NEW YORK, July 6, 2021 /PRNewswire/ -- The cannabis market continues to prove that there is a high demand for such products across the world. The expanding nature of cannabis legalization, as well as the increasing advancement in cannabis genetic growth and intellectual property, is also fueling the growth of the market. Many countries, such as Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, Uruguay and others, have legalized the use of cannabis for medicinal purposes. In the United States, the medical use of cannabis is legal, with a doctor's recommendation, in 36 states. Recreational use of cannabis is legalized in 18 states, the District of Columbia, the Northern Mariana Islands, as well as Guam. Recently, the global cannabis market was valued at approximately USD 20.6 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 28.5 % over the forecast period 2020-2027, according to data provided by Market Study Report. Cannabix Technologies Inc. /zigman2/quotes/203462343/composite BLOZF -1.67% /zigman2/quotes/206089806/delayed CA:BLO -1.85% , Cresco Labs Inc. /zigman2/quotes/200392306/composite CRLBF -2.35% , Curaleaf Holdings, Inc. /zigman2/quotes/205334348/composite CURLF -2.09% , OrganiGram Holdings Inc. /zigman2/quotes/209289540/composite OGI -4.13% , HEXO Corp. /zigman2/quotes/206508254/composite HEXO -3.58%
As the cannabis market grows in the United States, creative innovators and smart, opportunistic entrepreneurs are making their mark. Scores of innovations have debuted, with some unique to the cannabis industry while others with roots in legacy industries, and have taken hold in the marketplace. As sales of such products are becoming more prevalent, new and important regulations are also expected to be implemented. Specifically, government regulators have voiced their concerns over the potential for cannabis abuse. As such, the need for a cannabis breathalyzer was quickly understood. Government agents such as police officers can use the breathalyzer on someone who they may suspect is under the influence of marijuana. According to a study published in the U.S. National Library of Medicine National Institutes of Health, driving while under the influence of cannabis is 1.65 times more likely to cause an accident.
Cannabix Technologies Inc. /zigman2/quotes/203462343/composite BLOZF -1.67% /zigman2/quotes/206089806/delayed CA:BLO -1.85% just announced breaking news that, "the Canadian Intellectual Property Office (CIPO) has granted patent No. 2887841 entitled, "Cannabis Drug Detection Device". The Company has been pursuing this original patent application since its filing on April 16, 2015. Cannabix Technologies is on the forefront in research and development to create point-of-care breath testing technologies for the detection of Δ9-tetrahydrocannabinol ("THC") - the psychoactive component of marijuana that causes impairment.
'Similar to our USPTO patent, the intellectual property protection this THC detection patent covers, gives Cannabix a broad foundation to build upon in view of the formidable insights and technical advancements made in the field of molecular gas analysis at atmospheric pressure that we have developed since this patent was initially filed in 2015. This patent is a useful plank in our IP protection strategy' said Dr. Raj Attariwala.
The Company also reports that in June it delivered its THC Breath Analyzer ("THCBA") to a clinic in the Northwestern, U.S. for beta testing. The collaborating clinic has a robust drug testing operation and is one of the top drug testing providers to employers within its respective state. Beta-testing of the THCBA prototype is focused on improving user and administrator experience, identifying cross-reactivity of other substances within a semi-controlled study population and to further train the device's machine learning database and sensitivity profile. The THCBA is a drug screening device for employers and other markets who are seeking a way to quickly, easily and non-invasively test for recent use of THC.
'In the last several months we have seen the states of Oregon, New Jersey, New York and Arizona legalize recreational use of marijuana and several other states like Virginia, New Mexico, Montana and Connecticut have taken steps to either legalize or decriminalize cannabis possession in some way. This has led to recent reports from AAA and IIHS outlining the impact of driving performance under the influence of cannabis. Furthermore, employers are re-examining their drug testing policies, procedures and tools. There is a massive sea-change happening in the U.S. related to cannabis use and Cannabix Technologies is at the forefront of developing the tools to aid public safety and create more relevant and fairer cannabis testing technology', stated CEO, Rav Mlait."
