POINT ROBERTS, Wash. and DELTA, British Columbia, July 05, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a global news source and investor resource covering cannabis stocks issues a sector news alert on Canadian cannabis stocks following the Senate’s recent passing of Bill C-45 to federally legalize cannabis.
Receiving royal assent, the bill is now officially law and sales are expected to begin mid-October. Industry analysts are now releasing new data and trying to predict what this new era of legalized cannabis will add to the economy.
In a recent Deloitte report , A society in transition, an industry ready to bloom , “Canadians are expected to spend as much as $7.17 billion on cannabis products in 2019 and increase their overall consumption by up to 35 per cent once recreational cannabis is legalized later this year, according to a new report by Deloitte. Legal recreational cannabis sales could generate up to $4.34 billion in sales, accounting for more than half of total cannabis sales, but the illegal market could still be worth more than $1 billion a year.”
“Uruguay and Canada are leading the way on adult-use legalization, and Germany broke barriers in 2017 on medical-use availability. This means worldwide spending on legal cannabis should hit $32 billion by 2022,” said Tom Adams, Editor-in-Chief at Arcview Market Research and Managing Director of BDS Analytics’ Industry Intelligence Division.
As industry and investors gear up for a brave new world of cannabis in Canada, several companies weighed in on the historic event and followed up with news demonstrating the momentum the sector is witnessing.
EVITRADE Health Systems Corp. (CSE:EVA) (OTCQB:AXHLF) issued commentary on June 20, 2018 saying, “The Senate overwhelmingly voted in favour of the revised bill from the House of Commons which should create a fully federally legal cannabis program for Canada within eight to twelve weeks. This vote will provide a framework from which companies like ours can utilize advanced scientific research and developments to operate successfully within the cannabis market in Canada.”
Two days later EVITRADE Health Systems Corp. issued follow- up news reporting they had signed a Letter of Intent to collaborate with West Coast Medical Solutions Ltd. (WCMS). “WCMS together with their partner Ecovita Packaging Ltd. intend to undertake a project to apply to become a Licensed Dealer (LD) as issued by Health Canada for Class A precursors. The Company will focus on uses regarding medical cannabis, THC and cannabidiol (CBD). Ecovita maintains a relationship with Medtrica Canada which is privately owned by one of the shareholders of WCMS. Medtrica holds a FDA and Health Canada MDEL (Medical Device Establishment License) and is an ISO13485 medical products manufacturer in British Columbia, Canada. Medtrica is also currently building a brand new 40,000 sq. ft. state of the art manufacturing, processing, and packaging facility with an estimated completion date in October 2018.”
“This latest agreement provides the manufacturing capabilities and access to a fully accredited ISO13485 medical device manufacturing facility; which will greatly strengthen our overall biotech capabilities and provide a level of integration that will make us more competitive and efficient." to become a certified Licensed Dealer, we will be able to further our plans to develop and distribute medical grade products that can potentially solve a series of ailments that plague the human condition," said CK Cheung, CEO of Evitrade."
A well-known name on the playing field also issued a statement following the passage of Bill C-45. Vic Neufeld, CEO of Aphria ( Quote and Quote ) said, "Today's passage of Bill C-45 through the Senate is a historic milestone towards safe and legal recreational cannabis in Canada. We applaud the government's drive to establish a rational regulatory framework for adult-use cannabis that is designed to protect public health and safety, restrict access to youth, and eliminate the black market. It is a significant day that further cements Canada as the preeminent leader in the global cannabis sector."
On June 29 th Aphria announced that it has signed a Supply Agreement with the Manitoba Liquor and Lotteries Corporation to provide a portfolio of high-quality, branded cannabis and cannabis derivative products for sale in Manitoba's adult-use market.
“Under the terms of the Agreement, the Company will supply up to 2.7 million grams of cannabis and cannabis derivative products in the first year of the agreement, including both Ontario and BC dried flower, pre-rolls and cannabis oils. The wide range of products will be available for sale at licensed retailers across the province. It is anticipated that additional products currently being developed by Aphria, such as vapes and edibles, will also be made available in Manitoba when authorized for sale under the Cannabis Act.”
Recognized leader and first NYSE listed cannabis stock, Canopy Growth Corporation ( Quote ) ( Quote ) said,”We welcome the recently announced Cannabis Regulations in support of the Cannabis Act, one of the final steps in the progression towards a national system for the regulated production, sale and consumption of quality-controlled cannabis in Canada.”
“The regulations, upon an initial review, present an exhaustive and sophisticated system for production and marketing, and are in-line with the Company's expectations. They represent the culmination of years of experience gained through the medical cannabis system, and will serve Canadian patients, adult-use consumers, producers and stakeholders well as the country approaches the end of cannabis prohibition.”
Canopy announced on June 29 th they also had completed an agreement with the Manitoba Liquor and Lotteries Corporation to supply the province with high quality cannabis products.
“Under the terms of the agreement, Canopy Growth will supply the Manitoba market with up to 6,500 kilograms of cannabis products over the next twelve months to meet demand from the adult use recreational cannabis market set to open on October 17, 2018.”
Commenting on the royal ascent, CannTrust Holdings Inc. ( Quote ) released news saying, “CannTrust is applauding the granting of Royal Assent to Bill C-45, the Cannabis Act. With Royal Assent received, the legislation legalizing cannabis for adult consumer use has now passed its final official step, and retail sales are to commence on October 17, 2018, as announced by Canada's federal government.“
"While the federal government has recently announced the commencement date for adult consumer use, CannTrust has been working towards this date for a very long time. We are well positioned for this rapid growth with our new product offerings, infrastructure, research and development and staffing. At the same time we continue to lead the medical industry through our customer support, innovative portfolio and most of all, our trusted standardized products. Initial adult consumer use order discussions with the Provinces have exceeded our preliminary estimates reflecting the market's confidence in our abilities and the understanding of our consistent quality. This truly is an exciting and momentous time for both our Company and our nation", says Brad Rogers, President of CannTrust.
CannTrust is initially launching three recreational brands of Cannabis in Canada – liiv, SYNR.G and Xscape. This trio of brands will address the needs of three distinct target audiences: the knowledgeable enthusiast, the social consumer and the experience seeker. Each of the brands will include a set of carefully curated strains and the products will be available in a variety of formats including dried flower, pre-rolls, oils and capsules.
Sources – Deloitte news: https://globenewswire.com/news-release/2018/0...ation.html EVA press release: https://finance.yahoo.com/news/evitrade-healt...00109.html Arcview APH news: https://finance.yahoo.com/news/aphria-welcome...00136.html APH news https://finance.yahoo.com/news/aphria-signs-s...00522.html WEED news https://finance.yahoo.com/news/canopy-growth-...00675.html WEED news https://finance.yahoo.com/news/canopy-growth-...00627.html TRST news https://www.newswire.ca/news-releases/canntru...43691.html
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