The Global Legal Cannabis Market Continues to Grow as Medical Legalization Spreads
NEW YORK, September 24, 2018 /PRNewswire/ -- According to data compiled by Grand View Research, the global legal cannabis market was valued at USD 9.3 Billion in 2016. Based on the data, the market is expected to grow at a CAGR of 34.6% during the forecast period of 2018 to 2025. The market is being driven by widespread legalization which has begun to take place in several countries and the increasing demand for medical and recreational usage. Currently, the market is split into medical and recreational segments. The medical segment dominates the industry heavily, accounting for 80.3% of the revenue in 2016, which will continue to drive the market throughout the forecast period. Medical cannabis treats many conditions such as multiple sclerosis, cancer-induced nausea, and chronic pain. Countries have realized the beneficial side effects of cannabis, which have led to many legalizing medical usage, while some continue to study the effects. Micron Waste Technologies Inc. (OTC :MICWF ), Aurora Cannabis Inc. (OTC :ACBFF ), Terra Tech Corp. (OTC :TRTC ), iAnthus Capital Holdings, Inc. (OTC :ITHUF ), General Cannabis Corp. (OTC :CANN )
The U.S. and Canada contribute to the majority of the cannabis market capital. The two are globally the largest suppliers and producers for both medical and recreational use. While Canada has already passed a bill to legalize recreational usage nationwide, the U.S. is beginning to takeoff as individual states implement their own laws. In the U.S., there are only nine states and Washington D.C. that have legalized recreational cannabis. Last year, California and Colorado drove in over USD 1 Billion in sales, while Washington State was just shy of the mark, according to Forbes. The financial results from just three states show the massive size of the market, signaling a large market impending. "The economic excitement around the legal cannabis industry is no longer just theory," said Troy Dayton, Chief Executive Officer of The Arcview Group. "Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers."
Micron Waste Technologies Inc. (OTC :MICWF ) just announced this morning breaking cannabis news that, "a leading developer of waste processors for food and cannabis waste, has begun commercial production of Cannavore™ cannabis waste processing units in anticipation of imminent validation of its technology. Production has commenced on two Cannavore units with process improvements identified during calibration at Aurora Cannabis Inc's ("Aurora") (TSX :ACB ) Mountain facility outside Calgary, Alberta. Concurrently, Micron is developing the second-generation version of its Organic Food Waste Digester System, updating it with innovations developed for the Cannavore.
The Company's first Cannavore was delivered to Aurora Mountain on June 28, 2018. At the 55,200 square foot growing and production facility, which produces 4,800 kg of premium cannabis each year, the unit underwent final site installation and calibration to match production cycles. The Cannavore, which operates on-site within a secured shipping container, is now undergoing final testing under sub-zero temperatures before commencing hand-over operations.
"We are pleased to be moving forward with scale-up and sales at a time when there is also massive growth in the cannabis industry," said Alfred Wong, Micron president. "With increasing scrutiny and regulation of cannabis waste disposal methods, our customers are at the forefront of innovation and environmental stewardship, showing leadership through commitment to clean air and water in Canada and around the world."
The Mountain facility unit was the first of several to be commissioned by Aurora, subject to the technology meeting certain milestones per a collaboration agreement announced in December 2017. Site visits have begun for Aurora Vie in Montreal and Aurora Sky in Edmonton. The industrial-grade Cannavore pulverizes and renders cannabis waste in combination with a proprietary blend of microbes and enzymes designed and developed by Micron. Importantly, as part of Micron's full-system waste treatment platform, effluent from the digester is further treated to derive clean greywater which can be re-used in growing operations. Alternatively, the treated regulatory-compliant greywater from the Cannavore, which meets municipal discharge standards, can be safely discharged. Active pharmaceutical ingredients (APIs) in cannabis waste are further biologically treated via a proprietary process to denature cannabinoids present, keeping them out of watersheds where they could bio-accumulate.
The Cannavore digester and the Organic Waste Digester unit have been awarded an Industrial Design Certificate of Registration from the Canadian Intellectual Property Office (CIPO), with patent pending in the United States.
