North American Cannabis Industry Growth Set to Explode as a New Era Begins
PALM BEACH, Florida, October 17, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
North American demand for legal marijuana is expected to jump dramatically as Canada will officially commenced its legalization of recreational marijuana today. According to the Cannabis Business Plan, recreational cannabis could experience annual revenues north of $8 billion by 2020 in Canada alone. This is forcing industry leaders to reinvest profits into the expansion of cultivation efforts as the consumer base grows and new markets emerge. Additionally, the momentum from other countries around the world, including the United States, is driving the industry forward as well. The upcoming mid-term election will feature cannabis as a prime topic for candidates and voters alike. The billion dollar industry has already exploded, but the growth will only continue to be steady as North America approaches full-recreational legalization. Active companies in the industry making moves to ready that include: Choom Holdings Inc. (CSE:CHOO) (OTC:CHOOF), Aphria Inc. (TSX:APH.TO) (OTCQB:APHQF), The Green Organic Dutchman Holdings Ltd. (TSX:TGOD.TO) (OTCQX:TGODF), Cronos Group Inc. (NASDAQ:CRON)(TSX:CRON), TerrAscend Corp. (CSE:TER.CN) (OTCPK:TRSSF).
Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom, an emerging adult use cannabis company is pleased to report on this historic date - the legalization of adult use cannabis in Canada and the end of prohibition - that its wholly-owned subsidiary, Specialty Medijuana Products Inc., has received a cultivation license from Health Canada.
October 17, 2018 will go down in Canadian history as the day cannabis was legalized for adult use from coast to coast, ending almost a century of prohibition. Choom is poised to become a major retail player in the adult use cannabis space, with stores scheduled to open across the country.
Choom has secured the rights to 52 retail opportunities across Western Canada and its rapidly expanding Alberta presence now stands at 29 in highly strategic and secure locations, with 14 Development permits and 11 building permits received from the various municipalities. With recently amended regulations in Ontario, Choom has deployed its real estate team throughout the province of Ontario to secure a significant cannabis retail footprint in Canada's largest adult use market.
Choom is executing an aggressive expansion plan to create a significant retail storefront brand in the Canadian adult use market and is committed to developing and acquiring retail stores as a top priority. In all cases, the retail opportunities are subject to all necessary governmental and municipal approvals being granted. This number is expected to grow over the coming months as the Company is currently negotiating additional leases with the intention of submitting applications for retail licenses.
Chris Bogart, CEO of Choom Holdings Inc, comments: "Now that legalization is finally here, we are continuing to aggressively roll out our retail strategy. We see a massive opportunity in the retail market, and our goal is to build Choom into an iconic Canadian retail storefront brand. This officially marks opening day in the adult use cannabis market in Canada, and we look forward to the day when Choom is synonymous with good times with good friends from coast to coast." Read this and more news for Choom at: http://www.financialnewsmedia.com/news-choo/.
Additional industry related developments from around the markets:
Aphria Inc. (TSX:APH.TO) (OTCQB:APHQF) earlier this week announced that it has completed its first shipment of cannabis oil to its Argentina -based subsidiary ABP, S.A. ("ABP" or the "Argentinean Company"), a pharmaceutical import and distribution company. In accordance with a previously announced supply agreement, the Company delivered 1,500 bottles of Aphria's renowned Rideau CBD oil, which were provided to Hospital de Pediatria Garrahan ("Hospital Garrahan" or the "Hospital"), a leading pediatric hospital located in Buenos Aires, for use in a clinical study focused on treating refractory epilepsy in children. Aphria acquired ABP last month when the Company closed its acquisition of LATAM Holdings Inc. ("LATAM Holdings"), expanding the Company's global footprint to include a leading presence in Latin America and the Caribbean . "Argentina will play a foundational role as Aphria cements its leadership in medical cannabis throughout the region," said Vic Neufeld, Chief Executive Officer of Aphria. "Aphria and ABP, in close partnership with the Argentinean government, continue to advance opportunities for medical cannabis in the country, including the potential for in-country cultivation. We are also proud to support the critical and necessary research being undertaken by Hospital Garrahan on the treatment of refractory epilepsy in children with our Rideau CBD oil."