Cannabis Infused Market Projected to Reach $17.27 Billion By 2022
It seems that every new report on projected revenues in the cannabis markets, global and U.S and North America, all seem to agree on one thing: The cannabidiol (CBD) revolution will continue to rise. An industry insider, Technavio, who has been monitoring the global cannabis-infused edible products market, recently projected that the market is poised to grow by USD $17.27 billion during 2018-2022 at a CAGR of over 25% during the forecast period. The market is driven by the growing social acceptance of cannabis. In addition, the increasing number of countries decriminalizing cannabis is anticipated to further boost the growth of the cannabis-infused edible products market. As consumers accept, and even demand more CBD products, the future is projected to continue to rise in years to come. The Technavio report said: "The cannabis industry has emerged as lucrative business segment with immense potential for market growth and is attracting many new vendors and large investors. This is due to the increasing social acceptance of recreational marijuana and cannabis-infused edible products across different regions. This has not only increased the sales and revenues of major corporations but has also significantly added to the income of several governments. Vendors are witnessing an increase in the growth opportunities in businesses involving cannabis-infused edible products such as brownies, ice creams, and chocolates. Thus, the growing social acceptance of cannabis is expected to drive market growth during the forecast period." Active Companies from around the market with current developments this week include: Singlepoint, Inc. (OTCQB:SING), Medical Marijuana, Inc. (OTCPK:MJNA), mCig, Inc. (OTCPK:MCIG), Canopy Growth Corporation (NYSE:CGC) (TSX:WEED.TO), The Green Organic Dutchman Holdings Ltd. (OTCQX:TGODF) (TSX:TGOD.TO).
Additionally a report from Statista has reported that it expects that U.S. consumer sales of CBD will reach around $1.8 billion U.S. dollars by 2022. That would be a massive increase from around half a billion dollars in 2018. Thus, the CBD consumer market is following the trend of the total legal cannabis market in the U.S., which is projected to be a 23-billion-dollar business by 2025.
Singlepoint, Inc. (OTCQB:SING) BREAKING NEWS: SinglePoint Announces Distributor Agreement with JTI USA - Singlepoint announces a new distribution agreement that allows for the expanded footprint of PrimeTime little cigars in North America and will be attending the 2019 MJBIZCON show in Las Vegas December 11-13 booth number C9132. The company recently signed on as a distributor for JTI USA, part of the JT Group of companies, a multibillion-dollar organization with international presence in 130 countries. Initially, SinglePoint will start out by supporting to further drive the distribution and sales of PrimeTime Little Cigars.
Distributors and Retailers interested in carrying these innovative products please call 855-203-3318
"We are excited to be working with SinglePoint. SinglePoint CEO Mr. Lambrechts' prior experience in distribution of premium cigars, we believe will lead to continued growth of JTI USA products and the PrimeTime(TM) brand," states Renee Duszynski Director of Sales JTI.
SinglePoint will commence sales and take orders for JTI's "PrimeTime Little Cigars" at the 2019 MJBIZCON being held at the Las Vegas Convention Center, December 11, 12 and 13.
"I'm excited and honored to be working with JTI to distribute PrimeTime Little Cigars... The opportunity to work with a global leader in this category is exciting and we are ready to expand Primetime's U.S. market share with our unique experience in alternative markets. Having placed premium cigars in over 30,000 accounts, we expect this opportunity to be one of our major revenue sources in coming years, and to distribute additional JTI products as we grow this category", says Greg Lambrecht, CEO SinglePoint."
PrimeTime Little Cigars are known as "The best flavored little cigars on the market" available in many flavors such as: Cherry, Grape, Vanilla, Peach and more. This tobacco product line offers a great alternative to cost conscious adult smokers, looking for a quality product.
"Innovation has always been central to what JTI does... For example, PrimeTime has the only encapsulation machine that can manufacture and package individual PrimeTime Little Cigars," Lambrecht says. Read this and more news for SING at: https://www.financialnewsmedia.com/news-sing
In the industry developments and happenings in the market this week include:
Medical Marijuana, Inc. (OTCPK:MJNA), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, recently announced that subsidiary HempMeds® Brasil applauds ANVISA (the National Agency for Health Supervision) for unanimously approving the regulation of medical marijuana to be sold at pharmacies and drugstores nationwide. Brazil's new regulations will be published soon on the Federal Official Gazette and entered into law 90 days after that.
"These new regulations to allow the rollout of cannabis products in pharmacies and drugstores create a new category of medicinal cannabis products in Brazil," said HempMeds® Brasil Vice President Caroline Heinz. "This change will allow patients almost immediate access to CBD products - a huge difference from today where the process takes three months. The approximate four million patients in Brazil can benefit from medical cannabis much easier with the ability to visit their doctor's office and go directly to a pharmacy. We hope that this will encourage more people to see how cannabis could help improve their health and wellness."
mCig, Inc. (OTCPK:MCIG). a company focusing on the marketing, sale, and distribution of CBD products, recently announced that it has entered into a binding letter of intent ("LOI") to create a joint venture with Bare Roots Rx LLC., a leading supplier of high quality, organic botanical CBD products.
Under terms of this agreement, mCig will own 51% of the joint venture in exchange for marketing support, new sales channels, technical support and much needed equipment. Bare Roots Rx has current revenue of approximately $1M and pending orders for 2020 far in excess of current levels. The new Joint Venture will operate two distinct divisions: health care space and consumer products. These divisions will be supported by a medical and scientific advisory board.
Canopy Growth Corporation (NYSE:CGC) (TSX:WEED.TO) recently officially revealed its Cannabis 2.0 portfolio of products last week, set to come to market as part of the second wave of Canadian cannabis commercialization. With December 16, 2019, being the first date new product formats can be sold into distribution channels, the Company expects that in most markets new products will not be seen on shelves until early in January 2020. Leveraging learnings from Cannabis 1.0, the Company will stagger its launch of various products and formats to ensure a smooth roll-out. As such, availability will vary by province based on their individual ordering and distribution activities. While the Company is providing this update in advance of the launch of Cannabis 2.0 products, for competitive reasons, it will not provide ongoing updates during the actual rollout period.
The Green Organic Dutchman Holdings Ltd. (OTCQX:TGODF) (TSX:TGOD-TO.TO), a leading producer of premium certified organic cannabis, recently announced that it has received its inaugural purchase order from the BC Liquor Distribution Branch ("BCLDB"), further expanding its Canadian distribution footprint. The Company also obtained a licence amendment from Health Canada, allowing it to launch cultivation operations at its flagship Valleyfield hybrid greenhouse.
The addition of British Columbia means that TGOD now has the ability to distribute its products to a total of 527 retail locations across five provinces, or 82% of Canada's current store count. With the number of cannabis stores poised to increase from 639 to over a thousand in 2020, the Company is continuing to strategically develop and nurture solid relationships with provincial boards and retailers, cementing its position as the leading certified organic brand.
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