The Company's food waste system established it proof of concept last year, processing food waste for a major supermarket chain. The 2.0 version will incorporate computer software allowing for remote control and real-time analysis worldwide. With an unobtrusive profile, the odourless, soundless units can be scaled to meet varying food waste processing needs, from those of supermarkets and restaurants to clean technology waste processing for major metropolitan areas. The units meet or exceed regulatory requirement while exempting customers from the need to haul, incinerate or landfill waste.
The Micron Cannavore was engineered based on proven technology used by the Company in its Organic Waste Digester Unit. The world's first closed-loop cannabis waste processing system was designed to Aurora's specifications for a clean technology solution to process organic waste generated from the growth and cultivation of cannabis, while mitigating concerns about the potential environmental impact. Active cannabinoid residues are altered and denatured through use of patent-pending microbial and enzymatic digestion agents. Importantly, the Micron system reclaims water from cannabis waste and purifies it for re-use in growing operations.
About Micron Waste Technologies Inc. - Micron Waste Technologies Inc is a well-funded technology company with over $6 million in working capital. The Company's organic waste management system processes organic waste directly on-site and treats the resulting waste water into clean water which meets municipal sewage discharge standards. The treated water can be discharged directly into the sewer or recycled back into industrial or agricultural operations. The Company has developed the world's first Cannabis Waste Digester which denatures active pharmaceutical compounds from waste streams. Please visit our website at https://micronwaste.com/ for further information."
Aurora Cannabis Inc. (OTCQX: ACBFF), headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 570,000 kg per year and sales and operations in 14 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. recently announced that it has acquired Europe's largest producer, processor and supplier of certified organic hemp and hemp products, Agropro UAB, as well as hemp processor and distributor Borela UAB. Post-acquisition, Aurora intends to extract, refine and productize the organic hemp biomass into a wide range of organic CBD-based wellness products to generate new and significant revenue streams in this burgeoning market. With increasing recognition of the medical and general health benefits of CBD-based products, Aurora continues executing on a CBD-focused strategy that covers the entire value chain, from supply, through genetics research and clinical trials, to product development and distribution to various domestic and international markets across five continents. "Agropro's position as Europe's leading producer of premium organic hemp along with the significant and previously unutilized CBD production from the large quantities of currently discarded biomass, makes this an accretive acquisition and one that positions Aurora well to become a global leader in organic CBD-based wellness products," said Terry Booth, Chief Executive Officer.
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. 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. "Our relationship with the Valiente Group will enable our initial entrance into the cannabis-infused, non-alcoholic beverage market, which is among the least crowded segments in the adult-use cannabis industry and presents a tremendous first mover opportunity for Terra Tech," Derek Peterson, Chief Executive Officer of Terra Tech, stated. "The build out of our Dyer Road facility will serve the growing demand for cannabis-infused beverages in the California Market and, in the future, we expect it to enable distribution to other markets, including Nevada."
iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus Capital Holdings, Inc. recently provided the following summary of updates to inform shareholders and stakeholders of developments and achievements at GrowHealthy, the Company's Florida medical marijuana operation that was acquired earlier this year. "As we prepare to open the first of our Florida dispensaries, we have made significant investments to upgrade our Lake Wales cultivation facility to quickly scale production and meet the expected demand," said Carlos Perea, Chief Operating Officer at iAnthus. "This expansion puts GrowHealthy in an excellent position to capitalize on the explosive growth in the Florida medical marijuana market and become one of the state's preeminent providers of medicinal cannabis products."
General Cannabis Corp. (OTCQX: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. As the legal cannabis industry grows throughout the United States, the industry's leading service provider, General Cannabis Corp. recently announced it is expanding its presence on the East Coast with the opening of a New York office. "Given our growing list of East Coast clients and the steps that states like Massachusetts and New Jersey have taken toward launching adult-use sales, this is the ideal time for General Cannabis to further invest and establish itself in the region," said Michael Feinsod, Executive Chairman of the Board for General Cannabis. "The growth potential for the market in this region is unparalleled. An East Coast office is perfectly suited to cater to this territory as General Cannabis continues to expand its presence nationwide. We plan on expanding our security, operations and marketing segments aggressively throughout the East Coast. In addition, we will be utilizing this office to expand and enhance our corporate, marketing and mergers and acquisitions teams."
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