Cannabis Edibles Market Projected to Quadruple in U.S. and Canada to $4.1 Billion
Another report from BDS Analytics added that the place where these increased edibles will be sold will be/has been in dispensaries. They projected that overall, CBD sales are expected to surge to $20 billion by 2024; up substantially from the $1.9 billion in 2018. They track current and ongoing retail sales as well as consumer behavior. Retail tracking and forecast models include products sold through licensed dispensaries, pharmaceuticals and in general market retail, encompassing the full CBD market.
IONIC Brands Corp., (CSE: IONC) (OTC: IONKF) BREAKING NEWS: IONIC Brands is pleased to announce that PharmaCann LLC’s (“PharmaCann”) Illinois dispensaries are exclusively launching Zoots Cannabis Infused Edibles and will be available this month, providing consistent relief for medical cannabis patients.
Verilife dispensaries, owned and operated by national vertically integrated cannabis operator PharmaCann, will offer drops, chews and energy shots from the Zoots line of products. “Zoots is an ideal fit for Illinois medical cannabis patients seeking relief through a premium edible product that delivers consistent and reliable results,” said Brett Novey, Chief Operating Officer for PharmaCann. “We are excited to offer Illinois patients access to the Zoots line of premium edible products initially through our Verilife branded dispensaries, with plans to extend this offering to patients throughout the entire state of Illinois via our extensive wholesale network.”
For PharmaCann, quality was a vital factor when choosing Zoots for its Illinois dispensaries. What sets Zoots apart is its proprietary Cypress Extraction System®, which delivers a cannabis extract that is pure, consistent, and developed specifically for use as a premium-quality food ingredient. The developers of Zoots also have extensive experience in food processing and, as a result, all Zoots products are manufactured according to the FDA’s guidelines for food safety. “Zoots has a strong reputation for its dedication to excellence, as does PharmaCann, making for a great partnership,” said Michael Devlin, co-founder of Zoots. “Our brand and products are built on a promise of providing high-quality and safe products.”
Created in hand-crafted small batches, the edibles are made with Cypress Extract™ of cannabis paired with unique flavor blends. The product line offered by PharmaCann includes:
- ZootDrops—Cannabis infused concentrates in Relaxation Blend and High-Energy Blend (100mg THC per bottle)
- ZootBlast—Cannabis infused energy shots (available in 10mg and 30mg THC per bottle)
- ZootChews—Cannabis infused gummies in Sour Apple, Wild Berry, Sour Lemonade and Watermelon (5mg THC each; 100mg THC per package—also available in CBD blends)
PharmaCann has Illinois dispensaries in Arlington Heights, Evanston, North Aurora, Ottawa and Romeoville, as well as an extensive wholesale network spanning the entire state. Each of PharmaCann’s dispensaries will offer Zoots Premium Cannabis Infused Edibles, with plans to roll out Zoots statewide through its wholesale partners. Read this entire announcement for IONC at: https://www.financialnewsmedia.com/news-ionc/
Additional industry related developments from around the markets:
Origin House (CSE: OH.CN) (OTCQX: ORHOF) recently announced that it has divested its 5.1% equity interest (the “Interest”) in Alternative Medical Enterprises LLC (“AltMed”) for total consideration of US$6 Million. As Cresco Labs Inc. (“Cresco”) is prohibited under state law from acquiring additional positions in the Florida market, this divestment was a pre-closing condition to the Company’s previously announced plan of arrangement (the “Arrangement”) pursuant to which Cresco has agreed to acquire all of the issued and outstanding shares of Origin House.
“With one of the final conditions to closing the Arrangement with Cresco now complete, we look forward to proceeding to drive value for shareholders as a combined company, upon the expiration of the anti-trust waiting period,” commented Marc Lustig, Chairman and CEO of Origin House. “The sale of the remaining AltMed interest marks a significant milestone in the continued process whereby Origin House has monetized non-core holdings resulting in both substantial returns for shareholders and additional cash that has fueled the Company’s growth.”
MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF) recently announced that MedMen pre-roll singles and multipacks are available for purchase at its recently-opened West Palm Beach location. Available strains include “White Widow,” “Bubblegum OG,” and “Dr Who.” To bring these products to the West Palm Beach community, the Company’s state-of-the-art cultivation and production facility located in the city of Eustis completed its first harvest of smokable flower in the state of Florida.
“Medical cannabis patients in Florida have fought long and hard to have smokable flower as an alternative for pain relief, and we are proud to offer them access to it,” said Adam Bierman, MedMen Co-Founder and CEO. “We look forward to continue working with regulators to bring safe, regulated and high-quality flower to other Florida communities where MedMen will operate in the future.”
Trulieve Cannabis Corp. (CSE: TRUL.CN) (OTCPK: TCNNF), a leading and top-performing cannabis company in the United States, recently announced the appointment of Peter T. Healy to its Board of Directors. With continuing growth of the Company in Florida and the expansion of operations into new U.S. states, the addition of Peter Healy broadens the knowledge and experience base of Trulieve’s Board of Directors and further supports the execution of the Company’s strategic vision.
“We are very pleased to welcome Peter to the Trulieve Board,” said Kim Rivers, CEO of Trulieve. “Having advised a number of boards of public and private companies alike, and with a proven track record in financing, M&A, and cross-border listings, Trulieve will benefit from the unique knowledge and perspectives that Peter offers as we continue to bring high-quality products and an industry-leading customer experience to cannabis markets throughout the United States .”
Canopy Rivers Inc. (TSX-V: RIV) (OTCPK: CNPOF) recently announced that its 49%-owned joint venture, PharmHouse Inc. (“PharmHouse”), has received a cultivation licence from Health Canada. PharmHouse will be immediately commencing operations in 190,000 sq. ft. of licensed nursery infrastructure and plans to ramp up the entire 1.3 million sq. ft. ultramodern greenhouse before the end of 2019 to deliver low-cost and high-quality cannabis and cannabis derivative products to the Canopy Rivers ecosystem of partners, both domestically and internationally.
“This is a significant corporate milestone for Canopy Rivers. We believe the PharmHouse platform to be the epitome of value creation for our shareholders, and exposure to this project represents an investment opportunity only available through Canopy Rivers,” said Narbe Alexandrian, President and CEO of Canopy Rivers”
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