PALM BEACH, Florida, April 4, 2019 /CNW/ — A recent report from an independent, technology-driven analytics company specializing in the cannabis industry stated that: “… the global hemp industry reached $3.7 billion USD in retail sales in 2018, with an annual growth rate of 15% driven by continued strength in Chinese textiles, European industrials, Canadian foods, and the U.S. hemp-derived CBD market. China led all countries with nearly $1.2 billion USD in hemp sales in 2018, followed by the United States ($1.0 billion), Europe ($980 million) and South and Central America ($220 million). The U.S. market is positioned to grow under the 2018 Farm Bill, with an estimated $2.6 billion projected in sales by 2022, with $1.3 billion in sales estimated for hemp-derived CBD products by 2022. “As regulatory barriers diminish in the months and years ahead, businesses will continue to expand the ways in which hemp is utilized, especially across medicinal and industrial applications,” said (the author). “This report is the first in-depth, quantitative and fact-based analysis of the global hemp industry since the United States’ 2018 Farm Bill and Canada’s Cannabis Act passed; two groundbreaking changes in North America that dramatically re-shaped the entire hemp industry.” By 2020, (the report data says) estimates the global market will reach $5.7 billion USD across all markets, representing a three-year compound annual growth rate (CAGR) of 17.5%. Active Companies from around the market with current developments this week include: MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF), Aphria Inc. (NYSE: APHA) (TSX: APHA), Liberty Health Sciences Inc. (CSE: LHS.CN) (OTCQX: LHSIF), Trulieve Cannabis Corp. (CSE: TRUL) (OTCPK: TCNNF), Emerald Health Therapeutics, Inc. (TSX-V: EMH) (OTCQX: EMHTF).
The report concluded: “The U.S. hemp industry is set to boom under the 2018 Farm Bill. American farmers have a new crop, and consumers are seeing an explosion of new and innovative products. Hemp: the ultimate triple bottom line crop for people, planet and profits,” However a research report by a relied upon industry source, (The Brightfield Group) has previously projected that the: “Hemp CBD Market to Reach $22 Billion By 2022: Outpacing the Rest of the Cannabis Market Combined”, so while the projections may differ they agree that the future revenues will rise substantially in the next few years.
MYM Nutraceuticals Inc. (CSE: MYM) (OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals is pleased to announce it has updated its 2019 strategic plan. The updated plan can be found at the Company’s website, mym.ca, under the “Investors” tab. Highlights include MYM plans for global cultivation, extraction, distribution, and the creation of unique brands.
MYM is positioning itself to become a global leader in cannabis, hemp, and seed cultivation through a variety of global partnerships in agricultural friendly zones around the world. We bring to each partnership our expertise in cultivation (indoor, outdoor & greenhouse), and extraction combined with global distribution and unique brands allowing us to leverage our knowledge worldwide.
By creating strategic geographic partnerships around the world, MYM is in a prime position to take advantage of cultivating in low cost regions while distributing in high revenue regions thereby maximizing profits.
In addition to information indicated in the plan, we are in the midst of negotiating a number of agreements for cannabis and hemp production and distribution in North America, South America and the South Pacific. The Company anticipates these will be announced shortly.
“Key additions to senior management offer an opportunity to focus the Company’s efforts on new projects around the globe,” said Howard Steinberg, CEO of MYM. “Our updated plan includes a targeted focus on low-cost cannabis and hemp production sites across the globe while distributing into countries with high revenue potential thereby maximizing profits.” Read this and more news for MYM Nutraceuticalsat: https://www.financialnewsmedia.com/news-mym/
In the industry developments and happenings in the market this week include:
Aphria Inc. (NYSE: APHA) (TSX: APHA) recently said that Aphria Deutschland GmbH subsidiary introduced its first CBD-based nutraceutical and cosmetics line in Germany. The newly-launched brand, called CannRelief, is made of CBD derived from hemp. It is being produced in the European Union and will be distributed by Aphria subsidiary CC Pharma, which serves more than 13,000 pharmacies throughout Germany.
“We are excited to introduce our first brand of CBD products for the German nutraceutical and cosmetics market,” Aphria President Jakob Ripshtein said in prepared remarks. “Supported by our extensive distribution network through CC Pharma, CannRelief provides a natural extension to Aphria’s growing business opportunities in the German medical cannabis market.
Liberty Health Sciences Inc. (CSE: LHS.CN) (OTCQX: LHSIF) continues to expand rapidly throughout the state. On April 1 st the Company also received approval form the Florida Department of Health (DOH) for an additional use of 80,000 square feet of enclosed greenhouse space at the Liberty 360 Innovation campus in Gainesville . This brings the Company to a total of 228,880 square feet of cultivation space in the Gainesville area.
This comes on the heels of the Company receiving approval last week to become one of the first companies to provide pre-roll and whole flower smokable products to patients as a result of Governor Ron DeSantis signing a bill (SB 182) into law revoking a ban on smokable medical marijuana.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCPK: TCNNF) Florida’s largest medical cannabis licensee, has recently settled their challenge with the Florida Department of Health. Trulieve’s 14 dispensaries that were established before the statewide cap was enacted are now excluded from the statutory cap.
Trulieve and the Florida Department of Health reached a mutual settlement which specifies that only dispensaries approved after the statewide cap was enacted are counted in the cap calculation for Trulieve. Presently, the law limits the number of dispensaries a medical marijuana treatment center (“MMTC”) is allowed to open based on the number of active patients on the medical marijuana registry. These caps are in place until April 2020 . Under this settlement Trulieve will be entitled to 14 dispensaries in addition to the authorized cap amount for as long as the cap remains in place.
“This is not a victory for Trulieve – it’s a victory for Florida’s patients. Our suit was first and foremost about patient access; working around the caps meant we had to build up a distribution model based on the statutorily-mandated geographic distribution instead of where patients live, effectively driving up costs and restricting patient access to the relief they need,” said Trulieve CEO Kim Rivers .
Emerald Health Therapeutics, Inc. (TSX-V: EMH) (OTCQX: EMHTF) recently announced that it has signed a letter of intent to supply cannabis to the Société Québécoise du Cannabis (SQDC), Quebec’s sole legal distributor of recreational cannabis. Under the agreement, Emerald will supply cannabis to the SQDC from its Québec-based Saint-Eustachefacility, Verdélite, as well as from its 50%-owned joint venture, Pure Sunfarms, in Delta, BC. Emerald will fulfill its first supply order in Q2 2019.
“Québec’s population of 8.4 million is a sizable market and we are pleased to be able to offer locally-grown, quality cannabis products to the adult-use consumers throughout the province,” said Dr. Avtar Dhillon, President and Executive Chairman of Emerald. “Verdélite is now near completion of the build-out of its 88,000 square foot indoor cultivation facility and has been scaling up production in licensed areas of the operation. We expect to be in full production and to also have nationwide distribution for the recreational market in the months ahead.”
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Original Article: https://www.newswire.ca/news-releases/cannabis-market-brief-u-s-currently-2nd-to-china-in-cbd-hemp-revenues-802107405.html
