FinancialNewsMedia.com News Commentary
California is quickly becoming the largest cannabis market in the U.S. while Canada is projected to show strong sales as well since legalization took place in October. Deloitte’s report projects the Canadian market will be valued at about $5 Billion in sales this year. A recent report by Arcview Market Research specifies that consumer spending on legal cannabis products in North America is outpacing previous estimates. The report emphasizes that retail cannabis sales will grow 33% from 2016, to about $10 Billion this year. The data issued projects that by 2021, the legal cannabis market will reach a value of USD 24.5 Billion while increasing at a 28% compound annual growth rate (CAGR). Active Companies from around the market with current developments aimed at grabbing a piece of the green rush include: Body and Mind Inc. (CNSX:BAMM.CN) (OTC:BMMJ), OrganiGram Holdings Inc. (TSXV:OGI.VN) (OTC:OGRMF), Aleafia Health Inc. (TSXV:ALEF.VN) (OTC:ALEAF), The Supreme Cannabis Company Inc. (TSXV:FIRE.VN) (OTC:SPRWF), Leafbuyer Technologies Inc. (OTC:LBUY).
Body and Mind Inc. (CNSX:BAMM-CN.CN) (OTCPK:BMMJ) BREAKING NEWS: Body and Mind announced is pleased to announce the appointment of Mr. Trip Hoffman to the position of Chief Operating Officer of Body and Mind Inc. as the Company continues expansion and assesses additional accretive opportunities.
“Trip brings significant operational, financial, agricultural and cannabis experience which will be invaluable as we grow Body and Mind to the next level”, stated Robert Hasman, director at Body and Mind. “Trip’s experience running Colorado cultivation facilities and dispensary operations will immediately benefit our operations as we expand the premium Body and Mind brand.”
Mr. Hoffman is currently the co-owner of a Colorado licensed marijuana cultivation facility and was previously the CEO of a Colorado licensed cultivation and dispensary company. As an operations-efficiency specialist in the cannabis space, Mr. Hoffman has significantly improved the bottom lines of several cannabis businesses through reducing expenses, increasing production and improving product quality to the highest standards. Mr. Hoffman has also worked as a consultant in the cannabis industry for numerous years, focusing on work-flow, facility optimization, and new business development.
Prior to the cannabis space, Mr Hoffman spent more than 20 years in the Financial Technology & Services industry in roles ranging from CEO, Risk Manager, to Market Maker. Mr. Hoffman has also been involved as a co-founder in more than a half-dozen startups throughout his career. He holds a PhD in physics from Purdue University and studied at Cornell University and Northwestern University during his education.
“I am very pleased to be joining the Body and Mind team as the business enters a phase of significant expansion,” stated Mr. Hoffman. “Along with the incredibly-talented team of experienced leaders, I am excited to bring my cannabis industry experience to further add value to the expansion of the Body and Mind operations and brand.” Read this and more news for BAMM at: http://www.financialnewsmedia.com/news-bamm
In other industry developments and happenings in the market this week include:
OrganiGram Holdings Inc. (TSXV:OGI-V.VN) (OTCQX:OGRMF)recently announced it has signed a supply agreement with the Province of British Columbia. In British Columbia (BC), Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales. “Organigram’s strategic vision has always been to establish a definitive national footprint,” says Greg Engel , Organigram’s Chief Executive Officer. “We are proud to realize that vision and offer Canadians from coast to coast access to our growing recreational product portfolio.”
Aleafia Health Inc. (TSXV:ALEF-V.VN) (OTCQX:ALEAF) earlier this week announced it has entered into a global agreement with D2L (Desire2Learn) Corporation (“D2L”), in which Aleafia Health will deploy D2L’s Learning Management System (LMS) Brightspace. Brightspace is a cloud-based learning platform employed by major organizations including Walmart, the American Nurses Association and the Elementary Teachers’ Federation of Ontario. Under the terms of the global agreement, D2L will produce a series of cannabis education courses on Aleafia Health’s behalf. As part of a multi-phase roll-out expected to begin in early 2019, Aleafia Health will launch the series of proprietary, unique cannabis courses. The courses will harness Aleafia Health’s cannabis expertise, with content developed by experts including Aleafia’s practising physicians. The courses will also use the Company’s Intellectual Property containing in excess of 10 million patient data points along with D2L’s leadership in cloud-based learning platforms.
The Supreme Cannabis Company Inc. (TSXV:FIRE-V.VN) (OTCQX:SPRWF) recently announced the release of its financial and operating results for the three months ended September 30, 2018. The Company added 50,000 square feet of licensed flowering room capacity, bringing estimated potential production to 13,333 kg. In less than twelve months, the Company has added 80,000 square feet of licensed flowering room capacity. “Supreme Cannabis’ results in the first quarter mark a solid beginning to a historic year in a competitive, dynamic and rapidly evolving marketplace,” said Navdeep Dhaliwal , CEO of Supreme Cannabis. “Q1 2019 results are continued validation for the successful execution of our strategy for our 7ACRES business to establish a competitive advantage in quality driven regulated cultivation at scale. We’ve established valuable intellectual property and laid a strong foundation for 2019 by amassing coast-to-coast distribution for what we believe is the only premium High-End Cannabis(TM) grown at scale in the country. Moving forward, our branding and distribution for 7ACRES will accelerate, as we’re confident that consumers will further fuel our growth as they recognize the standard 7ACRES has set in the market for premium dried flower.”
Leafbuyer Technologies Inc. (OTCQB:LBUY) announced it has submitted an application to list its common shares with the Canadian Securities Exchange (“CSE”). Already listed with OTC Markets, Leafbuyer looks to broaden its footprint into cannabis dispensaries and product operations across North America. “Canada’s legalization is a powerful signal to the rest of the world that cannabis should be a legal, nationally-regulated industry,” said Kurt Rossner, CEO of Leafbuyer. “Leafbuyer sees opportunities by dual listing on the CSE and is looking forward to its offering on a foreign exchange.”
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