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Consumer Cannabis Spending Should Spur Increase In Dispensaries and Cultivation Operations In 2019
PALM BEACH, Florida, June 14, 2019 /PRNewswire/ -- The cannabis marketplace is growing in every way every day. More dispensaries, more acres under cultivation, more products being 'infused', more mergers and acquisitions and more and more news. Every day more articles and new revenue projection are released opining on what has happened, what is happening and what may happen. Perusing all this avalanche of info one common thread is obvious. The market will rise in 2019. There will be more product, more revenues, more infrastructure, more projections and more news. On such projection was made by Arcview Market Research, and was commented upon by various industry publications. One such summary said the following: "Global Marijuana Sales to Grow 38% to $16.9 Billion in 2019 Worldwide consumer cannabis spending should pick up big-time this year (2019) (in 20018) Canada had become the first industrialized country in the world to give the green light to recreational weed, paving the way for billions of dollars in legitimate annual sales, and pulling cannabis out of the shadows and into the spotlight as a valid business mode. We also witnessed plenty of history made in the U.S., too. In December, President Trump signed the farm bill into law, legalizing hemp and hemp-based cannabidiol products throughout the country. Roughly two-thirds of all states have now legalized medical cannabis, with 10 of those states also allowing adult consumption. Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (CSE:CHOO) (OTCQB:CHOOF), Fire & Flower Holdings Corp. (TSX-V: FAF) (OTCPK: FFLWF), National Access Cannabis Corp. (TSX-V: META.V) (OTCPK: NACNF), Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF), MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF).
The article continued with: "Another reason weed sales could soar in 2019 is the expectation that some supply kinks will work themselves out. As an example, California is likely to see its pot oversupply lessen as new legal dispensaries open for business. Meanwhile, Health Canada's ability to power through a backlog of cultivation licenses and sales permits should allow more product to hit dispensary store shelves."
Choom™ Holdings Inc. (CSE:CHOO) (OTCQB:CHOOF) BREAKING NEWS: Choom™ unveils its retail concept and experience tomorrow in Niagara Falls, Ontario. As one of 25 cannabis stores authorized to open in the province, Choom Niagara provides a curated selection of premium products in an immersive environment designed to elevate and empower consumers.
In addition to holding distinction as Niagara Falls' first cannabis store, Choom Niagara represents the brand's debut retail presence in Ontario. With a store firmly established in the key Ontario market, Choom will continue its nationwide rollout, supporting the company's overarching goal to secure one of the largest cannabis retail networks in North America.
Choom Niagara carries a diverse range of products, from dry flower and pre-rolls, to oils and capsules. All items are selected from a wide range of Canadian licensed producers, with the product portfolio strategically curated to ignite customer curiosity and encourage cannabis exploration.
Store associates have undergone stringent cannabis sommelier training, ensuring clients receive expert customer service customized to their specific needs. The store's intuitive aesthetic, designed by commercial architect and interior design firm Hodgson Design Associates, achieves a relaxed and inviting environment, seamlessly guiding visitors through displays of THC-dominant, CBD-dominant and balanced products. Toronto businesswoman, Lisa Bigioni, was selected from a lottery of qualified candidates to own and manage the store.
"I'm delighted to serve the Niagara community, and can't wait to hit the ground running," said Bigioni. "My goal is for the store to become an indispensable resource for cannabis education and support for the local community. Choom's extensive experience in regulated industries provides invaluable insight on store operations, and together we'll deliver a cannabis retail experience the city can be proud of." Read this and more news for Choom™ at: https://www.financialnewsmedia.com/news-choo/
Additional industry related developments from around the markets:
National Access Cannabis Corp. (TSX-V: META.V) (OTCPK: NACNF) recently responded to the Alberta Gaming, Liquor and Cannabis Commission ("AGLC") lifting the moratorium on new cannabis retail store openings in Alberta and has indicated that it will be releasing 5 retail cannabis retail licences per week. NAC expects to open one new retail location in Calgary on June 5 th, with an additional 10 built out stores throughout Alberta currently awaiting licensing.
"We've been waiting for this positive news from the AGLC," said Mark Goliger , CEO of NAC. "We're ready to open new stores throughout Alberta . We anticipate a new store opening in the Varsity neighbourhood in Calgary on June 5 th, with 18 additional licences submitted and 10 stores built out awaiting licensing and regulatory approval. Today, we have the largest footprint of retail cannabis stores in the province of Alberta , and Canada as a whole, and we're working to maintain this position by continuing to aggressively pursue expansion opportunities in the early stage, and extremely high growth, cannabis industry."
Fire & Flower Holdings Corp. (TSX-V: FAF.V) (OTCPK: FFLWF) recently announced the Company has achieved a milestone of C$25 million in system sales since opening on October 17, 2018 , the date adult-use recreational cannabis became legal in Canada . Today, the Company, through its wholly-owned subsidiary Fire & Flower Inc. operates 18 licensed cannabis stores in the provinces of Alberta and Saskatchewan and has licensed two branded shops in the province of Ontario .
"As the adult-use cannabis market continues to develop across Canada , this significant sales milestone demonstrates Fire & Flower's ability to open and operate best-in-class retail stores across the country," shared Trevor Fencott , Chief Executive Officer of Fire & Flower. "Our Hifyre digital platform including our Click & Collect service along with our retail experience team have been key drivers in achieving our level of sales."
Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) recently reported that it is partnering with Brookfield Properties to expand its CBD shop network in the U.S. The companies made a deal which allows GGB to open more than 70 prime shop locations at Brookfield's shopping centers throughout the country. The move will further expand GGB's physical footprint to approximately 280 total locations by the end of 2019. Brookfield owns, operates and develops office and multifamily assets in the U.S.
Peter Horvath, the CEO of GGB, states that Brookfield "operates some of the most exciting and visited malls in the country" and they are "thrilled to introduce our CBD shops to their centers." "We know that consumers prefer to buy personal care and beauty products from physical stores, and this partnership will allow us access to millions of consumers," Horvath notes.
MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF) recently announced that will partner with Equality California, the largest statewide LGBTQ civil rights organization. During the month of June at all California stores, MedMen will donate 15% of proceeds from limited-edition Pride products to advance LGBTQ equality.
In addition, MedMen employees, friends, and family, including many in the LGBTQ community, will march on June 9th in the Los Angeles Pride Parade in support of the local community. MedMen's first flagship store is in West Hollywood and the Company has five other locations throughout Los Angeles.
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