The legal marijuana market is forecast to reach USD $146.4 billion globally by 2025, according to a report by Grand View Research. This rapid growth is supported by increased global legalization and the rising adoption of marijuana in numerous medical applications.
As far as the stock market is concerned, legal recreational marijuana will account for as much as 61% of the industry overall with the other 39% going to medicinal cannabis as well as the black market on the substance. Despite this, many marijuana stocks have been able to make quite a name for themselves given the massive amount of momentum and propensity toward future growth that the industry has shown.
Premier Health Group, Inc. (PHGRF) (PHGI) announced its expansion plans to formally enter the cannabis clinic space and has been in discussions with Canadian ACMPR-Licensed Producers in order to partner with a, or multiple, Licensed Producers.
“We are currently working on a partnership model to hard code the decision-making process into the Electronic Medical Records (EMR),” said Dr. Essam Hamza, CEO. “There has been a critical gap between the patient’s need for medical cannabis and the doctor’s knowledge and comfort level in prescribing it. At Premier we understand the frustration felt from both the patient and the doctor and are integrating what we think is a revolutionary process. This new tool will allow us to provide a much-needed service to the 287 clinics and almost 3 million patients in our ecosystem.”
Most recently,Premier Healthannounced the launch of a technology enabled mental health initiative which will focus on providing app enabled mental health counselling for patients in urban and remote populations as well as growing its full-time development team at Cloud Practice by hiring 3 Web Software Developers and 1 User Interface/User Experience Designer to support the build out of its patient centric platform and mobile app – a beta version of which will be available by end of Q2.
The company is also in the process of closing on two operating pharmacies in Metro Vancouver and has entered into a strategic partnership with a major online healthcare company in China, 360 Health enabling the Premier’s healthcare team to connect with patients virtually in China to provide second opinion services.
Arcadia Biosciences,Inc. (RKDA) announced with the creation of Arcadia Specialty Genomics™, the company is dedicating a first-of-its-kind strategic business unit to the optimization and standardization of cannabis plant content, quality, climate resiliency and yield. Arcadia Specialty Genomics will focus on the hemp market intends to conduct its business only in federal and state markets in which its activities are legal.
“Within the rapidly growing legal cannabis industry, we see enormous opportunity in – and demand for – improved plant quality, productivity, consistency and resilience,” said Raj Ketkar, president and CEO. “With this new operating unit, Arcadia Specialty Genomics, we are uniquely qualified as a proven crop improvement company equipped to address the legacy challenges facing a plant that until recently was largely grown unlawfully.” Ketkar added, “I can think of no one better than Matt Plavan, an industry veteran with a track record of leading transformational market pivots, to lead our new strategic business unit.”
According to Mr. Plavan, hemp’s newly legal status creates significant opportunities for a company known for its agronomic excellence. “As we’ve evolved from an agricultural trait provider to a functional ingredient seller, we’ve developed capabilities and partnerships which will drive innovation and growth in hemp-derived oils such as CBD and other functional plant properties. As with our wheat and soybean products, we will create hemp-based solutions that allow farmers to be more productive and enable consumer packaged goods companies to differentiate their brands in the marketplace.”
Aurora Cannabis Inc (ACB) announced it will acquire 51 percent of Gaia Pharma, which will change its name to Aurora Portugal Ltd. Gaia Pharma recently received approval to build a cannabis cultivation facility in phases compliant with EU Good Manufacturing Practices. The first phase is expected to be completed in the third quarter of 2020 with a production capacity of 2,000 kilograms of cannabis annually, with the second phase planned to expand the capacity to 4,000 kilograms.
Earlier this week, Aurora also announced that both its Aurora Sky and MedReleaf Bradford facilities are now fully licensed by Health Canada for the production and sale of cannabis and cannabis derivative products.
“The rapid scale-up of our production capacity – with our Sky and Bradford facilities specifically adding over 128,000 kg per year in capacity – is resulting in significant increases in product availability across our domestic medical and consumer, as well as our international market segments, over the coming months,” said Terry Booth, CEO. “Current production at Aurora Sky, with recent harvests exceeding target yields, validates our production philosophy and our investment in high-tech, highly automated facilities. MedReleaf Bradford employs best practices identified during the integration of the Aurora and MedReleaf organizations and is consistently delivering exceptional yields and high-quality product that has resonated well in both the medical and consumer markets.”
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