Spending on Cannabis Continues to Grow in Legalized Regions
Due to various recent regulatory changes, the cannabis industry is slowly evolving out of the black market and morphing into a global economic powerhouse. While cannabis still remains heavily regulated in most regions around the world, a handful of countries have moved to legalize cannabis for either medical or recreational use. Notably, only Canada and Uruguay have completely legalized cannabis yet it is the U.S. that accounts for the majority of the global market share. In fact, the U.S. is the largest individual market primarily because of its massive addressable market as well as its early adoption. To note, the U.S. has not federally legalized cannabis, but instead gave states the jurisdiction to decide for themselves. Consequently, 11 states and the District of Columbia moved to legalize recreational cannabis, while more than half the country approved medical cannabis use. In particular, California was the first state to adopt medical cannabis back in 1996. And shortly after, Oregon, Alaska, and Washington joined California and legalized medicinal cannabis in 1998. However, Colorado and Washington completely reshaped the entire industry after the two states moved to legalize recreational adult-use in 2014. By 2015, Colorado reported total cannabis sales of USD 995.59 Million, while Washington reported total sales of USD 486 Million. Meanwhile, Canada reportedly sold approximately USD 1.1 Billion worth of cannabis in the past 12 months, according to Cannabis Benchmark. Moreover, Canada recently launched its "Cannabis 2.0" program, which legalized additional cannabis products such as edibles and beverages. Now, the rapidly growing North American market is anticipated to push the global cannabis industry into mainstream markets. And according to data compiled by Ahead Intel, the global cannabis market was estimated at USD 14.5 Billion in 2018. By 2025, the market is expected to reach USD 107.67 Billion, exhibiting a CAGR of 33.17%. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), HEXO Corp. (NYSE: HEXO) (TSX: HEXO), OrganiGram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (TSX: TGOD), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH).
Organigram Provides Corporate Update
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of cannabis, provided a corporate update today and announced details for its fiscal fourth quarter ended August 31, 2019 ("Q4 2019") and full year 2019 conference call. The Company is scheduled to report its fourth quarter and full year earnings results for its fiscal year ended August 31, 2019 on Monday, November 25, 2019 before market open.