Global Marijuana Sales Could Increase More Than Eightfold by 2024
The global legal marijuana market size is expected to reach USD 73.6 billion by 2027
PALM BEACH, Florida, April 21, 2020 /PRNewswire/ — Although most of the world is focused on what will the future hold for the present world health crisis, it appears that the future for worldwide marijuana sales will continue to grow. According to The Global Cannabis Report from prohibition Partners, present revenues are really just the tip of the iceberg. The 87-page report, suggested that worldwide legal weed revenue will increase to $103.9 billion by 2024. This would represent an 853% increase in sales from 2018, and equates to a compound annual growth rate of 45.6%. Another report said that The global legal marijuana market size is expected to reach USD 73.6 billion by 2027, according to a new report published by Grand View Research, Inc. It is anticipated to expand at a CAGR of 18.1% during the forecast period. Increasing legalization of cannabis for medical as well as adult-use is expected to promote growth. While the reports disagree in the projected revenue, they both do project continued growth. Active Companies from around the market with current developments this week include: TransCanna Holdings Inc. (CSE: TCAN), Tilray, Inc. (NASDAQ: TLRY), Cronos Group Inc. (NASDAQ: CRON) (TSX:CRON), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).
The more conservative Grand View report was very optimistic, saying: “On the basis of type, the medical segment held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson’s disease and Alzheimer’s disease among other neurological conditions. Moreover, increasing need for pain management therapies along with growing disease burden of chronic pain among elders is expected to boost the product demand.
TransCanna Holdings Inc. (CSE: TCAN) BREAKING NEWS: TRANSCANNA EXECUTES DIVERSIFICATION DIVISION ANNOUNCING FIRST SIGNED CROP MANAGEMENT CONTRACT – TransCanna Holdings Inc. (“TransCanna” or the “Company”) is pleased to announce Lyfted Farms has been engaged by Central Valley Growers to Operate a Commercial Cannabis Greenhouse Facility located in Stanislaus County. Lyfted Farm’s ‘Higher Standard Farm Management Agreement’ includes the provision of genetic stock, crop cultivation, labor, compliance oversight, and distribution of finished product over an initial 5-year term to commence May 1st, 2020, with two 5-year options to extend. Under this agreement, Lyfted Farms will receive a base fee with an incentive fee of all budgeted net proceeds.
“In building our company, we have committed to setting a ‘Higher Standard of Growing’ for our industry. We keep this in mind in all that we do but especially in selecting our employees, executive team members, and business partners. Endeavoring to dispel the lingering stigma around the cannabis industry serves as part of the impetus that drives us to set this standard. Thus far we have been successful in doing so, as reflected in our unwavering regulatory compliance, a track record of safe, successful operations, and impeccable performance under numerous Development Agreements in Stanislaus County over the last two years. We continue to raise this standard in formally establishing our relationship with Central Valley Growers, which is owned by a Central Valley family with a 25 year legacy in traditional agriculture”, commented Bob Blink, President and CEO of TransCanna.
“Central Valley Growers could not be more excited to partner with an industry leading cannabis operation such as Lyfted Farms. Our longstanding relationship with CEO Bob Blink makes us confident in both Lyfted Farms’ future success as well our strong belief that Lyfted Farms will always have the community of Stanislaus and its constituents top of mind in conducting our operations”, commented Nav Athwal, General Manager, Central Valley Growers.
In the CBD/Cannabis industry developments and happenings in the market include:
Tilray, Inc. (NASDAQ: TLRY) recently announced that it has priced an underwritten registered offering of 7,250,000 shares of its Class 2 common stock and, in lieu of Class 2 common stock, pre-funded warrants to purchase 11,750,000 shares of Class 2 common stock, and accompanying warrants to purchase 19,000,000 shares of its Class 2 common stock (or, for investors who so choose, pre-funded warrants to purchase shares of Class 2 common stock) at a price to the public of $4.76 per share and accompanying warrant (or $4.7599 per pre-funded warrant and accompanying warrant). Tilray’s gross proceeds from this offering are expected to be approximately $90.4 million, before deducting underwriting discounts and estimated offering expenses. All of the securities in the offering are being sold by Tilray. The warrants will be exercisable beginning six months after issuance at a price of $5.95 per share of Class 2 common stock and have a term of five years commencing on the date of exercisability. The offering is expected to close on March 17, 2020, subject to customary closing conditions.
