NEW YORK, September 10, 2018 /PRNewswire/ -- According to a report published by the Marijuana Business Daily, cannabis retail sales continue to grow year-over-year, in part thanks to the appearance of new markets and states that have legalized medical and recreational cannabis products. Sales in 2018 are projected to increase by approximately 50% when compared to sales in 2017. The report also specifies that sales value is on track to reach a value of USD 8 Billion - USD 10 Billion by the end of this year. Additionally, the data provided projects that by 2022, annual retail cannabis sales in the United States could cross the USD 20 Billion mark, representing a 200% increase from 2017. Legal cannabis markets currently grow in major states such as California, Nevada, Colorado and Washington, amongst others. CLS Holdings USA Inc. (OTC: CLSH), Terra Tech Corp. (OTC: TRTC), Vitality Biopharma, Inc. (OTC: VBIO), KushCo Holdings, Inc. (OTC: KSHB), The Supreme Cannabis Company (OTC: SPRWF)
A major sector of the cannabis market is made up of cannabis edibles, also known as cannabis-infused foods. A market report by Technavio estimates that the edible products market will witness considerable growth during the period 2018-2022 at a CAGR of over 25% by the end of the period. Edible products are used for both medical and recreational purposes, depending on their cannabinoid compounds. The recent legalization movement for recreational purposes helps to increase the popularity of such products. Cannabis is now widely accepted in countries such as the U.S., Canada, Spain, Chile, Israel, Germany, and Australia.
CLS Holdings USA Inc. (OTCQB: CLSH) announced cannabis news earlier last month that, "a diversified cannabis company operating as Cannabis Life Sciences and an integrated cannabis producer and retailer in Nevada through its Oasis Cannabis companies, today announced the issuance of the following statement to CLS partners, shareholders and other stakeholders from its Chairman and Chief Executive Officer, Jeff Binder:
"I reach out to all members of the CLS family today with gratitude, pride and excitement. Gratitude and pride for the dedication and support of our employees, partners and shareholders in our accomplishments to date, and great excitement for the value I see for us in the path ahead. It's been an extremely busy and productive past few months for our CLS team and we believe we are now in a great position to build long-term shareholder value.
Over the past 45 days, we have closed on two oversubscribed funding rounds. A Canadian round of CAN$13.0 million and a U.S. round of $5.75 million. We are encouraged that our financial backers share the excitement and vision we have for CLS. Navy Capital, one of our lead funds, has a vast network of relationships in the cannabis industry and is extremely interested in the CLS patented extraction and processing technology. We look forward to the added value that Navy Capital brings to CLS. It is a terrific corporate development to have an additional partner, of Navy Capital's stature, and we are excited by the expertise they bring to CLS. We now have the funds in place to complete the build out of our Las Vegas cultivation and production facility. In addition, CLS will utilize a portion of the proceeds to update its existing Oasis Cannabis dispensary location and improve its signage. We are pleased to welcome Frank Tarantino as our Chief Financial Officer, at a key time with our next phase in organic growth and acquisitions. Mr. Tarantino brings big four public accounting and private and public company management and financial expertise, which will be extremely beneficial in leading our growth.
With our successful closing of the Oasis Cannabis acquisition, CLS is now active in the legalized cannabis market in Las Vegas, NV. Oasis Cannabis is a fully integrated cannabis operation generating $850,000 in gross monthly revenue. Since 2017, Oasis has been involved in growing, extraction, conversion, processing and operating a dispensary. Due to increased demand and the additional capital that was just raised, CLS plans to triple the grow production capacity over the remainder of 2018 and into 2019. Oasis's City Trees wholesale product line recently more than doubled its number of product SKUs offered to retail dispensary customers, and now covers a variety of concentrates, vape pens, and capsules, and tinctures including high CBD versions. The City Trees product line is now being sold in over 20 dispensaries in the Las Vegas and Reno markets. As we add new locations and expand our product manufacturing and cultivation facilities there will be more jobs created and additional opportunities for our existing team to advance in their careers. While our entrance and success in Nevada is key for the company, we are not satisfied with resting on these milestones. We continue to explore additional opportunities for expansion in different states.
