PALM BEACH, Fla., Jan. 25, 2021 /PRNewswire/ — For the past several years the revenue projections for the global cannabis market have continued to rise at an extraordinary pace and the future looks even more impressive. More legalization has created more revenues and more competition for retail operators. In order to keep at the forefront retail dispensaries and growers/producer each have a way to ensure their being on the front of the wave for some time to come. For dispensaries, delivery is essential helping revenues and for growers/producers, new strains will set them apart. According to a recent report by ArcView Market Research and BDS Analytics, the global licensed dispensary sales of cannabis will reach $40+ billion by 2024… and that should rise as recently as New Jersey, Arizona, South Dakota, and Montana became the newest states to legalize marijuana. This addition raised the total number of states with recreational cannabis use from 11 to 15 states and 3 territories. Active Cannabis companies in the markets this week include Christina Lake Cannabis Corp. (OTCPK: CLCFF) (CSE: CLC), Truelieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), Green Thumb Industries Inc. (OTCQX: GTBIF) (CSE: GTII), Cresco Labs (OTCQX:CRLBF) (CSE:CL).
For growers/producers, creating strains with higher THC could be what they need to continue to hold and expend their market share. A recent report on Cannabis Industry Trends for 2021 by industry insider, TRYM said: “At the top of our cannabis industry trends list is the race to the highest THC %. There’s an interesting two-way communication between producers and marijuana consumers in the legal marijuana market. Breeders and growers define what cultivars they choose to grow each year. And consumers vote with their dollars to signal back to brands, distributors and cultivators what strains they prefer.
Christina Lake Cannabis Corp. (OTCPK: CLCFF) (CSE: CLC.CN) BREAKING NEWS: Christina Lake Cannabis Announces 2021 Expansion and Crop Allocation for Upcoming Growing Season – Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis“), is pleased to announce that its executive management and its team of Master Growers have agreed upon a provisional crop allocation structure for the 2021 growing season. Based on the 2020 performance of the Company’s proprietary cannabis strains, which are genetically optimized for outdoor growth under natural sunlight, CLC has selected seven strains which would comprise approximately 90% of its 2021 crop. Additionally, the Company has elected to trial the outdoor performance of 49 other cannabis strains from CLC’s seed bank and plant portfolio, which would comprise the remaining 10% of the Company’s planned crop for 2021.
Although higher ratios of experimental growth are common in the cannabis industry, the Company is taking a conservative approach to its allocation for this year by heavily favouring strains in which CLC has the greatest degree of confidence based on previous results. The Company intends to continue focusing on extraction to produce winterized oils and distillates, which are presently in high demand for uses in medicinal applications as well as consumer packaged goods under “Cannabis 2.0″.
In its December 18, 2020 press release, CLC shared details about its genetic databank which consists of more than 600,000 seeds and over 100 different proprietary strains of cannabis. Over a period of approximately three years, the Company experimented with combining genetics to optimize the properties of a given plant’s biomass when grown under sunlight. These proprietary formulations are engineered with an objective of maximizing specific elements of a given cannabis plant (or their respective extracts) such as tetrahydrocannabinol (“THC“) content and terpene profiles.
During trial periods of outdoor cultivation, the Company’s Master Growers meticulously track the growth and performance of each proprietary strain, noting any areas of concern such as mildew or susceptibility to pests, as well as its flowering patterns and the plant’s response to certain nutrients. Although the Company’s primary objective is to cultivate cannabis for extractions with high THC content, certain strains with lower THC levels have been chosen for their highly desirable terpene profiles, which can be strategically utilized in specific products for end users. To read this and more news for Christina Lake Cannabis Corp., please visit https://www.financialnewsmedia.com/news-clc/
Other recent developments in the markets include:
Truelieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), a leading and top-performing cannabis company based in the United States, recently announced the opening of a brand-new Florida dispensary, the Company’s 77th nationwide. The new, 5,100 sq. ft. location marks the Company’s first in Summerfield, expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.
The new dispensary supports Trulieve’s goal of expanding and ensuring direct, reliable access to medical cannabis across its home state of Florida. It joins the Company’s 71 other dispensaries statewide, including those in nearby Ocala and Lady Lake.
Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), a leading U.S. provider of consumer products in cannabis, recently announced the closing of its previously announced overnight marketed offering (the “Offering”) of subordinate voting shares of the Company.
The underwriters have exercised their over-allotment option in full, and as a result 18,975,000 subordinate voting shares of the Company were issued at a price of C$16.70 per share for total gross proceeds of C$316,882,500, before deducting the underwriters’ fees and estimated offering expenses. Canaccord Genuity Corp. acted as lead underwriter for the Offering on behalf of a syndicate of underwriters including Beacon Securities Limited, Cantor Fitzgerald Canada Corp., Cormark Securities Inc., Eight Capital and Haywood Securities Inc.
The Offering was conducted in each of the Provinces of Canada, other than Québec, pursuant to a prospectus supplement to the Company’s base shelf prospectus dated November 2, 2020 (the “Prospectus”) and elsewhere on a private placement basis.
Green Thumb Industries Inc. (OTCQX: GTBIF) (CSE: GTII), a leading national cannabis consumer packaged goods company and owner of Rise™ retail stores, recently reported its financial results for the third quarter ended September 30, 2020. Financial results are reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and all currency is in U.S. dollars.
“This was an excellent quarter for Green Thumb as we delivered substantial revenue growth and our ‘Enter, Open, Scale’ strategy is generating meaningful operating leverage across our business. We expanded gross margins and EBITDA margins quarter-over-quarter while delivering positive net income for the first time. This was driven by the execution of our capital projects in Illinois, New Jersey, Pennsylvania and Ohio, and the rebound in our Nevada and Massachusetts markets following the initial impact of COVID-19. We are poised to further benefit from the strong tailwinds driving a robust, multi-billion-dollar marketplace*,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
Cresco Labs (OTCQX:CRLBF) (CSE:CL), one of the largest vertically integrated, multistate cannabis operators in the United States, and Bluma Wellness Inc., a vertically integrated operator in Florida, recently announced they have entered into a definitive agreement (the “Agreement”) pursuant to which Cresco Labs will acquire all of the issued and outstanding shares of Bluma (“Bluma Shares”) in an all-share transaction that values Bluma at an equity value of US$213 million (the “Transaction”).
“Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states. With Florida, we will have a meaningful presence in all 7 of the 10 most populated states in the country with cannabis programs – an incredibly strategic and valuable footprint by any definition. We recognize the importance of the Florida market and the importance of entering Florida in a thoughtful way – we identified Bluma as having the right tools and key advantages for growth. Bluma is known for having best-in-class cultivation in the state of Florida, a differentiated retail experience and omnichannel offering with effective delivery, a clear pathway to scale and an incredible management team. We have a proven track record of integrating assets in strategic states, improving fundamentals, and amplifying operations to take share in the most competitive cannabis markets,” said Charles Bachtell, CEO of Cresco Labs. “In 2020, we demonstrated the growth and leverage that can be created by focusing only on the most strategic markets, executing high-quality cultivation at scale, and marrying it with a targeted, consumer-focused model of high-volume retail. In 2021, it’s rinse and repeat. We’re using the same playbook to go deeper in strategic states, including Florida – we look forward to bringing our Cresco Labs brands and our Sunnyside stores to the Sunshine State!”
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