Rising Popularity in CBD Based Products now Projected to Outpace Marijuana
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, April 25, 2019 /PRNewswire/ -- There is one sector in the rapidly growing in the cannabis market that stands out and that is edibles. The Brightfield Group, a respected industry research firm, recently released a report that said, "New Report Predicts CBD Market Will Hit $22 Billion by 2022 - Looking forward to relaxed hemp regulations, a new analysis estimates that the CBD market could explode — and outpace marijuana." The company also said on its website that, "CBD is growing faster than cannabis in the U.S. and will soon be a $22 billion industry. It's been flying under the radar but is set to explode having profound impacts." In fact they also report that retailers, big box retailers, are "Going after CBD". Another article in an industry publication seemed to reaffirm that view saying, "There are product categories that plod along slowly for many years before suddenly catching on. Then there is CBD. Three years ago, CBD sales barely registered as a product category. Today, it is an industry that produces hundreds of millions of dollars in revenues, with most analysts forecasting many billions of dollars in sales within the next few years. But that only scratches the surface, because much of the action in the CBD movement takes place in non-grocery settings, such as stores that specialize in alternative health products or oils and tinctures." Active Companies from around the market with current developments this week include: MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF), Golden Leaf Holdings Ltd. (CSE: GLH) (OTC: GLDFF), Tilray, Inc. (NASDAQ: TLRY), The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTC: SPRWF), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED).
Forbes also chimed in on what can happen in the edibles market, in an article headlined: "Edibles Are The Next Big Thing For Pot Entrepreneurs." The article said: "As more states legalize cannabis for recreational use, edibles will become a huge market for entrepreneurs. In California alone, consumers gobbled up more than $180 million worth of marijuana-infused food and drinks last year, 10% of the state's cannabis sales, according to Archview Market Research.
MYM Nutraceuticals Inc. (CSE: MYM) (OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals is pleased to announce the formation of a Nevada Company, MYM One World LLC, to facilitate the joint multi-year co-operative agreement between MYM and Aqueous Sciences, a subsidiary of One World Ventures Inc (OWVI). The company and memorandum of understanding is to cultivate, extract & distribute 3,000 acres of hemp on Navajo Nation land located near the four corners area of Colorado, Arizona, Utah and New Mexico, USA.
The purpose of organizing a new company to cultivate, extract, and distribute hemp is so each corporation will own 50%. MYM and Aqueous also plan to extend their activities to include the extraction, manufacture and distribution of hemp based products that will comply with Navajo Nation, USDA, FDA and FTC regulations and requirements.
"Our partnership with Aqueous to cultivate 3,000 acres of CBD-rich hemp has taken another step forward today with the formation of MYM One World LLC," said Howard Steinberg, CEO of MYM. "Our team is currently preparing the fields for the 2019 growing season. We're looking forward to exceeding the results of last year's test crop that was successful in growing an abundance of CBD-rich hemp".
MYM and Aqueous are funding the venture with up to an initial amount of $2,000,000 USD for operating and capital costs.
Aqueous is providing all labor, site management, and other resources as necessary to operate the business. Aqueous will ensure all regulatory approvals and compliance necessary to successfully cultivate legal hemp plants upon the Navajo Nation. MYM is providing expertise and support in growing procedure, import/export facilitation, access to its research and development team, and distribution.
"We are very excited about the formation of MYM One World LLC and preparing the fields to plant lab tested, CBD-rich hemp seeds as we speak," said DaMu Lin, CEO of OWVI. "As legal production of cannabis is rapidly increasing worldwide, so has the demand for hemp derived products and these experienced farmers along with their 200,000 acres of irrigated, ready to grow fields, are ready to jump in". Read this and more news for MYM Nutraceuticals at: https://www.financialnewsmedia.com/news-mym/
In the industry developments and happenings in the market this week include:
Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) audited financial statements for the fiscal year ended Dec. 31, 2018, will be released no later than April 30, 2019. The company had approximately $11-million (U.S.) of cash on hand at the end of 2018.
Finally, the annual general meeting of shareholders of the company is scheduled to be held on Tuesday, June 25, 2019, at 10 a.m. EDT at the offices of Cassels Brock and Blackwell LLP in Toronto, Canada, for all company shareholders of record on Thursday, May 9, 2019.
Canopy Growth Corporation (NYSE: CGC) (TSX: WEED.TO) recently the company and Acreage Holdings, Inc. ("Acreage") (together, the "Companies") announced that they have entered into a definitive arrangement agreement that grants Canopy Growth the right to acquire 100 percent of the shares of Acreage (the "Right"), with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States (the "Transaction"), subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively (the "Shareholder Approval"), as well as the approval of the Supreme Court of British Columbia (the "Court Approval").
The Companies will also execute a licensing agreement granting Acreage access to Canopy Growth's award-winning line-up of brands such as Tweed and Tokyo Smoke, along with other intellectual property. Once the Right is exercised, Acreage will become part of a leading global cannabis company with access to markets beyond the U.S. Until then, the two companies will continue to operate independently.
Tilray, Inc. (NASDAQ: TLRY) a global pioneer in the research, cultivation, production and distribution of cannabis recently celebrated the official opening of its European Union (EU) Campus located in Cantanhede, Portugal. Tilray CEO Brendan Kennedy, global senior leaders and the EU Campus Team welcomed guests from all over the world including international healthcare professionals, government officials and local dignitaries to celebrate the inauguration of the company's European production and distribution centre.
"We're thrilled to celebrate another milestone as we continue to expand our global presence and pioneer the future of the cannabis industry. We are grateful for the warm welcome we've received from Portugal and the city of Cantanhede," said Brendan Kennedy, Tilray CEO. "We're looking forward to utilizing Tilray's EU Campus to serve the European Union medical cannabis markets with high-quality, pharmaceutical-grade medical cannabis products."
The Supreme Cannabis Company, Inc. (TSX: FIRE.TO) (OTCQX: SPRWF) recently announced the launch of Cambium Plant Sciences ("Cambium"), located in Goderich, Ontario . Cambium, a wholly-owned subsidiary of Supreme Cannabis, aims to lead the agricultural revolution of cannabis genetics, redefining consumer experiences and cultivation economics across the global cannabis industry.
With the systematic application of research, technology and science, Cambium will focus on developing the next generation of premium cannabis genetics for recreational, medical and wellness applications. Cambium's innovative mission is to supply agriculturally-focused, disease resistant, premium seed stock to the rapidly growing global cannabis market.
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