NEW YORK, Sept. 5, 2019 /PRNewswire/ -- Last year, Canada legalized cannabis for recreational adult use. Since then, the Canadian market has grown rapidly to become a prominent global market driver. Initially, Canada faced heavy legal barriers, which hindered the growth of the market, as the federal government imposed restrictions in order to keep the market regulated. However, regulatory laws are beginning to loosen as more provinces are approving operating licenses. For instance, Alberta alone accounted for nearly a third of total Canadian cannabis sales, despite provinces such as Quebec, Ontario, and British Columbia having a much larger population. In particular, provinces such as Ontario witnessed widespread shortages largely due to cannabis operators being unable to keep up with demand. As a result, provinces have pledged to issue dozens of licenses for businesses applying in efforts to ramp up production and sales. Furthermore, licenses are also being granted in anticipation of Canada's "second legalization," which is expected to be implemented in the latter half of 2019. The second legalization is expected to introduce cannabis-based products such as oils, tinctures, edibles, and concentrates to the Canadian market. However, despite Canada having already legalized cannabis, it is still overshadowed by the U.S.'s burgeoning market. Currently, the U.S. is the primary growth driver for the global cannabis market, largely due to the states such as California and Colorado, which adopted cannabis reform early. Conversely, Canada's recreational market is still in its infancy stage. However, the market is primed to witness exponential growth as it continues to mature over the next several years. And according to data compiled by Arcview Market Research and BDS Analytics, the legal cannabis spending in Canada is projected to grow at a CAGR of 44.4% from USD 569 Million in 2018 to nearly USD 5.2 Billion by 2024. Pasha Brands Ltd. CRFTF CRFT, Neptune Wellness Solutions Inc. NEPT, KushCo Holdings, Inc. KSHB, The Green Organic Dutchman Holdings Ltd. TGODF TGOD, iAnthus Capital Holdings, Inc. ITHUF IAN
In 2018, the market share for dried cannabis flower began to dwindle as more consumers shifted towards concentrates and extracts. Generally, many consumers have begun to prefer cannabis-based oils because of their potency and versatile use. Cannabis oils are typically vaped through devices, however, consumers can also add oils to foods, beverages, and even skin-care products. The oils are generally made by extracting the cannabinoid content from a dried flower, meaning there will always be a large demand for generic flower. Additionally, the potency of the oil can vary depending on the type of flower used. For instance, extractors looking to create a highly potent oil would most likely use a THC dominant strain. Generally, extractors purchase wholesale cannabis in order to be able to mass-produce oils. However, wholesale cannabis is typically known to lack quality due to the number of artificial byproducts that are added during growth. As a result, craft cannabis growers have come into the spotlight. Craft cultivators engage in a tedious process of growing premium cannabis strains. The cultivators tend to avoid using artificial products that may damage the cannabinoid content, which can weaken the potency of the strain. In order to maintain high-quality cannabinoids, craft cultivators also nurture each and every individual plant to ensure proper growth. Now, craft cannabis brands are creating a whole new dynamic market that is appealing to health-conscious and frequent consumers. However, as the craft industry continues to grow, consumers across a broad spectrum are expected to appeal to the art of craft cannabis. "I completely agree that passion, care and attention to every detail is required to produce superior-quality cannabis with rich cannabinoid and terpene profiles. There cannot be compromises to nutrient-source quality, environmental control nor labor practices," said Kenneth Morrow, Founder of Trichome Technologies. "I firmly believe those who produce the best cannabis, regardless of scale, will always have customers, and those who do it ethically and sustainably possess even more strategic advantages."
Pasha Brands Ltd. CRFTF CRFT is also listed on the Canadian Securities Exchange under the ticker CRFT. Yesterday, the Company announced breaking news that, "it has acquired the brand "Baked Edibles" ("Baked Edibles"), previously used by Canada's longest-running commercial cannabis bakery. In its previous iteration, Baked Edibles was an iconic pre-legalization brand that served Canadians for years and will now take its place among leading edible brands in the regulated market.
Under previous ownership, from its base in Victoria, Baked Edibles supplied premium edibles, cannabis oils, capsules, and topicals to the Canadian market beginning in 2015, following the R v. Smith Supreme Court ruling, which declared the legal right to possess cannabis derivatives for medical purposes. In addition to an exceptional line of products, Baked Edibles differentiated itself from other grey market edibles brands by sourcing high quality ingredients, and, in the interest of public health and safety, providing customers with valuable product information and dosing guidelines. It was also the first cannabis bakery in Canada to receive a municipal business licence.
