MariMed announced it has invested $30 million in GenCanna, and the companies have created a long-term supply agreement whereby GenCanna will supply hemp to MariMed globally. The partnership expands MariMed’s consumer product development capabilities and strengthens GenCanna’s position as a global supply leader in the hemp CBD industry.
Marimed, a multi-state operator that manages cannabis facilities and branded product lines, intends to create a consumer branding business unit focused on CBD-derived hemp products. Its team has developed facilities in DE, IL, NV, MD, MA, and RI. It currently distributes products in several states, and is expanding to additional markets.
GenCanna is deploying the proceeds of the investment to expand its production capacity, and become a global leader in hemp CBD production, with legal sales throughout the U.S. and internationally.
Grand View Research projects the global industrial hemp market will reach $10 billion by 2025. The Brightfield Group projects the hemp CBD market will reach $22 billion by 2022.
GenCanna’s hemp-derived products are exempted from the Controlled Substances Act.
With the anticipated passage of the Hemp Farming Act of 2018, hemp companies will enjoy the same business environment as any other agricultural company, inclusive of federal banking and financial services, as well as transportation of products across state lines.
Said Steve Bevan, GenCanna President, “We eagerly anticipate the passage of the 2018 Farm Bill, already passed by the U.S. Senate, in the near future. Our efforts to work with government leaders to…enable more farmers to grow hemp, are coming to fruition.”
Learn more about Marimed and other exciting cannabis companies in our company reports.
Source Marimed press release
MariMed Enters Global Hemp CBD Market with GenCanna