NEW YORK, March 16, 2021 /PRNewswire/ — Due to recent regulatory changes, the cannabis industry is slowly evolving out of the black market and morphing into a global economic powerhouse. As such, the CBD market is much more attractive in the U.S. because of the passage of the Farm Bill in late 2018. The bill legalized hemp-derived CBD products as long as they contained 0.3% THC or less. Consequently, CBD products began to rapidly emerge in retailers across the country. Even though both hemp and marijuana belong to the cannabis family, the major difference between the two is that CBD does not stimulate psychotropic effects, while THC does indeed cause mind-altering effects. Now, as a result of this understanding, more countries have become keen to approve CBD as a medical treatment solution. HempFusion Wellness Inc. (TSX: CBD.U) (OTC: CBDHF), Tilray, Inc. (NASDAQ: TLRY), Aurora Cannabis Inc. (NYSE: ACB), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Trulieve Cannabis Corp. (OTC: TCNNF) (CSE: TRUL)
Currently, the medical cannabis sector accounts for the majority of the market share. Additionally, progress is slowly being made in removing the stigmas associated with such products. Medical cannabis is predominantly being used to alleviate symptoms associated with afflictions such as chronic pain, cancer, and epilepsy. Positive data has even led many U.S. states to legalize medical cannabis, as CBD products, in particular, have become more popular and well-known due to their lack of psychoactive effects many associate with cannabis. For example, in a survey conducted by HelloMD and Brightfield Group, approximately 60% out of 2,400 patients said that CBD participants used the compound to successfully treat insomnia or other sleep problems. Meanwhile, 42% of CBD users stopped using traditional medications and now use cannabis instead, and 80% of CBD users found CBD to be very or extremely effective for treatment.
HempFusion Wellness Inc. (TSX: CBD.U) (OTC: CBDHF) announced last week, „that its OTC Topical Products have ranked number one in both sales dollars and units sold at a major Food & Drug Mass („FDM”) retailer according to a recent NielsenIQ share report.
’Ranking #1 across all measured data, including #1 in sales by dollar volume and #1 by SKU volume, is a tremendous honor. Consumers are validating our team’s mission of providing best in class products that adhere to the highest standards of regulatory compliance,' commented Jason Mitchell, N.D., the Company’s Co-Founder and Chief Executive Officer. 'Since its inception in 2015, HempFusion’s goal has been to develop and provide consumers with the highest quality products on the market, without compromise. We are meticulous in sourcing the right raw materials, ingredients, and delivery methods to help consumers live a more balanced lifestyle, and the FDM channel provides us with an unprecedented distribution opportunity to help us reach those consumers,' continued Dr. Mitchell.
The FDM channel represents the largest sales opportunity for the Company’s products by dollar volume. According to Brightfield Group, in Q3, 2020, 41% of CBD consumers reported they recently started shopping in-store again for products that contain CBD; and CBD specialty retailers and pharmacies saw an uptick in consumer-reported purchasing. HempFusion looks forward to leveraging this initial FDM channel success with other major retailers across the United States and abroad.
’The Food & Drug Mass channel has been a significant focal point of HempFusion’s strategic distribution plan, and to see our products quickly become the top-selling CBD brand according to NielsonIQ, in this entire Top 5 FDM Grocery retail chain, is incredibly exciting,' commented Jon Visser, the Company’s Chief Revenue Officer. 'This third-party data demonstrates that our overall strategy of producing premium products with a focus on regulatory compliance, consumer messaging, and the right price point is resonating very well with category shoppers. We believe this is just the beginning. We are in continued talks with other top FDM retailers both domestically and internationally to ensure this data is widely available,' continued Visser.”
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Tilray, Inc. (NASDAQ: TLRY) announced last week that it has received the necessary approvals from New Zealand’s Ministry of Health and the Medicinal Cannabis Agency to launch Tilray medical cannabis products across the country. Tilray is one of the leading providers of medical cannabis in Australia and New Zealand for commercial, compassionate access, and research purposes and the first Licensed Producer to legally export medical cannabis from North America to Australia and New Zealand from its Good Manufacturing Practices (GMP)-certified facility in Canada. Brendan Kennedy, Tilray’s Chief Executive Officer, said, „As medical cannabis regulations continue to progress around the world, we’re incredibly honored to be recognized as a trusted partner in offering the highest-quality medical cannabis products. We are grateful to partner with New Zealand’s Ministry of Health and the Medicinal Cannabis Agency to improve access for patients in need across the country.”
Aurora Cannabis Inc. (NYSE: ACB) reported earlier this year that it has entered into a strategic agreement with MedReleaf Australia („MedReleaf”). The companies have signed a five-year supply agreement, which provides for MedReleaf to act as the exclusive supplier in Australia of Aurora’s MedReleaf, CanniMed and Aurora brands. Products covered by the agreement will be EUGMP certified and include dried flower, oils, and soft gels, as well as future products employing new delivery mechanisms. The agreement does not require or include any capital investment by Aurora.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced last year that the Company was recognized by the Toronto Stock Exchange as the third top-performing company on the Toronto Stock Exchange’s 2020 TSX30 list, a flagship program recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation. „Cronos Group’s recognition by the TSX30 initiative is a welcomed acknowledgment of all the hard work we have put into building Cronos Group over the past three years,” said Mike Gorenstein, Executive Chairman, Cronos Group. „We’re looking forward to continuing to build and create long-term value for our shareholders by focusing our efforts on R&D, innovation and creating quality products.” Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents.
Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL) announced last week that it has partnered with Morehouse School of Medicine to fund and conduct medical cannabis research and education. Trulieve and the Morehouse School of Medicine have entered into a mutually agreeable collaborative research, education, and development agreement where Trulieve Georgia will support Morehouse School of Medicine medical cannabis-related research and development projects, and provide course education opportunities and resources. Among the first of its kind in the United States and as one of Trulieve’s core long-term objectives, this partnership will represent one of the initial steps toward the development of personalized medical cannabis treatment.
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