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Rise of U.S. and Canadian Legal Cannabis Dispensaries Putting Major Strain on Inventory
PALM BEACH, Florida, April 24, 2019 /PRNewswire/ -- In both Canada and the U.S., the number of retail stores and dispensaries has been exponentially growing since the end of 2018. The number of restrictive regulations is diminishing while the legalization process has opened more markets. Licenses for not only growers and production facilities is also on the rise, but the raw number of retail outlets and dispensaries seems to be actually outpacing the available supply of product needed to fill their shelves! A recent article in Forbes said: "2018 was a momentous year for cannabis advocates as Canada (legalized) recreational marijuana use. Canadians and cannabis companies alike eagerly awaited legalization, but the rollout hasn't been as smooth as they would have liked. The most pressing problem facing the country's legal weed market is the fact that, in the majority of provinces, suppliers are unable to meet demand, (leaving) many retailers with just a fraction of the promised products. In many areas, the supply shortage may last well into 2019. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC:MCOA), PotNetwork Holdings, Inc. (OTC: POTN), Golden Leaf Holdings Ltd. (CSE: GLH) (OTC: GLDFF), Liberty Health Sciences Inc. (CSE: LHS) (OTC: LHSIF), CBD Unlimited, Inc. (OTC: EDXC).
Some experts say the bottleneck exists in the regulatory approval by Health Canada of Licensed Processors and Cultivators. "Health Canada has added significant resources to attempt to shorten the approval process, but the backlog is significant," (an industry insider) explained. "In the coming months, we expect to see this supply shortage ease. On the opposite end of a product shortage is strong product pricing for cannabis producers and retailers. A gram of high-quality cannabis in Vancouver, Canada, for example, sold for $189.69 an ounce. Meanwhile, in Portland, Oregon, where an overabundance of marijuana is begging to cross state lines, you could buy an entire ounce of similar high-quality cannabis for around $100."
Marijuana Company of America, Inc. (OTCQB:MCOA) BREAKING NEWS: Marijuana Company of America, an innovative hemp and cannabis corporation, is pleased to announce the appointment of Mr. Edward Manolos as an independent director. Mr. Manolos is one of the most accomplished pioneers in the medical marijuana industry, having opened the very first medical marijuana dispensary in Los Angeles County in 2004 called CMCA. He is also credited with starting Los Angeles' first medical marijuana farmers' market referred to as "The California Heritage Market," which attracted local and international media attention. Mr. Manolos has been a member of the Company's Strategic Advisory Board since 2016.
Donald Steinberg, Chief Executive Office of Marijuana Company of America, stated, "Appointing Edward, a seasoned veteran of the cannabis industry, to our Board of Directors strategically positions us to launch our cannabis division. His expertise in obtaining cannabis licenses, cannabis cultivation, and the distribution of finished products is crucial to the development of our new subsidiary, Viva Buds, and any future projects involved in this evolving industry."
Mr. Manolos has served as the founder of many successful companies, such as Everest Biosynthesis Group and Natural Plant Extracts USA (NPE), a leading cannabis manufacturer, distributor and retail delivery company that holds multiple licenses involved in the sector. Mr. Manolos has provided consulting services to several companies and has helped them obtain marijuana retail and production licenses in California and Washington, including Cannabis Strategic Ventures (OTC: NUGS). He graduated from the University of California, Riverside, with a double major in computer science and business management. Read this and more news for MCOA at: https://www.financialnewsmedia.com/news-mcoa/
In the industry developments and happenings in the market this week include:
PotNetwork Holdings, Inc. (OTCPK: POTN) Diamond CBD Inc. a wholly owned subsidiary of the company, and a leader in cutting-edge, hemp-derived CBD products continued to expand its presence in the over $130 billion wellness market as a result of its two-day attendance at the first-leg of the Europa Games Expo and Sporting Event, a nutrition, supplement, and apparel exhibition in Orlando, Florida from April 13 - 14. The Company successfully exhibited its lineup of CBD oils, CBD vapes, and CBD edibles to both athletes and attendees at the show, demonstrating the strength of its brand in a global wellness market that is predicted to grow at a CAGR of almost 10 percent through 2024.
Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) a leading cannabis company built around recognized brands for the wellness and recreational markets, recently provided an update on corporate activities. As announced in a press release dated December 27, 2018, William Simpson, former President and CEO of the Company, was replaced in those capacities by William Kulczycki. It was intended that Mr. Simpson continue with the Company in a full-time capacity as "Founder" and Board observer without responsibility for operations. Mr. Simpson has been on a sabbatical leave of indefinite duration since February 4.
Mr. Kulczycki has initiated significant efficiency measures intended to improve the financial performance of the Company, including reductions in compensation and other expenses. Through this process, in January, headcount was reduced by 19% throughout the Company. These measures were implemented to lower Company costs, improve cash flow and otherwise increase operational efficiency, with the objective of increasing shareholder value over the long term.
Liberty Health Sciences Inc. (CSE: LHS.CN) (OTCQX: LHSIF) a provider of high quality cannabis, recently announced that it successfully launched sales of its whole flower smokeable products as well as its pre-rolled cannabis cigarette products this past weekend. Liberty is also pleased to announce that Mr. Jeff Chan , Liberty's Vice President, Finance will serve as interim Chief Financial Officer following the previously announced resignation of Mr. Rene Gulliver as Chief Financial Officer effective April 14, 2019 .
On April 19, 2019 , Liberty officially launched sales of its whole flower smokeable products and pre-rolled cannabis cigarettes in selected dispensaries across the state, under its Liberty Health Sciences house brand. This resulted in Liberty's highest grossing weekend in its operational history.
CBD Unlimited, Inc. (OTCPK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, recently announced the company has completed the production of 7.5 million wholesale products to meet initial demand requirements.
CBD Unlimited recently completed another record-breaking quarter with company projections to hit greater milestones this year. CBD Unlimited has illustrated its ability to produce product at full-scale levels and will continue to expand its full-scale production capabilities as demand continues to increase. The company expects demand to accelerate every quarter over the next 2 years.
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