The cannabis industry is projected to grow to $50 billion by 2029 from $17 billion in 2019, according to analyst firm Jefferies. The firm’s estimate includes the Canadian markets, the United States’ thirty-three medicinal markets and seventeen recreational markets, Europe’s twelve-country medical market, Latin America’s five-country medical and 2-country recreational market as well as three other countries with a legal medical market.
Jefferies analyst Owen Bennett, Jefferies analyst believes that the firm’s projection is “probably conservative,” and that a “realistic upside scenario” may be a global cannabis market as large as $130 billion by 2029. “This assumes full U.S. federal legalization, full recreational and medical legalization across Europe, full medical and recreational legalization across Lat Am, and cannabis disruption of a number of other industries,” Bennett added.
ParcelPal Technology Inc. (PTNYF) (PKG) (FSE: PT0), a technology-driven logistics company purposed with connecting consumers to the goods they love within an hour, announced it will be hosting an investor update conference call on May 17th, 2019 to review recent progress. The company also announced that it will be releasing its quarterly financial statements for Q4 FY2018 by April 30, 2019.
This followed the news of achieving a major milestone, the completion of over 2 million deliveries. The company’s plans to move forward include more joint ventures, expansion on its technology and to push its platform on multiple consumer verticals, while expanding operations across Canada and into the U.S. ParcelPal is in the final stages of launching medical and recreational cannabis delivery in Canada with Choom Holdings (CHOOF) and recently signed Kiaro. This on-demand cannabis delivery plan is expected to begin in April 2019, with more details to follow, and is expected to drive additional users to the platform and open fresh markets.
President and CEO Kelly Abbott states, “We are extremely excited to have achieved this major milestone. Our growth in 2018 was tremendous and our team has grown significantly. We are looking forward to a successful rollout in the cannabis industry amongst other verticals in the coming months across Canada with existing and future partnerships.”
Aurora Cannabis Inc. (ACB) announced that the company has appointed Carey Squires as its Executive Vice President of Corporate Development and Strategy. In this newly created role, reporting to the Executive Chairman, Mr. Squires in collaboration with senior executives across
“With deep experience in the U.S. and Canadian capital markets, Carey has been a trusted advisor to Aurora on a variety of growth initiatives, including our recently successful capital raise,” said Michael Singer, Executive Chairman. “In this new position, Carey will be a core member of Aurora’s senior management team, executing on the development of key strategic initiatives, including partnerships and M&A opportunities. We look forward to working closely with Carey to leverage his extensive knowledge in the execution of our investor development, international growth and partnership strategies, sourcing potential accretive opportunities in the global cannabis industry and negotiating favourable business transactions.”
This followed the news of the filing on Tuesday of a preliminary short-form base shelf prospectus with Canadian securities regulators and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission. When made effective, this will allow Aurora to issue stock offerings, debt securities, subscription receipts, units or warrants for an aggregate value of up to $750 million during a period of 25 months, according to the company.
Charlotte’s Web Holdings, Inc. (CWBHF) (CWEB), a market share leader in hemp-derived CBD extract products, reported financial results for Q4 and year ended December 31, 2018. Fourth quarter highlights included: retail doors increased over 80% to 3680 and 57% of revenue came from ecommerce, organic consolidated revenue growth of 71% to $21.5 million, and gross profit increased 63% to $16.3 million, or 76% of consolidated revenue. Highlights of 2018 Full Year Results included: organic revenue growth of 74% to $69.5 million, gross profit increased 75% to $52.3 million, and adjusted EBITDA decreased to 30% from 36% of consolidated revenue.
“During the fourth quarter we concentrated our efforts on completing the 2018 harvest and building product inventory to support growing consumer demand. Our 2018 harvest resulted in 675,000 pounds of raw hemp compared to 63,000 pounds in 2017. This inventory build ensures we are able to meet growing demand and supply the large national retail chains that are beginning to carry our products. In general, broader consumer awareness of the benefits of cannabinoids, namely cannabidiol (CBD) from hemp extract, is driving increased uptake in all product categories in our retail channels and e-commerce platform,” stated Hess Moallem, President and CEO.
Charlotte’s Web has been actively adding additional retail distribution customers and locations and recently surpassed 4,000 locations after national retail chains began carrying its products. Several new products and formats are planned for 2019 in animal nutrition, wellness topicals and human consumables, according to the company.
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