US #Hemp
Industry Continues to See Big Growth - Snapshot (OTCQB: $SING) (TSX:
$WEED.TO) (NYSE: $CGC) (TSX: $TGOD.TO) (OTC: $TGODF) (OTC: $GRNH)
Point
Roberts WA, Delta, BC - June 28, 2019 (Investorideas.com Newswire) Investorideas.com, a leading
investor news resource covering cannabis and hemp stocks releases a sector
snapshot reporting on the continued growth in the US hemp industry, with a
specific focus on production and cultivation, as both State and Federal
government continue to support and update hemp industry reform and regulations.
Companies featured include SinglePoint Inc. (OTCQB: SING), Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC), The Green
Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF) and GreenGro
Technologies, Inc. (OTC: GRNH).
The Massachusetts House recently
passed a bill to help the State’s hemp industry
grow and farmers cultivate on agricultural land by allowing farmers with
agricultural deed restrictions on their land to grow hemp. The Bill passed in a vote of 152-0. This bill
would ultimately expand the definition of agricultural land to include hemp, so
farmers could receive the same tax and protection benefits as other farmers.
The House expects this new bill to be a boost for farmers, jobs and the economy
in the state of Massachusetts.
The US Department of Agriculture (USDA) also recently announced that it expects to have complete
federal rules for domestic hemp production by
August. Even in some of the states who planned to wait for federal guidance, hemp
legislation has moved forward to allow farmers
to participate in the 2019 season under the rules of the 2014 Farm Bill.
Canopy
Growth Corporation (TSX: WEED) (NYSE: CGC), one of Canada’s largest cannabis companies has been
anticipating entering into the US hemp/cannabis market for sometime through its
acquisition of Acreage Holdings. The company recently reported that its shareholders voted overwhelmingly
in favor of the proposed acquisition.
The Canopy Shareholder Resolution was approved by
approximately 99.05% of votes at the meeting, in accordance with the
requirements of the Toronto Stock Exchange. In addition to the approval by
Canopy Growth shareholders, Acreage shareholders also approved the deal at the
special meeting.
“On behalf of Canopy Growth, I thank the shareholders of
both companies for their vote of confidence in this historic transaction,”
Bruce Linton, Chairman and co-CEO of Canopy said in a statement.
“Completion of the transaction is intended to position us
to efficiently and effectively enter the US cannabis market once federally
permissible. Alongside our international market strategies and US Hemp
strategy, we believe the acquisition of Acreage will be a key step in
bolstering our position as a truly global company,” Linton noted.
When at full capacity, Canopy Growth’s American footprint,
largely contracted with American farmers versus owned operations, will cover
more than 4000 acres. Nearly half of that entire farming platform will be
located in New York State, which will include approximately 1,000 acres of
high-CBD hemp, along with an additional 1,000 acres of high-fibre hemp growth.
As a complement to these active farm operations, Canopy
Growth continues to explore appropriate locations for its own industrial scale
processing and manufacturing plants, with the anticipation that the assets of
Acreage could also form a substantial part of the Company’s long-term strategic
US platform, pending the finalization of the Transaction between Canopy Growth
and Acreage.
SinglePoint
Inc. (OTCQB: SING) recently announced that it has signed a $109,465,000
contract with Elite Foundation LLC of North Carolina to supply more than
275,000 pounds of premium hemp flower over a period of 15 months. The initial
1000 pounds of product has been approved and purchased.
The contract is the first major deal arising from the
previously announced supply chain and co-selling agreement with Oregon-based
Easy Street Services Company and J&J Empire, LLC. SinglePoint stands to
make a large profit in the deal. Company management believes this deal along
with the major success in solar provides the basis to move up to a listed
exchange such as the NASDAQ or NYSE.
According to President Wil Ralston, “Our team,
specifically our VP of Sales, Don Smith has worked tirelessly to make this a
reality. We believe this is the catalyst toward closing a stream of substantial
deals in our pipeline. Not long ago, SinglePoint made a significant commitment
to be a major provider in the industrial hemp space; this agreement solidifies
our place in the industry. In addition to raw material supply, we are
negotiating distribution agreements to place finished goods in retail stores.