Cronos Group Inc. (NASDAQ: CRON) (TSX:CRON) recently announced its 2019 fourth quarter and full-year business results. The Audit Committee of the Cronos Group Board of Directors has completed its review of certain bulk resin purchases and sales of products through the wholesale channel. Following completion of the review, and on the recommendation of the Audit Committee and advice from the Company’s independent auditor, KPMG LLP, the Board determined that Cronos Group will restate its unaudited interim financial statements for the first, second and third quarters of 2019. Accordingly, the Company reduced revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million.
“We are pleased that the Audit Committee has completed its review, and that Cronos Group is now current with the filing of our financial reports. As we move forward, we are committed to improving our internal controls and financial reporting practices, maintaining the highest standards of transparency and accountability, and enhancing our capabilities and resources across functions to support our strategy,” said Mike Gorenstein, CEO of Cronos Group.
Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) First & Free, an American-made CBD brand from Canopy Growth Corporation recently announced a new line of CBD Creams: Everyday, Motion and Revitalize. The creams are the latest addition to First & Free’s portfolio of hemp-derived CBD isolate products including oil drops and softgel capsules, which launched exclusively in the U.S. last December.
The new product line includes three distinct topical creams with CBD isolate that has been derived from 100% USA-grown hemp. Each 1.76 oz tube contains 2500 mg of CBD, making First & Free the highest strength hemp-derived CBD topical cream on the US market. The creams have been scientifically formulated using state-of-the-art technology and rigorous testing procedures to ensure the highest level of safety, performance and consistency. Formulated for everyday use, the creams are non-greasy and easy to apply.
Aurora has provided an update on its liquidity position: (Unless otherwise stated, $ in Canadian dollars); As of March 31, 2020, the Company had approximately $205 million of cash. This includes all amounts raised under the existing, and now completed, US$400 million At-the-Market Offering program (“ATM”), initially announced in May 2019. Under the ATM, the Company issues common shares (the “Common Shares”) at prevailing market prices without any new issue discounts, warrants or other dilutive securities; and to support the strength of the Company’s balance sheet and provide continued access to equity capital, the Company today stated that it intends to file a new prospectus supplement for a renewed ATM program, to enable Aurora to raise additional equity capital pursuant to its outstanding base shelf prospectus dated May 14, 2019 under which approximately US$350 million remains available. The Company intends to use a portion of this available capacity to provide further balance sheet strength and preserve flexibility given macroeconomic uncertainty caused by COVID-19.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty six hundred dollars for news coverage of the current press release issued by TransCanna Holdings Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
About Cannin: Cannabis and Hemp Investment Experts
Market analysts expect the cannabis and hemp industry will have an annual value exceeding $75 Billion in the next decade. The time to invest in cannabis and hemp stocks is now. Are you looking to buy stock in hemp companies or cannabis companies? Interested in emerging penny pot stock companies? Looking for the best Canadian pot company to invest in?
Cannin is your trusted resource for information about Cannabis and Hemp stock investment opportunities. Our global team of experts evaluates emerging cannabis and hemp companies. We aggregate hundreds of hours of research and provide tips on the best cannabis and hemp stock investments for 2020. We provide the latest marijuana and hemp investment news and analysis.
Visit our site for breaking cannabis investing news and featured companies, sign up for the free Cannin Chronicle or get a free trial of our smart cannabis and hemp stock algorithm to take the guesswork out of profiting from this exciting industry. Predict the price of cannabis and hemp stocks hours in advance with our proven machine learning algorithm. Is it too late to invest in marijuana stocks like TransCanna Holdings Inc., Tilray, Inc., Cronos Group Inc., Canopy Growth Corporation or Aurora Cannabis? No! This is the perfect time to invest.
Profit from the best Cannabis and Hemp stocks – we’ll show you how at cannin.com