Mar 18, 2021 (Baystreet.ca via COMTEX) -- One of the biggest stories of the year is CBD, creating opportunities for companies such as Pure Extracts Technologies Corp. /zigman2/quotes/222359307/delayed CA:PULL +1.92% /zigman2/quotes/202137327/delayed PRXTF +3.45% (xfra:A2QJAJ), Aleafia Health Inc. /zigman2/quotes/200214885/delayed CA:AH +1.25% /zigman2/quotes/203485112/delayed ALEAF +0.84% , Canopy Growth Corporation /zigman2/quotes/200603886/composite CGC +3.57% /zigman2/quotes/202205609/delayed CA:WEED +3.12% , Tilray Inc. /zigman2/quotes/209129655/composite TLRY +1.83% , and Trulieve Cannabis Corp. /zigman2/quotes/210560499/delayed CA:TRUL +0.47% /zigman2/quotes/207658767/delayed TCNNF +1.05% .
These days, we’re finding CBD in drinks, in beauty and wellness products, in gummies, in soaps, lotions, oils, even in pet stores. Legalization efforts are well underway all over the world, with many more states legalizing its use for recreational and medicinal purposes. Even better, according to Green Entrepreneur, “The statistics show that the Cannabidiol (CBD) market size exceeded $2.8 billion in 2019 and is set to grow at around 52.7% CAGR between 2020 and 2026.” All as people throughout the world wake up to the potential benefits of CBD, including pain relief, the reduction of anxiety and depression, and potential neuroprotective properties.
In addition, according to CBD-Intel market data modelling, as noted by Food Industry Executive, “The US CBD market will break the $3 billion mark in 2023, with massive growth stemming from anticipated regulatory changes. CBD-Intel predicts US Food and Drug Administration (FDA) rules providing a federal path to market are only likely to be developed later this year at the earliest. As a result, food, drink and supplement products such as CBD oils, capsules and edibles will likely be hampered through 2021 and 2022 before fully coming into their own in 2023.”
That Could Help Drive Big Interest in Companies, Such as Pure Extracts Technologies
Pure Extracts Technologies Corp. /zigman2/quotes/222359307/delayed CA:PULL +1.92% /zigman2/quotes/202137327/delayed PRXTF +3.45% (xfra:A2QJAJ) just announced that it has ordered a new, state-of-the-art, Cosolvent Injection System (CIS) from Vitalis Extraction Technology Inc. and will be one of the first few companies in the world to receive this innovative system.
Pure Extracts and Vitalis have a long history of collaboration and the Cosolvent Injection System has been developed to enhance the Vitalis carbon dioxide (CO2) extraction systems, like the Q90 and R200 models owned by Pure Extracts, to achieve dramatically faster throughput capacities while producing higher-quality cannabis extracts. The Vitalis CIS has been designed to achieve the optimal ethanol cosolvent flow rate ranges for both cannabis and hemp extracts (i.e., THC and CBD), balancing extract quality with efficiency while keeping ethanol usage exceptionally low.
Pure Extracts’ CEO, Ben Nikolaevsky, remarked, “We are very excited to be one of the first recipients of the Vitalis Cosolvent Injection System. It will allow us to ramp-up our production much faster than we had anticipated allowing us to offer our customers exceptional value while still producing the same high-quality oil extracts we are known for.”
Other related developments from around the markets include:
Aleafia Health Inc. /zigman2/quotes/200214885/delayed CA:AH +1.25% /zigman2/quotes/203485112/delayed ALEAF +0.84% announced that its products are now available to consumers in Saskatchewan. The initial provincial launch includes a broad array of Aleafia Health’s cannabis product portfolio, including sublingual strips, cannabis oils, dried flower, and vape cartridges. The Company’s adult-use products are now available in four provinces representing 67 per cent of the Canadian population. “The expansion into this new market is part of a much broader adult-use strategy that we continue to accelerate through the launch of exciting new product formats,” said Aleafia Health CEO Geoffrey Benic. “We are excited to begin expanding our presence in Saskatchewan, a province which boasts a well-earned reputation for a business and consumer-friendly cannabis regulatory regime.”