Retail Stores Growing As Global Cannabis Sales Are Projected To Exceed $55 Billion by 2026
, /PRNewswire/ -- Retail cannabis sales in soared in 2020. The pandemic has virtually destroyed many businesses, big and small, over the last year, but there is a retail business that has flourished IN and BECAUSE of the healthcare crisis… Cannabis Dispensaries. In fact sales increased over 67% in 2020, so says an article in FlowHub. They said that analysts attribute this massive increase both to changing public perception, but also to the pandemic itself. More home-bound than ever, and with ongoing fear of shutdowns, people stocked up on cannabis to the tune of , said Leafly. Delivery and online ordering reigned supremeOnline ordering, curbside pickup, and delivery were big trends in 2020 that helped consumers get their products quickly and safely… in the 30 days following the declaration of a national emergency, new delivery customer sign-ups jumped by . Similarly, the found that stores with order ahead enabled sold 22% more on average compared to stores without order ahead. Not surprisingly, tech companies in cannabis ecommerce increased their market share in 2020 also. Sales in grew at an exponential rate. A from BDSA said that Global cannabis sales reached nearly in 2020, an increase of 48% over 2019 sales of . BDSA forecasts global cannabis sales will grow from in 2020 to in 2026, a compound annual growth rate (CAGR) of more than 17%. Active Cannabis companies in the markets this week include (OTCQB: QQQFF) (CSE: QQ), (OTCQX:CRLBF) (CSE:CL), (OTCQX: CURLF) (CSE: CURA), (NASDAQ: GRWG), (OTCQB: INSHF) (CSE: ISH).
Full Spectrum Cannabis Extracts Market Expected To Remain Dominant for Next Few Years
, /PRNewswire/ -- Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. The oils segment is expected to dominate the market in 2019 with a revenue of and is anticipated to witness the fastest CAGR of 17.5%, over the forecast period. Cannabis is usually derived from Indian hemp plants, such as Cannabis sativa and Cannabis indica. The main active chemical in cannabis is THC. The extracts derived from cannabis concentrates are known as Cannabis Extract. Cannabis concentrates come in many forms, including oils, phoenix tears, shatter, wax, hash and even in vaporizers. They contain very high concentration of cannabinoids and terpenes. Cannabis has a wide range of application in healthcare and pharmaceutical sectors as an antidepressant agent. Cannabis extract is obtained using grain or isopropyl alcohol as a solvent. A from Grand View Research said that the global cannabis extract market size is expected to be valued at by 2027. It also is projected to expand at a CAGR of 16.6% over the forecast period. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer's are the major factors propelling the growth. Active Cannabis companies in the markets this week include (OTCPK: CLCFF) (CSE: CLC), (OTCQX:CRLBF) (CSE:CL), (OTCQX: CURLF) (CSE: CURA), (CSE: HARV), (OTCQX: HRVSF), (OTCQX: TCNNF) (CSE: TRUL).
Cresco Labs to Report First Quarter 2021 Financial Results on May 27th and Announces Conversion to U.S. GAAP Accounting
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) ("Cresco Labs" or the "Company"), a vertically integrated multistate operator and the number one wholesaler of branded cannabis products in the U.S., announced today that it will report financial results for the first quarter ended March 31st, 2021 on Thursday May 27th, 2021 before the market opens.