PALM BEACH, Fla. – The global cannabis cultivation market has grown significantly during the COVID-19 pandemic. The demand for hemp is rapidly growing, as many developed countries have legalized the cultivation and processing of hemp after recognizing the levels of CBD present in it, which is leading to an increased demand for hemp extracts for various applications in several sectors, including pharmaceuticals, cosmetics, nutraceuticals, and food & beverage. Hemp is regarded as an agricultural commodity produced in over 40 countries. A report from Grand View Research projected that the global cannabis cultivation market size, which was valued at USD 323.9 billion in 2021 is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030. The report said: “Growing legalization and the adoption of cannabis for the treatment of chronic diseases are the key factors driving the growth of the market. In addition, the liberalization of laws related to cannabis cultivation, especially for hemp cultivation by various countries due to low THC content is further increasing its adoption. Furthermore, the legalization of marijuana in various geographies and its increasing adoption for medical purposes are factors driving the market for cannabis cultivation… And that figure is certain to climb as more individuals come around to the concept of legalizing marijuana across the U.S.” Active Cannabis stocks in news today include: CannaPharmaRx, Inc. (OTCPK: CPMD), Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB).
“Based on biomass, the hemp segment dominated the market for cannabis cultivation and accounted for a revenue share of around 80% in 2021. The high share is attributable to the increasing adoption of hemp and derived products and its growing acceptance among users due to its low THC content. Furthermore, marijuana is expected to be the fastest-growing segment, growing at a significant growth rate over the forecast period. This growth can be attributed to the growing legalization of marijuana in various countries for medical and adult use. In addition, promising government reforms regarding the utilization of hemp in many countries are increasing the adoption of hemp and hemp-derived products. It added: “In 2021, based on application, industrial consumption accounted for the highest revenue share of 73.3% in the cannabis cultivation market. This is owing to the growing application of marijuana and hemp in various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages. Furthermore, factors such as the growing usage of cannabis and its derivatives as raw material by companies to produce innovative cannabis-infused products are expected to propel the growth of the market for cannabis cultivation during the forecast period.”
CannaPharmaRx, Inc. (OTC PINK:CPMD) BREAKING NEWS – CannaPharmaRx Receives Cultivation License from Health Canada and Projects 2023 Annual Revenue over $30 Million – CannaPharmaRx, Inc.,s announced it received its cultivation license from Health Canada.
The license, LIC-3JCQW6DIU0 is a major step towards production. A standard cultivation license is necessary for larger companies that want to build and grow in a large-scale facility. Upon receiving the cultivation license the company can now grow cannabis and sell wholesale to other licensed producers.
Now that the cultivation license is approved the company anticipates completing the first harvest and sales during Q1 2023 with estimated annual revenue over $30 million.
“The company now has the facility in Cremona in the final preparations of facility opening. As a result of a multi-million dollar offtake agreement, several strains of genetics for a variety of high-quality cannabis products and a cultivation license, we are primed to enter the cannabis market. This keeps us on track to complete our first harvest and distribution during the next few months with rapid revenue expansion,” stated Nick Colvin, CEO of CannaPharmaRx.
In other cannabis industry news of note includes:
Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), recently announced their partnership with California-based Connected Cannabis and AlienLabs. As part of the announcement, Trulieve is the exclusive provider of Connected Branded products throughout Florida.
“Trulieve consistently seeks ways to introduce new products and better serve our patients,” said Kim Rivers, CEO of Trulieve. “Connected and AlienLabs represent a portfolio of top-shelf strains that have benefited medical patients in other states, and we’re now excited to exclusively offer these products exclusively in Florida.”
Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), a leading international provider of consumer cannabis products, recently announced that its third “The Farmer’s Select” product collaboration is now available across California in partnership with Autumn Brands, a woman-and-family-owned farm nestled on the coast of Santa Barbara County.
Autumn Brands cannabis is grown using sustainable farming techniques, natural sunlight and 100% no-spray cultivation. Utilizing a closed-loop watering system, Autumn Brands ensures that no water is wasted during the growing process and all organic waste is composted. This focus on quality, consistency and sustainability ensures nothing but the best cannabis reaches consumers.
Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, recently announced that the Company will release financial results for its second quarter ended November 30, 2022 on January 9, 2023.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), recently announced its Greybeard Cannabis Co. brand has won KIND Magazine’s ‘Best Diamonds of the Year’ award, as voted by hundreds of budtenders, store managers and independent cannabis retail owners across Canada.
Greybeard is known for its premium cannabis flower, vapes and concentrates including Trufflez Diamonds & Sauce and FPOG Live Resin Diamonds & Sauce. The Greybeard brand joined Aurora’s portfolio when the company acquired Thrive Cannabis earlier this year.
“We’re proud to be recognized by some of the most important and influential members of the cannabis industry – retailers and budtenders,” says Geoff Hoover, Senior Vice President of Consumer at Aurora Cannabis. “This award is a testament to our continued commitment to quality and our team’s unwavering focus and passion for delivering only the best products for our consumers.”
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