreational markets," said Mark Zekulin, President and Co-Chief Executive Officer, Canopy Growth. "At this stage in the summer planting season we view this as a pilot and ramp up project for outdoor cannabis cultivation, though the team will do everything it can to deliver low cost yields this year."

Cronos Group Inc. CRON CRON is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group Inc. recently announced that it is expanding its global infrastructure network and innovation capabilities with the opening of a cannabinoid device R&D facility, based in Israel. The state-of-the-art facility supports Cronos Group's efforts to develop next-generation vaporizer products that are designed specifically for cannabinoid applications. Cronos Device Labs, which is equipped with an experienced team of product development talent, advanced vaporizer technology and analytical testing infrastructure, serves as the global center of R&D for the Company's vaporizer devices. The 23-member team at Cronos Device Labs, which brings to Cronos Group over 80 years of combined expertise in vaporizer development, is comprised of product designers, mechanical, electrical and software engineers, and analytical and formulation scientists. Cronos Device Labs significantly enhances Cronos Group's technology and development capabilities and is expected to enable the Company to deliver expanded product offerings to customers that are specially tailored to cannabinoid use. "The launch of Cronos Device Labs is an exciting next step on our journey to become a leader in cannabinoid innovation," said Cronos Group's Mike Gorenstein, Chairman, President and Chief Executive Officer. "Vapor is already one of the most popular forms of cannabis consumption, and we see a clear opportunity for Cronos Group to introduce the next-generation of vaporizer products designed specifically for cannabinoid formulations. With a deep bench of engineering, analytical, scientific and design talent already in place, we are confident that Cronos Device Labs will play an important role in positioning the Company for long-term success by enabling us to build innovative vaporizer products that resonate with our customers and generate shareholder value."

Organigram Holdings Inc. OGI OGI is a NASDAQ Global Select and TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram Holdings Inc. recently announce that it has received approval from Health Canada for the licensing of 17 additional cultivation rooms within the Phase 4A/4B perimeter of the building. Thirteen of 31 Phase 4A cultivation rooms originally contemplated have previously been licensed. The 31st room initially contemplated for Phase 4A is being moved from the Company's 4A plans to its 4B licensing plans thereby adjusting Phase 4A from 31 to 30 rooms and Phase 4B from 32 rooms to 33 rooms. As a result of this approval, cannabis plants will be moved into these new cultivation rooms on a rolling basis commencing immediately. The Company anticipates being able to begin to harvest product from these newly on boarded rooms by the end of September, based on its historical cultivation timelines with the ability to ship dried flower as early as mid-fall of 2019. "Sustainable growth, exceptional quality and constant innovation are the pillars of our overall strategic approach," explains Greg Engel, Chief Executive Officer, Organigram. "We are proud to continue to increase our physical capacity to meet the needs of cannabis consumers across the country while also bringing new thinking and technology to our production."

Cresco Labs Inc. CRLBF CL, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. Cresco Labs Inc. recently unveiled Sunnyside, a new dispensary brand created to accelerate industry growth and shift people's expectations and perceptions around shopping for cannabis from intimidation and doubt to curiosity and acceptance through a new retail and marketing approach. Sunnyside is more than a dispensary—it's a wellness-based retailer offering a holistic experience for anyone who considers, or would consider, cannabis to be an integral part of their personal wellness program. It aims to educate today's diverse users on cannabis' many positive benefits and provides one of the widest ranges of cannabis brands. A more sophisticated and familiar shopping destination that combines high-end design from healthcare, retail and hospitality, Sunnyside elevates the value dispensaries can add to a community with a bright, welcoming aesthetic and convenient shopping whether in-store or online. "To unlock the full potential of the U.S. cannabis industry, we must evolve the retail experience to delight both current and prospective users," said Cresco Labs' Chief Executive Officer and Co-Founder Charlie Bachtell. "Many of today's dispensaries service the needs of traditional cannabis consumers. As the cultural landscape progresses, we're building a modern, yet familiar store environment built on wellness, education and customer service to rapidly bring in new users and welcome them to cannabis."

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