There is a lot of opportunity in this burgeoning market and we are getting in
everywhere we can. Our newest team member, Don Smith is a leader in these
efforts.”
Don Smith has extensive experience in building startup
companies that explode within emerging markets. Prior to joining SinglePoint,
Smith spent eight years focused on the advancements in the organic sustainable
food industry and its applications to the cultivation and growth of the legal
cannabis business. In that time, he co-invented a "vertical
cultivation" device. The invention and successful hydroponics business was
sold to Greengro Technologies, Inc., where Smith served in various capacities
including Chairman and CEO.
BDS Analytics and Arcview Market Research project that the
collective market for CBD sales in the US will surpass $20 billion by 2024
while New York-based investment bank Cowen & Co, estimates that the market
could pull in $15 billion by 2025. The smokable hemp market currently represents
approximately 2% of the overall CBD market, but with a 250% growth from 2017 to
2018, Brightfield Group, a Chicago-based cannabis market research firm,
identifies dried and smokable hemp flowers as one of the fastest-growing
segments of the CBD market. SinglePoint’s bold entry into the hemp flower
market positions the company as one of the leading hemp flower wholesalers in
the country.
The
Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF) recently announced its expansion into the global organic
hemp CBD market with the launch of its Global Strategic Hemp Division. This new
division will leverage TGOD's solid expertise in the European hemp CBD market
to fuel growth and accelerate the development and commercialization of new
products across its network of international partners.
"With the global CBD market expected to hit $22
billion in less than 3 years, it is clear that the segment is drawing
substantial consumer demand," commented Brian Athaide, CEO of TGOD. "Our team has years of direct hands-on
experience in the CBD space and we are excited to use this advantage to execute
on a fast-moving market expansion strategy. CBD is a wellness product and has a
natural fit with TGOD's certified organic positioning and the large segment of
consumers who are increasingly demanding natural and organic products. The time
to act is now, and TGOD has the team, the infrastructure and the capital to
establish a significant presence in this market."
The Company plans to enter the US hemp CBD beverage market
through existing partnerships, providing TGOD with maximum flexibility and the
ability to go to market with hemp-based CBD beverages quickly and with a
capital light model.
"Hemp is an incredible crop, one we can manufacture
into mass market organic CBD products to establish an immediate market presence
in Canada through tinctures and oils, while we prepare for the introduction of
additional delivery methods such as vapes, beverages, edibles and topicals
later this year," added Athaide.
GreenGro
Technologies, Inc. (OTC: GRNH), recently announced that in less than 30 days since the
launch of the Company’s hemp seed farm in Southern California, CBD Ventures
Inc. - a CBD and hemp focused division of GreenGro Technologies which oversees
the hemp seed farm - it has already
signed its first contract and completed its first sale. This near-immediate success is in direct
correlation to the growing demand for high quality CBD hemp seeds which
GreenGro Technologies is perfectly situated to develop and distribute,
particularly with the science contributed by its Genobreeding Division.
“Due to the market’s instant demand for our feminized
low-THC, high-CBD hemp seeds, the Company feels this is a clear testament of
our efforts to grow the reputation as a company who is able to develop and
distribute large quantities of CBD hemp seeds with the highest quality
standards across each and every single seed,” said Matthew Burden, Chief
Executive Officer of GreenGro Technologies, Inc. “This is a direct result of
our strategic initiatives playing out as planned beginning with our
restructuring and cost savings plan followed by the creation of our three key
revenue centers, CBD Ventures, Cannabis Ventures and Genobreeding, which is
able to leverage the strengths of the other to maximize our true potential. As
we continue to emerge as a truly vertically integrated company in the cannabis
space, we are confident that our CBD hemp seed farm will prove both profitable
and a key to solidifying our footprint across the nation as we continue
implementing our growth strategy,” concluded Mr. Burden.
As more states sign hemp legislation and with the expected
USDA federal hemp rules expected in August, the continued growth and rise of
hemp and CBD doesn’t seem to be slowing anytime soon and offers many companies
solid revenues while awaiting changes to federal cannabis regulations in Canada
and federal legalization in the US.
For investors
following cannabis stocks, Investor Ideas has created a stock directory of publicly
traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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