- Spending on legal cannabis worldwide expected to hit $57 billion by 2027
- Canadian government preparing to legalize cannabis-infused edibles and beverages by mid-2019
- Investments into cannabis-related companies topped $1.2 billion over first five weeks of 2018
Liberty Leaf Holdings Ltd. (CSE: LIB) (OTCQB: LIBFF) (FSE: HN3P), a vertically-integrated cannabis company with strategic investments in proven, revenue-generating businesses, is building a diversified portfolio that includes marketing a wide range of high quality, medicinal grade cannabis products with tremendous promise for both human and veterinary use. Liberty Leaf and its wholly owned subsidiary, North Road Ventures, recently signed an agreement with Cannabis Compliance Inc. (“CCI”) to establish Good Manufacturing Practice (GMP)-compliant processes and procedures in producing its finished products (http://cnw.fm/k9W56).
“We are extremely excited to be working with CCI in establishing GMP manufacturing capabilities in-house,” Robert Jackman, scientific project manager/fulfillment for Liberty Leaf, stated in a news release. “This opens the door for North Road to obtain industry certification and regulatory authorization and/or licensing, as needed. It facilitates the manufacture and sale of a wide range of medicinal-quality products for both human and veterinary use – not just cannabis and cannabis-containing finished products.”
According to Arcview Market Research and its research partner BDS Analytics, spending on legal cannabis worldwide is projected to hit $57 billion by 2027, as noted in an article published by Forbes (http://cnw.fm/88xXT). The adult-use recreational market is expected to generate 67 percent of those dollars, with medical marijuana taking up the remaining 33 percent. Cannabis buyers in North America, who are currently spending a little more than $9 billion, are expected to lay down $47.3 billion by 2027, the article states.
In Canada, the government’s decision to legalize recreational cannabis for adult users by mid-2018 will soon be followed by the prospect of additional profits in cannabis-infused edibles and beverages as these items become legal in the summer of 2019 (http://cnw.fm/pc0xM). Medical cannabis has been legal in Canada since 2001. Allowing edibles and cannabis-infused beverages is expected to generate an exceptional amount of interest from the public, according to a recent survey by Dalhousie University, a public research university in Canada.
“Curiosity seems to be driving consumers to want to try a food product, an edible, and the number one choice is bakery goods,” Dr. Sylvain Charlebois, the study’s lead author, said in an interview with CTVNews.ca (http://cnw.fm/V8FKk). The survey of 1,087 people found that 46 percent of Canadians would try cannabis-infused food products such as baked goods, oils and spices if they were commercially available.
Liberty Leaf President and Director William Rascan said that working with Cannabis Compliance to meet Canada’s strict GMP requirements for commercial production ensures that North Road will consistently manufacture safe, high quality finished cannabis-related products. North Road’s distribution strategy also includes a unique approach not yet seen in the cannabis industry, Rascan added.
“North Road plans to make available to both pharmacies and licensed retailers our exclusive medicinal-quality cannabis, cannabis-related products and racking jobber service,” Rascan said. “The ability for us to expand on our model by including Natural Health Products (NHPs) for human and veterinary use as well as cosmetics/beauty products, topicals, concentrates, foods/edibles and other high-quality products for distribution holds tremendous growth potential for our company.”
Investors continue to seek out and support cannabis companies – to the tune of more than $2.1 billion over the first five weeks of 2018, according to the Viridian Cannabis Deal Tracker, which tracks capital raises and M&A activity in the cannabis industry (http://cnw.fm/o7l4L). The demand for medical, recreational and cannabis-infused products is projected to continue its upward trajectory as more states in the U.S. begin to legalize some aspect of the highly regulated plant and Canada’s new laws take effect (http://cnw.fm/0hZMx).
For more information, visit the company’s website at www.LibLeaf.ca
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