North American Cannabis Economy Quickly Becoming Revenue Powerhouse As Industry Thrives
Palm Beach, FL – (September 18, 2018) — A constant in the North American economies has been the increasing presence of cannabis as the industry continues to mature and produce strong revenue outputs. In 2017, the United States alone generated over $9 billion in revenues. Canada has seen astronomical levels as well as the nation have embraced country-wide legalization. The industry continues to be poised for growth and consumers should not expect a decline anytime soon as investment in the space continues to rise as investors become increasingly confident in the political climate surrounding the market, as well as the overall consumer sentiment towards the various forms of cannabis use. This has created natural momentum that is allowing leaders in Cannabis to reinvest in operations in order to meet the rising levels of demand, as well as strengthen already impressive revenue streams. Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (CSE:CHOO) (OTC:CHOOF), Aurora Cannabis Inc. (TSX:ACB) (OTC:ACBFF), Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), HEXO Corp. (TSX:HEXO) (OTC:HYYDF), The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (OTC:TGODF).
Choom™ Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™, an emerging, fully-integrated cannabis company, is pleased to announce that it has applied for a master retail license (the “License”) in Manitoba’s Request for Proposal (“RFP”) to sell recreational cannabis coming October 17th. The License would give Choom the capability to operate retail cannabis stores within the province, as well as, an e-commerce platform.
Choom currently has secured the rights of up to 52 retail opportunities across western Canada. Choom’s rapidly expanding provincial presence now stands at 29 leases in highly strategic and secure locations in Alberta with 28 applications submitted, in combination with 17 retail opportunities in B.C., and 6 retail opportunities in Saskatchewan. Choom also has received Development Permits in 11 municipalities and is in the process of its retail store buildouts.
Choom™ is executing an aggressive expansion plan to create a significant retail brand in the Canadian adult use market and is committed to developing and acquiring retail stores as a top priority. In all cases, the retail opportunities are subject to all necessary governmental and municipal approvals being granted. This number is expected to grow over the coming months as the Company is currently negotiating additional leases with the intention of submitting applications for retail licenses in multiple jurisdictions.
“Manitoba represents another step in our strategy to build one of the largest private retail networks across Canada and establishing ChoomTM as a dominant Canadian cannabis brand. The RFP process is highly competitive, and receiving one of the master licenses will give us the ability to sell directly to consumers- either in store or online.” states Chris Bogart, President and CEO of Choom. “Consumers in Manitoba can expect style and sophistication when they walk into a Choom store. The Choom brand was created exclusively to service the recreational market, ensuring curious customers and cannabis connoisseurs alike can ‘cultivate good times’. We remain committed to pursuing more retail opportunities across Canada, and Manitoba is an important part of our national strategy.” Read this and more news for Choom™ at: http://www.marketnewsupdates.com/news/choo.html
Additional industry related developments from around the markets:
Aurora Cannabis Inc. (TSX:ACB.TO) (OTCQX:ACBFF) and Australis Capital Inc. (“Australis”) recently acquired Europe’s largest producer, processor and supplier of certified organic hemp and hemp products, Agropro UAB, as well as hemp processor and distributor Borela UAB. Agropro, a hemp seed contracting and processing company, and its sister company Borela UAB, a processor and distributor of organic hulled hemp seeds, hemp seed protein, hemp flour and hemp seed oil, currently have 1,600 hectares (4,000 acres) under contract, potentially yielding more than one million kilograms of organic hemp with additional contracts available to expand to more than 3,000 hectares across Lithuania, Latvia, Estonia and Poland. Previously, the companies were focused exclusively on the production and sale of hemp-seed-based products to markets across Europe, North America and Asia. Each year, very substantial quantities of CBD (cannabidiol) containing hemp biomass were left on the field unutilized.
Canopy Growth Corporation (TSX:WEED.TO) (NYSE:CGC) recently announced that its Tweed Farms Inc. (“Tweed Farms”) site has received license amendments approving all remaining greenhouse space, bringing the Company’s total licensed footprint to approximately 3.2 million sq. ft. The Company’s Canadian platform is now 57% licensed with the balance under aggressive development towards the previously announced 5.6 million sq. ft. target production footprint. This target excludes significant production capacity projects underway at Canopy Rivers’ partners and supply available to Canopy Growth through third-party agreements. “We are a house of cannabis brands and that means we need production infrastructure that can grow a wide range of genetics at scale simultaneously,” said Mark Zekulin , co-CEO and President, Canopy Growth. “I’m proud of this most recent licence and credit our team as we continue our track record of expansion and execution.” With licensed production sites in seven provinces, Canopy Growth has quickly established itself as a national producer. High efficiency hybrid greenhouses, including those at Tweed Farms represent approximately 80% of the Company’s production platform.
HEXO Corp. (TSX:HEXO.TO) (OTCPK:HYYDF) recently announced the acquisition of an interest in a 2,004,000 sq. ft. facility in Belleville, Ontario. This is the first facility of the Company to be established outside of Quebec, further delivering on its national expansion strategy and providing capacity for the manufacturing of advanced cannabis products, including cosmetics, vapes, non-alcoholic beverages and other edibles. The centralized location, conveniently located along primary shipping routes in Ontario, presents the opportunity to process and distribute products and to fulfil commitments across Canada. The space also supports the Company’s hub and spoke model. Its scalability, flexibility and location are ideal to deliver on anticipated future joint ventures with Fortune 500 companies for cosmetics, edibles, vapes, and more, positioning it to become a centre of excellence for all of HEXO’s joint ventures. HEXO’s expansion will also lead to the creation of jobs and a rejuvenated employment sector for the area. The building, previously used as a Sears distribution centre, will be owned in a joint venture with Olegna Holdings Inc. Initially, HEXO plans to lease up to 500,000 sq. ft. of the space from the joint venture. The proposed use of the building is conditional on the city approving the rezoning application.
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD.TO) (OTCQX:TGODF) recently announced the launch of its premium, certified organic cannabis brand. This preeminent launch coincides with Canadian Organic Week, the largest annual celebration of organic food, farming and products across the country. This is a pivotal step for the Company in becoming the largest, organic cannabis brand in the world. TGOD cannabis adheres to the highest production standards for organic cultivation – the product is grown naturally in Canadian soil, without the use of synthetic pesticides, herbicides or fertilizers. According to a 2018 Hill & Knowlton research study, 57% of Canadian medical cannabis consumers and 43% of recreational cannabis consumers prefer organic cannabis. Of 116 licensed producers in Canada, TGOD is one of only two that are certified organic.
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