MarketNewsUpdates.com News Commentary
The Canadian cannabis industry, already comprised of companies worth an estimated $23 billion, is set to explode as the country nears nation-wide legalization of the substance. According to CIBC, the Canadians will spend nearly $7 billion on cannabis in 2020, making the retail cannabis market larger than the hard liquor market in Canada. This boom is causing intense competition within the industry, as companies are vying for resources to maximize production in response to the anticipated spike in demand behind the inevitable legalization. Canada has set the "green standard" for legal cannabis growth as Health Canada has been responsible for approving growing licenses and ensuring that demand and supply have remained somewhat balanced. This has resulted in an increase in mergers and acquisitions in the space, as well as overall high activity on the stock markets in the cannabis sector. Active cannabis stocks in the markets include: Choom™ Holdings Inc. (CSE: CHOO) (OTC: CHOOF), Canopy Growth Corporation (TSX: WEED) (OTC: TWMJF), Newstrike Resources Ltd. (TSX-V: HIP) (OTC: NWKRF), The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF), Hiku Brands Company Ltd. (CSE: HIKU) (OTC: DJACF).
Choom™ Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™, an emerging fully-integrated cannabis company, is aggressively pursuing retail opportunities in the Canadian marketplace. Choom™ has secured the rights to an additional 8 retail locations in Alberta, increasing the total to 17 applications in the approval process with the Alberta Gaming and Liquor Commission ("AGLC"). These retail store locations are subject to licensing by the AGLC and the receipt of all other necessary governmental approvals. This follows the Company's news release regarding the build-out of its cannabis retail store network, disseminated April 17, 2018.
A strong retail footprint will be instrumental in determining the brands that thrive in this new economy and Choom™ will be poised to capitalize on the coming wave of cannabis distribution with our retail strategy.
"Our goal is to secure significant market share where private cannabis retail stores are permitted. Increasing our footprint in Western Canada naturally strengthens our reach to consumers," states Chris Bogart, president and CEO of Choom™.
"With the coming recreational cannabis market, ensuring an elevated customer experience and positive initial impressions will be crucial. Our retail environments will be curated for an outstanding experience. We will continue to seek expansion opportunities to allow as many Canadians as possible to participate in the Choom™ experience of 'good times with good friends'." Read this and more news for Choom™ at: http://www.marketnewsupdates.com/news/choo.html
Additional industry related developments from around the markets:
Canopy Growth Corporation (OTC: TWMJF)(TSX:W EED.TO) recently announced it has applied to list its common shares on the New York Stock Exchange. The Company currently anticipates that, subject to the receipt of all required approvals, its common shares will begin trading on the NYSE before the end of May 2018 . In advance of listing on the NYSE, Canopy Growth will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission. The listing of the Company's common shares on the NYSE remains subject to the approval of the NYSE and the satisfaction of all applicable listing and regulatory requirements. Canopy Growth's common shares will trade on the NYSE under the ticker symbol "CGC" and will continue to trade on the TSX under the ticker symbol "WEED". A trading date will be made public once all regulatory formalities are satisfied.
Newstrike Resources Ltd. (OTC: NWKRF) (TSXV: HIP.V) recently announced the appointment of Jason Redman as Chief Financial Officer, subject to applicable regulatory and exchange approvals. Jason brings a broad range of skills in operations and financial management built over a career spanning more than 20 years. Most recently he served as Chief Financial Officer for Sirius XM Canada where he was instrumental in completing the organization's recapitalization go-private transaction. Prior to SiriusXM Canada, he served as President, Drainage Solutions at Armtec LP (a Brookfield company). In this role, Jason also served as President of the Corrugated Steel Pipe Institute and was an active member of the Management Committee of the U.S. Plastic Pipe Institute. Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms.
The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (TSX: TGOD.TO) recently announced it has added Cam Battley to its board of directors. Mr. Battley is chief corporate officer at Aurora Cannabis Inc., where he is the lead external-facing executive, responsible for establishing and managing relationships with various stakeholders operating in the cannabis sector. Mr. Battley is a member of the board of directors of Cannabis Canada, the trade association of licensed producers. With a background as a health sector management consultant, he combines experience in government, health care NGOs and the biopharmaceutical industry. Mr. Battley joined the company's board of directors effective May 1, 2018.
Hiku Brands Company Ltd. (OTC: DJACF) (CSE: HIKU.CN) announced last month the Company and WeedMD Inc. (WMD, WDDMF) they have entered into a definitive agreement to merge both companies, creating an industry leader. The Transaction combines two highly-complementary businesses and creates a unique and market differentiating vertically integrated company. Upon completion of the Transaction, existing Hiku and WeedMD shareholders will own approximately 51.75% and 48.25% of the combined company, respectively, on a fully-diluted basis. The combination of Hiku and WeedMD creates a premium cannabis brand house with fully vertically integrated operations, an expanding network of retail stores, a growing medical business and four scalable cannabis production facilities, two of which are currently licensed.
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