HOUSTON, TX / ACCESSWIRE / April 30, 2019 / The cannabis market is gaining significant traction.
Over the last year, Canada approved its recreational use. More U.S. states are legalizing. Corporate America is using cannabis in everything from lotions and sunscreen to alcohol and sports drinks. President Trump signed the 2018 Farm Bill into law. And Congress has now submitted a cannabis bill that could potentially legalize cannabis at the federal level with S. 420.
In addition, nearly 7% of Americans currently use CBD, according to Cowen & Co. analysts.
According to Cowen's January 2019 consumer survey of 2,500 adults, 6.9% of respondents are using CBD at the moment. "This initial response piqued our interest considerably, as it was much higher than we would have suspected," they said, as quoted by the Press Herald.
By 2025, Cowen & Co. analysts believe CBD use will grow to 10% of Americans, which implies a potential $16 billion market opportunity.
As the momentum just begins to build, some of the top beneficiaries include MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF), Crop Infrastructure Corp. (CSE:CROP)(OTC:CRXPF), and Village Farms International (TSX:VFF)(NASDAQ:VFF).
MYM Nutraceuticals (MYM)(MYMMF) that it and partner, Elite Ventures, have acquired 1.6 million seeds with CBD levels of 10% to 20% from the recently built, state-of-the-art, 57,600 square foot nursery owned by Crop Infrastructure Corporation in Nye County, Nevada.
The newly built nursery is equipped with trays and LED lighting specially designed to enhance the growth of plant starts for the 2019 CBD farms licensed on Crop Infrastructure Corporation's various properties in the state. This was a key project in order to maximize yield, reduce farming risk and costs for the 2019 planting season.
"With 1.6 million seeds purchased and being prepared to be planted, our 2019 grow season is nearly underway," said Howard Steinberg, CEO of MYM. "The Nevada project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world."
For More Information on MYM Nutraceuticals, Inc. Click Here.
Crop Infrastructure Corp. (CROP)(CRXPF) recently announced updates on its Nye County CBD project. For example, the ground development for the 50,000 square feet of propagation greenhouses is underway and is expected to be completed within the next two weeks. The Micropropagation Team, on site, has begun tissue culturing for task of completing 4,500,000 hemp starters. The company has placed a deposit on 2,000,000 hemp farm bill compliant feminized seeds with delivery expected next month. Nutrients and highly composted fertile soils have been layered over the projects entire 1,350 acres of planned 2019 cultivation. The company also received additional licensing permissions to operate a hemp nursery.
The company has also been working with a PhD in Chemistry / Post-Doctorate in molecular pharmacology and biophysics and several engineers to scale CROP's own solvent-free commercial scale extraction to handle the large amount of hemp biomass and cannabis forecast for the 2019 season. CROP has finalized designs and tender for a ~10 ton per 8-hour shift extraction equipment for its Nevada and Country wide labs.
For More Information on Crop Infrastructure Corp., Click Here.
Village Farms International (VFF) recently created a joint venture with Nature Crisp for the outdoor cultivation of CBD hemp and CBD extraction in multiple U.S. states. The venture, Village Farms Hemp is finding locations where it will initially establish its hemp cultivation and CBD-extraction operations. The JV plans to start hemp field cultivation in spring 2019 and to have 500 to 1,000 acres in production during 2019.
"Since passage of the 2014 Farm Bill, we have recognized the significant potential for hemp and hemp-derived CBD, and have immersed ourselves in understanding the hemp plant and applying and refining our proven cultural practices, gaining profound knowledge with our 300-acre field crop last year," Phillip Jennings, III, chief business officer of Village Fields, said.
In addition, the company announced that its Delta 3 greenhouse in Canada, operated by Pure Sunfarms is now in production. It's expected to deliver annualized production capacity of 75,000 kilograms this year.
For More Information on Village Farms International, Click Here.
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