Cresco Labs Inc. (otcqx:CRLBF) announced last month the opening of Sunnyside Philadelphia, its fourth dispensary in Pennsylvania. The medical-only cannabis store is located at 1221 Chestnut St. in Philadelphia. It is in the former historic Cathay Tea Garden Restaurant building which is centrally located and steps away from the heart of downtown. Cresco's other Sunnyside dispensaries are in Butler, Pittsburgh and New Kensington. "I commend our Retail, Real Estate and Community Integration teams for their outstanding work in the opening of another Sunnyside location that will help grow our presence in the sixth largest U.S. city," said Charlie Bachtell, Cresco Labs' CEO and Co-Founder. "Our Sunnyside retail platform continues to outpace industry averages on per store retail metrics thanks to our teams' ability to open in the best locations, secure an array of products to serve a breadth of consumer needs, and deliver an excellent customer experience. We're delighted to begin bringing the Sunnyside retail experience to medical patients in downtown Philadelphia."
Curaleaf Holdings, Inc. (otcqx:CURLF) announced on March 23rd, the launch of Select Squeeze, a fast-acting THC-infused beverage enhancer featuring Nano-emulsification technology. In addition to the product's innovative nature, the debut of Select Squeeze marks a significant milestone as one of the cannabis industry's widest national product launches. Select Squeeze is among the first cannabis products with mass availability as it becomes accessible to a total addressable population of 94 million adults age 21+. "Curaleaf has been on the forefront of creating sophisticated cannabis experiences and introducing high-quality, consistent consumer products in a variety of form functions," said Joe Bayern, CEO of Curaleaf. "We're incredibly excited to launch Select Squeeze across multiple states, as this new product not only addresses the rising market demand for edibles and beverage products but also underscores the mainstream adoption of cannabis products across a diverse array of U.S. consumers."
OrganiGram Holdings Inc. /zigman2/quotes/209289540/composite OGI -4.13% repoted earlier in May the launch of Big Bag o' Buds, a lineup of dried flower products featuring a roster of well-known genetics and an exciting rotation of one-time offerings (OTO) in a 28g format. "Customers across the country continue to express the importance of large formats and new genetic offerings at an appealing price point," says Tim Emberg, Senior Vice President of Sales and Commercial Operations at Organigram. "Without a doubt, Big Bag o' Buds delivers on all of those points but also offers Canadian consumers a continuous pipeline of new cultivars reflecting our team's ongoing search for and development of new terpene profiles and phenotypic expressions." Big Bag o' Buds offers a minimum of 17% THC and a rich cultivar selection that includes Ultra Sour, a pungent, sativa-leaning sour featuring the tartness of Meyer lemon and the diesel and pungent notes from the cultivar's Kush undertones. Organigram currently leads the pack with the #1 Ultra Sour brand in Canada. The Big Bag o' Buds OTO cultivar selection will include Grapefruit GG4, Original Glue, and Lemon Tree strains.
HEXO Corp. /zigman2/quotes/206508254/composite HEXO -3.58% reported last week the closing of the previously disclosed transaction to purchase its first US production facility through a wholly owned US subsidiary. The ~50,000 sq. ft. facility in Fort Collins, Colorado will provide US CPG companies and consumers access to the Powered by HEXO® technology and products. "The Colorado facility will allow us to successfully execute on our US strategy, which includes supplying high quality Powered by HEXO® technology and leveraging our intellectual property portfolio across the United States," said HEXO Corp CEO and co-founder Sebastien St-Louis. "The facility will also provide us with the necessary infrastructure to continue expanding our joint-venture with Molson Coors to create Truss CBD-infused beverages, while also creating the necessary capacity to support future, non-beverage CPG partnerships."
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