As recently as a few decades ago, the legal cannabis market was dominated by flower and hash products. Then, the industry experienced a shift.

Cannabis smoking was on the decline and consumers were heating the plant’s oily extract to obtain higher THC concentrations. Now, when you enter any retail dispensary, you’ll find shelves fully stocked with a variety of extract options. For those who aren’t familiar with extracts, there is a lot to learn.

Extracts are more effective than their plant-based counterparts and easier and more convenient to consume discreetly. Formerly a very narrow niche in the industry, the portability and potency of extracts continue to rapidly expand.

Although traditional flower sales have had a stronghold on the market for years, cannabis extracts are eclipsing flower sales in several markets. New technologies and techniques are enabling producers to cultivate a wider variety of extracts in more efficient and effective ways.

The extracts market is therefore rapidly increasing. According to a recent report from Grand View Research, extractions alone could make up $28.5 billion of the global cannabis industry by 2027.

According to Steve DeAngelo, co-founder and chairman emeritus of the Oakland, California-based Harborside cannabis chain, most active ingredients in cannabis are contained in trichomes: the sticky crystalline structures that sit on the plant’s surface. “The point of every extraction method is to detach the trichomes from the underlying vegetable material, taking away as little of the underlying vegetable material as you can,” DeAngelo explained.

Many categories of cannabis concentrates are primarily defined by their final form:

• Shatter, a clear extract. Its texture ranges from what has been described as “snappy and toffee-like” to “brittle and glass-like.”
• Wax, also known as budder or frosting, has a consistency that is much softer than shatter.
• HTFSE, or High Terpene Full Spectrum Extract, is rich in flavor. Conventional extraction methods with harsh heat environments can destroy terpenes. HTFSE, however, is a new extraction method that shifts focus from cannabinoid potency, to terpene preservation. New technology enables techniques like flash-freezing plant material and exposure to extremely low temperatures and the proper light solvents.

Most extracts in today’s market use solvent-based extraction techniques, where solvents are flushed through a high-pressure chamber to wash cannabinoids and terpenes from the flower. One company seeing great success with this method is Pure Extracts. The company’s Vitalis CO2 Extraction system produces Full Spectrum Oil (“FSO”), which is one of the purest and highest quality oils. Pure Extracts is nicely positioned to offer a variety of different product formulations in the near future, each with specific functionalities.

Considering how far the industry has progressed in recent years, it will certainly be interesting to see what the industry looks like in the future.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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The state-legal cannabis industry has been growing steadily over the years, with the sector worth an estimated $13.6 billion as of 2019. At the moment, 33 states have legalized medical cannabis and Virginia is set to join the club. The state’s medical marijuana law had been a constant source of confusion and frustration for reform advocates until Gov. Ralph Northam recommended an amendment to revise the language of the legislation to expand patient access to the plant and grant them legal protections.

The state’s medical cannabis program is set to launch soon with four medical marijuana dispensaries opening their doors this year, according to Virginia NORML. Dharma will open in Bristol in mid-August, Green Leaf hopes to open in Green Leaf while Columbia Care and Beyond/Hello have not yet provided opening dates. Under recent legislation, the five licensed processors will be allowed to open five more dispensaries called pharmacies in designated “Healthy Service” regions throughout the state. One license is currently vacant after MedMed Enterprises was recently forced to give up its license.

At the moment, medical cannabis products sold in the state will be limited to cannabis oils, edibles such as lozenges and lollipops and vape cartridges with single doses capped at 10 milligrams of THC. However, medical cannabis proponents are hoping for the addition of flower sales in a year or two under a Democratic-controlled legislature and Democratic governor. This would without a doubt increase opportunities in the industry which is estimated to reach a modest $50 million in sales by 2024.

According to projections from the new Marijuana Business Factbook, medical cannabis sales in Virginia will reach only $9 million in the first full year in 2021 and grow to $45 million-$55 million by 2024. The projections would increase tremendously if Virginia lawmakers allow the sale of flower. “There’s a good chance of flower and adult use in the next year or two,” says Erich Mauff, founder and co-president of Florida-based multistate operator Joshi Holdings. His firm holds one of the five vertically integrated licenses issued by the state.

New York based MGO Columbia Care, another license holder, said that it is “preparing for a dynamic market with high growth potential.”

A group of Round One applicants who didn’t secure one of the five licenses as well as firms interested in getting in the business have formed the Virginia Cannabis Industry Association. They are fighting to open the market to additional business opportunities such as stand-alone cultivation and retail licenses. “We think limiting the availability of the market to five companies doesn’t encourage the type of competition that would be helpful to consumers,” says Rebecca Gwilt, executive director of the industry association.

Industry watchers say the entire cannabis industry, including entities like Pure Extracts Corp., is hoping that the program finally takes off and patients get a chance to try cannabis products to alleviate their health challenges.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Hemptown, a diversified, industry-leading cannabinoid company, and its management is focused on ensuring that the company completes a liquidity event in the foreseeable future and plans on providing specific details surrounding its liquidity strategy to investors in the coming weeks. That information, along with sales numbers, timely information about the company’s plans to farm exclusively on its Oregon property, and marketing and processing updates were provided in an investor letter from Hemptown USA co-founder, president and director Michael Townsend. “With the leadership of our new CEO Eric ‘Grip’ Gripentrog, we have embarked on a new brand roll up strategy with five acquisition/merger targets currently under NDA,” Townsend stated in the letter. “We are also pleased to announce we have completed a bi-annual interest payment to our convertible debenture holders on June 30th, 2020. We thank the debenture holders and shareholders for their continued support of the company as we execute on our ambitious growth strategy and work towards a liquidity event.”

To view the full shareholder letter, visit http://cnw.fm/fiJqR

About Hemptown

Hemptown is a diversified, industry-leading cannabinoid company delivering a diverse product offering across the value chain and in multiple sales channels, to meet the growing global demand for cannabinoid-based products. State-of-the-art cultivation in Oregon’s Rogue Valley, FDA-licensed and cGMP-certified product manufacturing, and a strong leadership team with Fortune 500 experience, including at Kellogg’s, Nike and Intel, are the pillars for Hemptown’s growth model as the company pushes into the consumer-packaged goods sectors with top-quality, white-label and branded product lines for the consumer market. For more information, visit www.HemptownUSA.com.

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