New Legislation Continues the Expansion of the Cannabis Market
NEW YORK, Feb. 11, 2021 /PRNewswire/ -- The legalization of medical cannabis and its decriminalization in certain countries has led to a significant decrease in the black market. People are now choosing to legally purchase their cannabis for medical as well as adult use. Typically, medical marijuana is used for the treatment of chronic conditions, such as cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, as well as Parkinson's, and Alzheimer's disease. In the U.S, New Jersey became the most recent state where two key legislative budget committees advanced a recreational cannabis implementation measure. New Jersey voters legalized an adult-use marijuana market last year that is expected to generate annual sales of nearly a billion dollars by 2024, according to The Washington Post and marijuana advocacy groups. HempFusion Wellness Inc. (TSX: CBD.U) (OTC: CBDHF), Tilray, Inc. (NASDAQ: TLRY), Trulieve Cannabis Corp. (OTC: TCNNF) (CSE: TRUL), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Aphria Inc. (NASDAQ: APHA) (TSX: APHA).
Globally, the medical segment held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product. Besides the conditions previously mentioned, the increasing need for pain management therapies along with the growing disease burden of chronic pain among elders is expected to boost the product demand. However, thanks to legalization, cannabis products for adult-use (recreational purposes) are expected to gain market share in the coming years. Overall, the global legal cannabis market size is now expected to reach USD 73.6 Billion by 2027, according to a report published by Grand View Research.
HempFusion Wellness Inc. (TSX: CBD.U) (OTC: CBDHF) announced earlier this week breaking news that, "Ms. Ola Lessard, HempFusion's Chief Marketing Officer, has been elected to her second consecutive term as President of the U.S. Hemp Roundtable (the "Roundtable"), one of the most influential non-profit organizations advocating for national hemp legislation in the United States. This election makes her not only the first woman, but also the first two-term president in the organization's history.
The Roundtable is the leading business advocacy organization in the hemp industry. It is comprised of dozens of leading companies and organizations committed to safe hemp and CBD products. The Roundtable works with elected officials and policy makers on both the state and federal levels, with the goal of ensuring a clear legal path for hemp and hemp-derived products, including CBD. HempFusion has been a Roundtable member in good standing for over two years and has served on the Executive Board since June 2020.
'I am truly honored by the confidence my peers have shown in me by electing me to a second term as President of the U.S. Hemp Roundtable,' commented Ms. Lessard, the first woman to ever serve the office. 'I strongly believe this organization will continue to be the driving force behind much of the legislative progress for hemp-derived products.'
'This year, our immediate objective is to achieve full clarity for CBD as a dietary supplement. It's an important and necessary step for the entire hemp community, including everyone from farmers and extractors to manufacturers and retailers, to be able to flourish and realize our industry's full potential,' continued Ms. Lessard.
'I'm proud of the diversity the U.S. Hemp Roundtable has actively sought out for Board representation and the industry as a whole. The Roundtable's 11 newly elected officers include five women, four people of color and one member of the LGBTQ community,' commented Jason Mitchell, N.D., HempFusion's co-founder and Chief Executive Officer. 'Congratulations to Ola for this incredible achievement. We are proud to have her on the HempFusion team. Additionally, this provides HempFusion a front row seat and unique insight into the regulatory developments at the FDA.'"
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Tilray, Inc. (NASDAQ: TLRY) announced yesterday that it had established an agreement with Grow Pharma to import and distribute Tilray's medical cannabis products into the United Kingdom (UK). This agreement allows Tilray to provide authorized UK patients in need with a locally maintained supply of medical cannabis solutions. Tilray expects to have a range of GMP-certified, medical cannabis products available for patients in the UK by March 2021. Patients looking to use medical cannabis will have access to Tilray products in the UK by obtaining prescriptions through private practice or the National Health Service (NHS). Brendan Kennedy, Tilray's Chief Executive Officer, said, "This partnership with Grow Pharma provides patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and is an important step in improving access in the UK. Tilray will continue to advocate for reasonable patient access to medical cannabis in Europe and countries around the world."
Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL) announced last week the expansion of its Blue River™ extracts lineup with Cold Cure Live Rosin. This newest addition to the Blue River products sold in Trulieve stores across Florida will be our most premium concentrate offering to date. Cold Cure Live Rosin is a solventless extract offering a balanced experience between flavor, effect, and potency with extreme purity. Blue River's Cold Cure Live Rosin uses only Trulieve's premium quality flower. Using live cannabis harvesting practices and ice water extraction methods preserves a higher concentration of the naturally occurring terpenes resulting in an extract that offers a premium grade of rosin with a higher concentration of flavor, broader range of effects, and overall better consistency.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced last year that the Company was recognized by the Toronto Stock Exchange as the third top-performing company on the Toronto Stock Exchange's 2020 TSX30 list, a flagship program recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation. "Cronos Group's recognition by the TSX30 initiative is a welcomed acknowledgment of all the hard work we have put into building Cronos Group over the past three years," said Mike Gorenstein, Executive Chairman, Cronos Group. "We're looking forward to continuing to build and create long-term value for our shareholders by focusing our efforts on R&D, innovation and creating quality products." Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents.
Aphria Inc. (NASDAQ: APHA) (TSX: APHA) announced earlier this week that Denise Faltischek, Aphria's Chief Strategy Officer, will also assume the role of Managing Director of Aphria Germany, effective January 23rd, 2021, reporting to Irwin D. Simon, Aphria's Chairman and Chief Executive Officer. Ms. Faltischek joined Aphria in September 2019 with extensive consumer-packaged goods experience and expertise leading over 50 acquisitions. She leads Aphria's global business strategy and oversees Aphria's medical and international business segments as well as quality function. Mr. Simon, continued, "In Europe, upon the closing of our business combination with Tilray, we will enhance our footprint with five strong brands to help us establish an unrivaled European platform, including two production facilities and a robust and flexible supply chain given Tilray's EU-GMP facility in Portugal. Tilray has a leading medical cannabis operation in Europe that will benefit our existing medical sales and distribution as well as extend CC Pharma's medical cannabis offering with access to over 13,000 pharmacies in Germany."
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