SEATTLE, Jan. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing Biome Grow Inc. (CSE: BIO) (OTCQB: BIOIF) (FFT: 6OTA) and its recently announced news. The company’s Nova Scotia-based subsidiary, Highland Grow Inc., secured and delivered upon its first purchase order with the Nova Scotia Liquor Corporation (“NSLC”). Less than a week later, the company announced that it had received a second purchase order as demand remains robust. Investors may want to take a closer look at the stock as it enters a commercial stage.
Canada’s cannabis industry is projected to reach C$22.6 billion over the coming years, according to Deloitte, driven by the legalization of recreational cannabis last year. After the landmark legislation, many licensed producers were caught off-guard by the high level of demand that quickly soaked up the available supply. These dynamics have created an opportunity for companies that already have cultivation and sales licenses.
Nova Scotia’s Market
Nova Scotia has experienced a cannabis supply shortage since legalization was enacted last year. With no local licensed producers with sales permits—prior to Biome Grow’s recent sales license—the government-run cannabis retailer was forced to order 3.75 million grams from 14 external licensed producers in Ontario, New Brunswick, and Alberta to meet demand. But these orders haven’t been sufficient to meet strong local demand.
The Nova Scotia Liquor Corporation, which handles the province’s retail sales, indicated that it would transition to local suppliers as soon as they came online. The rationale is that these local suppliers would prioritize their home province and be better positioned to offer products that appeal to Nova Scotians more than external licensed producers that lack in-depth knowledge of the local market and its taste preferences.
Biome Grow’s Highland Grow subsidiary secured a sales license in late-December, making it the second native Nova Scotia licensed producer that could sell to the market (rather than just cultivate in the province). By focusing on the unique requirements of the local market, Highland Grow is well positioned to capitalize on the growing local demand and generate significant revenue for investors over the long-term.
Commercialization Stage
Biome Grow recently announced that its Nova Scotia-based subsidiary, Highland Grow Inc., secured its first two purchase orders from the Nova Scotia Liquor Corporation (“NSLC”) with genetic variations that are well-suited to the tastes of the local market. Management indicated that the first shipment was received and sold quickly since they were highlighted as being locally-sourced through premium in-store positioning and other initiatives.
“As a team of proud Nova Scotians, we are excited to see the first shipment being delivered from our locally-established facility to the Nova Scotia consumer,” said Highland Grow President Frank MacMaster. “Biome and Highland Grow are preparing to meet the unprecedented increase in demand and do our part to eliminate the current supply shortage in our home province, and throughout Canada’s legalized cannabis market.”
Looking Ahead
Biome Grow Inc. (CSE: BIO) (OTCQB: BIOIF) (FFT: 6OTA) represents a compelling opportunity within Canada’s cannabis industry. In addition to Highland Grow’s focus on Nova Scotia, the company has four other subsidiaries, including a late-stage applicant in Newfoundland, a late-stage applicant in Ontario, a company located in Prince Edward Island, and a developer of virtual reality solutions for the cannabis industry in Ontario.
For more information, visit the company’s website at https://www.biomegrow.com/ .
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