With the global legal marijuana market is forecast to reach USD $146.4 billion by 2025, according to a report by Grand View Research, it is no wonder why the sentiment surrounding the stocks in the sector remains positive. The growth of the marijuana industry is mainly driven by the rising adoption of marijuana in several medical applications as well as the increased legalization seen around the world.
The North American legal marijuana market alone amounted to $12 billion last year, and analysts forecast that the market will reach $25.5 billion by 2021, according to a report by Cannabis Business Plan. As the marijuana sector continues to grow like a weed, investors continue to place their bets on several marijuana stocks.
ParcelPal (PTNYF) (PKG) , a technology-driven logistics company purposed with connecting consumers to the goods they love within an hour, announced achieving a major milestone of completing over 2 million deliveries. The company plans to move forward by expanding their technology, complete more join ventures and to push the platform on multiple consumer verticals, while expanding services across Canada as well as the United States.
Furthermore, ParcelPal is in the final stages of launching medical and recreational cannabis delivery in Canada with Choom Holdings (CHOOF) and recently signed Kiaro, expected to begin in April 2019 with further details will follow.
President and CEO Kelly Abbott states, “We are extremely excited to have achieved this major milestone. Our growth in 2018 was tremendous and our team has grown significantly. We are looking forward to a successful rollout in the cannabis industry amongst other verticals in the coming months across Canada with existing and future partnerships.”
Choom Holdings Inc. (CHOOF) (CHOO.CN), an emerging adult and medical use cannabis company in Canada, announced that it intends to expand into the state of Florida which now allows the use of smokable medical marijuana products, through its wholly owned US subsidiary, Choom Holdings USA Inc., and has signed a letter of intent to purchase a 95% equity interest in a Florida-based vertically-integrated cannabis applicant.
“We are very excited to be expanding into Florida and to bring Choom’s medical brand into that market. Florida’s medical marijuana program is a very attractive opportunity for us seeing that it allows for vertically-integrated operations and it has been a market we’ve had our sights on for a while now.” states Chris Bogart, President & CEO. “This investment aligns with our strategy of becoming a multi-state operator in the US and helps us to bolster our growth targets. Florida is home to over 21 million residents and has shown impressive year over year growth on the number of registered patients with a large portion of the market being relatively uncaptured.”
The FL Company is progressing on its Master License application to operate up to 25 retail locations with potential for more as well as a micro-processing and cultivation facility for medical purposes. Upon completing the transaction, Choom will use its medical brand, Clarity Medical Centres, to create a network of branded Medical Marijuana Treatment Centers.
Canopy Growth Corporation (CGC) (WEED) announced that it has received a cultivation license from Health Canada for its facility in Fredericton, New Brunswick. With this licensing, the company predicts the facility will initially produce over 5,000kg of cannabis annually, with first harvests expected within six months. Developed in collaboration with Canopy Rivers Inc. (TSXV: RIV) and operating under Canopy Growth’s Tweed brand, the facility will support the Company’s global and local operations and expects to create more than 130 jobs.
“New Brunswick has emerged as a leader in the legal cannabis sector and the province is an excellent place to do business,” said Bruce Linton, co-CEO and Chairman, Canopy Growth. “We will leverage our existing operational expertise to ensure we support the needs of our customers while making a meaningful contribution to the local economy primarily through new job creation.”
This news followed the company’s announcement it has acquired AgriNextUSA, a hemp enterprise led by CEO Geoff Whaling, to accelerate Canopy Growth’s entry into key American jurisdictions. As previously mentioned, Canopy Growth is on track to build the first Hemp Industrial Park in the Southern Tier of New York State, after receiving a state license to produce and process hemp. Canopy growth committed to invest $100M to $150M into a hemp operation as well as the production of high-quality CBD products.
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