In obtaining the Baked Edibles brand and its associated intellectual property, Pasha will rework the brand's product line-up to better suit Health Canada's forthcoming amendments to the Cannabis Act, while maintaining the Baked Edibles spirit by utilizing existing recipes and using high quality ingredients.
A long-time favourite in the grey market among consumers, the Baked Edibles name formed the basis for an operation that was a pioneer in the areas of dosage control, best-in-class standard operating procedures, and product consistency.
'This is a natural fit for Pasha and exemplifies our approach to bringing authentic cannabis brands into the legal marketplace,' said Jason Longden, CEO of Pasha. 'Baked Edibles has been a force in the Canadian cannabis industry and has inarguably set the standard of what high quality edibles should be. With Health Canada regulations for edibles and consumables anticipated in the coming months, we look forward to further developing our product offering.'
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."
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Neptune Wellness Solutions Inc. NEPT specializes in the extraction, purification and formulation of health and wellness products. Neptune Wellness Solutions Inc. recently completed the acquisition of the assets of SugarLeaf Labs, LLC and Forest Remedies LLC. The acquisition was first announced on May 9th, 2019. "The acquisition of SugarLeaf, combined with Neptune allows us to create a leading North American extraction platform with significant capacity available to serve our customers on both sides of the border. Furthermore, considering the significant growth anticipated in hemp-based products, this acquisition provides Neptune with capabilities to satisfy a wide array of clients. Finally, we anticipate a significant contribution from this acquisition, as indicated by the large earnout structure providing adequate risk sharing," said Michael Cammarata, Neptune President and Chief Executive Officer.
KushCo Holdings, Inc. KSHB is the premier producer of ancillary products and services to the cannabis and hemp industries. KushCo Holdings, Inc. recently announced that it had partnered with C.A. Fortune, a leading full-service national consumer product sales and marketing agency focused on lifestyle brand partnerships, to provide viable CBD companies access to large scale, conventional retail channels. The groundbreaking partnership will be the first large scale go-to-market operation focused on helping compliant CBD brands achieve mass distribution across legal markets in the U.S. The combination of KushCo's extensive network of brands and specific hemp industry knowledge paired together with C.A. Fortune's industry-leading reach into all retail channels, will offer KushCo clients an additional avenue to activate their CBD products. "One of the challenges of building a national CBD brand is obtaining mass distribution into mainstream retailers across the U.S. and this partnership immediately upgrades the go-to-market plans for CBD brands," said Jason Vegotsky, Chief Revenue Officer and President of KushCo Holdings. "There is no better time to be a part of the KushCo ecosystem. In addition to our unrivaled ancillary product offerings, we are now expanding into value added services, none greater than this partnership, which puts our client's brands in position to dominate mainstream retail."
The Green Organic Dutchman Holdings Ltd. TGODF TGOD is a publicly-traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. The Green Organic Dutchman Holdings Ltd. recently announced that it had obtained approval from Health Canada, under the Cannabis Regulations, to expand operations into its new hybrid greenhouse located in Hamilton, Ontario. The 123,000 sq. ft. state-of-the-art facility will serve to increase TGOD's premium organic cannabis production as it expands its sales in Canada. "We are thrilled to start using this purpose-built hybrid greenhouse as we ramp up our production of premium organic cannabis, an underserved segment of the market," commented Brian Athaide, Chief Executive Officer of TGOD. "Our team pioneered the concept of growing organic cannabis at scale; this hybrid greenhouse has been artfully designed for organic cultivation, allowing us to reliably produce clean, safe and non irradiated cannabis."
iAnthus Capital Holdings, Inc. ITHUF IAN owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus Capital Holdings, Inc. recently announced that it had received approval from the Florida Office of Medical Marijuana Use to open dispensaries in Lakeland and Gainesville, Florida, as well as the previously announced dispensary in North Miami. This will bring the Company's total number of dispensaries in the state to eight. Hadley Ford, chief executive officer of iAnthus said, "We're excited by the progress the business is making in Florida. We received OMMU approval and opened our flagship Miami store yesterday and expect the Lakeland and Gainesville locations to open next week. We will continue our retail expansion in this robust and growing market through early 2020. We look forward to serving medical marijuana patients in these Florida communities with high-quality, trusted and dependable products and services."
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