New Report Finds Cannabis Sales May Triple to $30 Billion by 2023
Palm Beach, FL –July 17, 2019 – Recent cannabis industry retail sales revenues are projected by Marijuana Business Daily’s annual Marijuana Business Factbook to triple to $30 billion by 2023. If these numbers are not enough to excite you (which they should!) according to a Bank of America analyst, the cannabis industry could one day offer peak annual sales potential of $166 billion, and disrupt industries that currently total $2.6 trillion in yearly sales. In Canada, Ontario’s cannabis business is expected to see a big bump in sales thanks to people who, up to recently, have avoided buying legal weed online. Ontario sales alone reached $9 million this past December, lagging behind Alberta and Quebec despite having a much larger market, according to the last figures made available by Statistics Canada. Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (CSE: CHOO.CN) (OTCQB: CHOOF), High Tide Inc. (CSE: HITI.CN) (OTCQB: HITIF), Curaleaf Holdings, Inc. (CSE: CURA.CN) (OTCQX: CURLF), Trulieve Cannabis Corp. (CSE: TRUL.CN) (OTCPK: TCNNF), MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF).
Choom™ Holdings Inc. (CNQ: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™ is pleased to announce that, pursuant a convertible debenture issued to Choom by Coastal Green Holdings Ltd., Choom will, on conversion of the debenture, acquire a 19.9% equity interest in Coastal Green.
Choom’s investment includes various rights, including the right in certain circumstances to acquire 100% of Coastal Green, subject to regulatory restrictions on the number of cannabis retailers Choom may own over time. This investment provides another avenue for Choom to expand its growing cannabis retail footprint in British Columbia and Alberta. Coastal Green has submitted its application to the British Columbia Liquor and Cannabis Regulation Branch (“LCRB”) to become an approved retailer with the intention of opening 8 retail stores mostly localized on the islands off the west coast of British Columbia. Choom will assist Coastal Green by providing support with its cannabis retail operational expertise and store development.
“Coastal Green makes a very welcomed addition to our portfolio of brands and our network of cannabis retail locations in Canada.” states Chris Bogart, President & CEO of Choom. “The key driver for this investment was finding an innovative way to maximize our footprint in BC while also gaining additional revenue streams to further grow shareholder value. With the Coastal Green concept, consumers can expect the same warm and welcoming experience with knowledgeable staff they’ve come to know in our Choom locations.” Read this and more news for Choom™ at: https://financialnewsmedia.com/news-choo/
Additional industry related developments from around the markets:
High Tide Inc. (CNQ: HITI) (OTCQB: HITIF) an Alberta -based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, recently announced that the Canna Cabana retail stores located at Unit #4, 16952 111 Avenue NW in Edmonton and at Bay #130, 100 Stockton Avenue in Okotoks (collectively, the “New Alberta Stores”) both received their first deliveries of cannabis products from Alberta Gaming, Liquor and Cannabis (“AGLC”) and began selling recreational cannabis for adult use on July 9 , 2019. The New Alberta Stores bring the total number of Canna Cabana retail locations currently selling recreational cannabis to 7 across the province, for a total of 11 branded locations across Canada.
The Company expects its next 10 Canna Cabana stores, including one franchise, to be licensed as retail cannabis stores throughout the summer, which will bring its total number of retail cannabis stores to 17 branded locations across Alberta barring any changes to the current rate of licensing by AGLC. “We are extremely proud of establishing 7 retail cannabis stores organically across Alberta in such a short period of time,” said Raj Grover, President and Chief Executive Officer of High Tide. “As one of the top retailers of recreational cannabis in Canada , customers continue to validate the Canna Cabana concept and support our next locations as they open,” added Mr. Grover. The remaining 19 locations to reach the effective maximum of 37 retail cannabis stores in Alberta are currently under various stages of development and construction.
Curaleaf Holdings, Inc. (CNQ: CURA) (OTCQX: CURLF) a leading vertically integrated cannabis operator in the United States, recently announced that it has made two separate acquisitions in Arizona for combined consideration of $25.5 million . Curaleaf entered into an agreement to acquire Glendale Greenhouse, a vertically integrated cannabis business operating a cultivation and processing facility, as well as a prime retail location, with plans to rebrand as Curaleaf after the transaction closes.
The Glendale Greenhouse production facility is a 20,000 square-foot, multi-level cultivation center which is capable of producing 3,600 pounds of flower annually. Its 1,500 square-foot dispensary, located directly off the Agua Fria Freeway with 90,000 cars passing daily, can be expanded to nearly 5,000 square-feet. Glendale Greenhouse holds the master lease on the 15,000 square-foot multi-tenant building where the dispensary is located. The facility also operates a state-of-the-art CO2 extraction lab and a kitchen, which is already producing various edible lines such as mints, gummies, brownies and ice cream, with additional products expected to launch later this year.
Trulieve Cannabis Corp. (CNQ: TRUL) (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.
MedMen Enterprises Inc. (CNQ: MMEN) (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.”
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