Our recently awarded non-provisional U.S. utility patent for cannabidiol extraction and conversion process by the United States Patent and Trademark Office is a very significant milestone. The patent is directed to a process for the extraction of cannabidiols from any variety of cannabis plants. The extraction process includes a sizing unit wherein raw cannabis plant material is reduced to a uniform size, and a blending unit wherein an extraction solvent is blended together with the cannabis plant material to form an initial extract. The conversion process, wherein the processed extract is combined and processed with an acidic component, involves a separator unit in which solvent is added and a separator organic effluent is obtained. We believe our strong intellectual property differentiates us from many of the operators out there. We will seek to license our proprietary extraction and conversion methodology to other operators to be able to monetize it and help build long-term shareholder value.
I would personally like to thank all of our hardworking and dedicated CLS and Oasis Cannabis employees. I would also like to thank our financial supporters and shareholders for their support and enthusiasm of our strategy and vision. We look forward to sharing our continued progress as we look to expand to additional legalized states and exploit our patent-protected extraction and conversion process."
About Oasis Cannabis (http://oasiscannabis.com) - Oasis Cannabis has operated a cannabis dispensary in the Las Vegasmarket since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the second half of 2018.
About CLS Holdings USA, Inc. - CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that, subject to receipt of certain anticipated license approvals, acts as an integrated cannabis producer and retailer in Nevada and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. For additional information, please visit: http://www.clsholdingsinc.com"
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada. The Company recently announced that it has partnered with the Valiente Group, a beverage production company that specializes in cannabis infusion, to produce a line of cannabis-infused beverages under the IVXX brand. The Company, through the partnership, is currently developing a range of non-alcoholic, cannabis-infused beverages, including 'champagne', 'apple cider', lemonade 'margarita' mix, zero calorie lemon lime soda and cherry lime sparkling water. The infusion technology will be powered by SORSE branded technology, a product of Tarukino Holdings, a patent pending Emulsion process which leaves beverages without oily residues and without cannabis flavor. The Company is simultaneously developing a single shot flavorless, odorless 5 milligram and 10 milligram shot that can be added to any beverage or craft cocktail for at-home infusion.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the Company announced that during a recent in vitro safety pharmacological screening study its lead drug candidate VBX-100 demonstrated no signs of adverse pharmacological effects, affirming its potential for widespread clinical use as a GI-targeted prodrug of THC. Vitality has filed for intellectual property protection on more than 100 different glycoside prodrugs, including VBX-100, a THC prodrug that is being developed for treatment of inflammatory bowel disease, irritable bowel syndrome, and narcotic bowel syndrome, a severe form of opiate-induced abdominal pain. VBX-100 is an oral prodrug of Δ9-tetrahydrocannabinol (THC) that must be activated in the intestines to release THC in a controlled manner. In the safety pharmacology screening study where it was tested alongside THC, Vitality's VBX-100 prodrug demonstrated greatly reduced pharmacological activity against established safety targets, demonstrating a superior safety profile and clear potential for use as a THC prodrug.
KushCo Holdings, Inc. (OTCQB: KSHB) is the parent company to a diverse group of business units that are transformative leaders in the cannabis, CBD and other related industries. KushCo Holdings' subsidiaries provide exceptional customer service, product quality, compliancy knowledge and a local presence in serving its diverse customer base. Recently, the Company announced that it has opened a new warehouse facility in Worcester, Massachusetts to serve as the Company's east coast hub and to support businesses entering the industry or expanding operations within the east coast market. With the 66,000 sq. ft. facility, the Company expects the new warehouse to minimize the time taken to receive and distribute packaging and supplies, streamline its logistics and have enough storage space for high-demand products with rapid turnover times, thereby ensuring the highest quality and service to clients in the region. With states like Maine, Maryland, Rhode Island, Vermont, New Jersey, New York, and Pennsylvania slowly following Massachusettslead, the Company believes the new warehouse will allow it to grow with the ever expanding cannabis market up and down the eastern seaboard.
The Supreme Cannabis Company (OTCQX: SPRWF) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES. Recently, the Company announced that it has obtained Health Canada approval to commence cultivation on approximately 20,000 sq. ft. of additional flowering rooms at its 7ACRES facility. The additional flowering rooms will increase total potential flowering capacity to 90,000 sq. ft. and, assuming a current yield, will bring 7ACRES' annual production potential from 10,000 kg to 13,330 kg. Completion of flowering rooms at the 342,000-sq. ft. 7ACRES facility remains on schedule for completion in December 2018. With an annual production capacity expected to reach 50,000 kg once the 7ACRES facility is fully operational, the Company is committed to supplying premium-quality cannabis flower to the Canadian recreational market from coast-to-coast.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information: