According to data compiled by Mordor Intelligence, the global cannabis market was valued at $7.7 Billion in 2016. Furthermore, the market is projected to reach $65 Billion by 2023 and grow at a CAGR of 37% during the forecast period. The market's growth is partly attributable to various countries beginning to legalize cannabis for medical use, while several US states are in the process of legalizing recreational cannabis as well. Specifically, within the cannabis market, the cannabinoid or CBD-based products market is rapidly expanding. CBD products are widely used in both medical and recreational applications, creating a large and versatile market. CBD products are being used to treat medical conditions such as chronic pain and migraines, but they are also being used in the recreational market in applications for items such as CBD beverages. According to Cannabis Business Times, citing Brightfield Group, the market is expected to hit $591 Million in 2018, but it is projected to grow by nearly 40 times, to $22 Billion by 2022, if the 2018 Farm Bill passes. Koios Beverage Corp., The Supreme Cannabis Company, Inc., Terra Tech Corp., Auxly Cannabis Group, Invictus MD Strategies Corp.
In the CBD market, offerings such as topicals and capsule-based products are gaining popularity. Although the market remains relatively small as opposed to the broad global cannabis market, many cannabis startups and even large established companies are already investing into the CBD industry. Brightfield projects that the rapid growth could have chain retailers entering the segment as soon as 2019. "On one hand, yes, it's really surprising to see this young industry be at such huge numbers so quickly-and still kind of pulling itself together-and on the other side, I don't think it's a surprise at all, because it's about time," Lex Pelger, Science Director at Bluebird Botanicals, said in an interview with Cannabis Dispensary. "With such a long human history of cannabis being an important plant, it makes sense that this is just exploding back onto the public consciousness like it does every couple decades."
Koios Beverage Corp. is also listed on the Canadian Securities Exchange under the ticker. Earlier today the company reported, "a corporate overview of the Company's activities in its first six months of operations, since retail sales began in May, 2018.
Koios Founder and CEO Chris Miller says the Company has enjoyed a rapid pace of growth since launching its first line of functional nootropic beverages early this year.
"Our focus in this first year has been to develop and refine our line of functional beverages, but also to build out our distribution network as quickly as possible," Miller said. "I think we have met or exceeded the benchmarks we set for the Company on both those goals, and in addition we have zeroed in on building out our e-commerce, direct to consumer and distribution platforms as efficiently and quickly as possible."
Terra Tech Corp. operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp., a vertically integrated cannabis-focused agriculture company, today announced that on November 2nd, 2018 it signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd., a cannabis company with cultivation, production and retail operations built around recognized brands.
Under the terms of the letter of intent, a wholly owned subsidiary of Terra Tech will amalgamate with Golden Leaf, with the resulting amalgamated corporation being a wholly owned subsidiary of Terra Tech. Consummation of the transaction is subject to a number of conditions, including entering into a mutually agreed definitive arrangement agreement, completion of due diligence, the waiting period for the Hart-Scott-Rodino Act, state and local regulatory approvals, approval by the Ontario courts, Terra Tech board approval, Golden Leaf receiving a positive fairness opinion, Canadian Securities Exchange approval and Golden Leaf shareholder and board approval.
Auxly Cannabis Group is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Auxly Cannabis Group Inc. recently announced that the Company has entered into a binding interim agreement with Atlantic Cultivation Inc., an applicant under the Access to Cannabis for Medical Purposes Regulations pursuant to which the parties will collaborate on the development of a 110,000 sq. ft. indoor cultivation facility in St. John's, Newfoundland and Labrador and on the development of retail locations in the province.
Invictus MD Strategies Corp. is a global cannabis company offering a selection of products under a wide range of brands. Invictus MD Strategies Corp. recently announced that it has entered into a non-binding Letter of Intent with GTEC Holdings Ltd. for the acquisition by Invictus of all of the issued and outstanding shares in the capital of GTEC in an all-share transaction valued at approximately $100 Million, forming Western Canada's largest indoor vertically integrated cannabis companies.