Delta, Kelowna, BC – August 27, 2020 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts, Cannabis News and Stocks on the Move; Episode 461 (CSE: TRUL) (OTC: MJNA) (OTCQB:WRHLF) (TSXV: SUGR)
Today’s podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com “Potcast” featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast we look at a few private and public company announcements.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, announced that it will soon begin offering edible cannabis products to patients in Florida. Following finalized regulations from the Florida Department of Health for the sale of edible cannabis products and approval of its products, Trulieve will introduce edibles in its medical cannabis dispensaries across the state, expanding patient access to the types of products they have been requesting for years.
Trulieve has planned for the debut of edibles and, with the final guidelines in place from the Department of Health (DOH), once its products are approved by the DOH, will be able to introduce an exciting assortment of edible products.
In preparation for edibles rollout, Trulieve built out a 10,000 sq. ft. commercial-grade kitchen at its production facility in Quincy, FL, where Trulieve’s skilled production team will produce initial products as well as test and develop new offerings. In addition to its branded product line, Trulieve has partnered with specialty edible brand partners Binske, Bhang, District Edibles and Love’s Oven to expand its edible offerings to include cookies, brownies, and other products for Trulieve customers.
“Similar to what we saw when flower was introduced in 2019, we expect that edibles will contribute to a sizable share of overall sales,” said Kim Rivers, CEO of Trulieve. “We know the demand is there, as we have been hearing from our customers for some time now. To meet that pending demand, Trulieve was the first in the Florida market to introduce ingestible products. We started with capsules and extended to other forms, such as TruPowder in January, follow-on flavored options just this month, and TruTincture Drops, which are similar to lozenges. We are glad to finally be able to offer edibles as yet another option for medical cannabis patients across Florida.”
Rivers added, “We believe we are well-positioned to meet the expected market demand for edibles, and believe we are the only cannabis company in the state that can serve this variety across 56 stores with not only our own Trulieve branded edibles, but also robust product lines from partner brands.”
Trulieve continues to build on strong expansion and financial growth, recently reporting Q2 2020 revenue of $120.8M and opening its 57th dispensary this week in Florida to serve nearly 400,000 patients in the state. Deemed an essential business, the company has continued to operate throughout COVID-19 and expanded its employee base to meet increased demand.
Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States that launched the world’s first cannabis-derived nutraceutical products, brands and supply chain, announced today that the Company has reached a significant operational milestone of selling and shipping more than 1.6 billion milligrams of hemp-based cannabidiol (CBD) since 2017.
The Company’s milestone comes at a time when e-commerce CBD sales have seen a sharp increase as four out of 10 CBD consumers plan to use CBD oil more frequently during the COVID-19 pandemic and 15 percent of those consumers plan on using a higher dose of CBD than usual.
“For a decade, our Company has offered the highest potency CBD product in an oral applicator form through our flagship product, Real Scientific Hemp Oil™. We’ve seen international media coverage of our customers having positive experiences with our products for over half of a decade,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Many products on the market today use isolate forms of CBD, or contain no CBD at all, marketing themselves as ‘hemp oil.’ While we are glad to have such high demand for CBD products, we’re also proud to remain one of the highest quality CBD oils on the market.”
As one of the pioneers of the American hemp CBD industry, Medical Marijuana, Inc. has advocated for the compound for over a decade and the Company’s products have remained popular among consumers as mass awareness of CBD rapidly increases. Today, over 62 percent of Americans recognize CBD and/or CBD products and about 33 percent of Americans have used CBD at least once.
“We continue to believe in a world where CBD and other cannabinoid-based products are a part of the general population’s everyday wellness routine,” said Medical Marijuana, Inc. COO Blake Schroeder. “While many new companies enter the hemp CBD space, our portfolio of companies was the first to legally offer CBD products derived from industrial hemp.”
World High Life (OTCQB: WRHLF) acquired its wholly owned subsidiary, Love Hemp, less than a year ago, and since securing the London-based CBD company, World High Life continues to have that decision validated. In 2020, Love Hemp has enjoyed a breakout year of consistently strong growth, and the company recently announced that it has once again posted impressive numbers, this time for July 2020.
After reporting record financials in the first two quarters of 2020 that led to a 107% increase in online sales from January to May 2020, Love Hemp has continued that success to start the third quarter. In July, the company reported a 57% growth in sales over corporate sales in June 2020. Additionally, Love Hemp said its online sales remain significantly higher than pre-COVID-19 levels, which made up 62% of all of the company’s sales in July compared to the 40% of sales registered in January 2020.
Love Hemp is spearheading the development of the United Kingdom’s (UK) leading range of trusted CBD products, and its Chief Executive Officer (CEO), Tony Calamita, said of the continued growth, “The wellness industry isn’t showing any signs of slowing down. What we have witnessed is an increased consumption of CBD during the pandemic, and we expect this to continue post-COVID-19.”
In fact, the growth has been so strong this year that Love Hemp has not only produced impressive sales results month after month, but it is now expanding its operations to meet overwhelming consumer demand. World High Life’s subsidiary has started construction on a new multi-level 13,500-square-foot facility that will increase production by more than five times its current output across its entire range of CBD products, including oils, cosmetics, and capsules.
The company announced that the new facility, which should be completed in about six months, will increase its daily on-site production from a limit of about 8,000 units of CBD oils, cosmetics, and capsules currently, to in excess of, 43,000 units per day when the project is completed in early 2021.
Love Hemp’s CEO commenting on the expansion said, “This expansion further increases our capabilities in striving to exceed customer and consumer requirements while improving storage and production capabilities, lead times and ensuring the safety of our staff. Our strategy is to continue to expand our local footprint, contributing to the future growth of our business, while also providing quality CBD products to our consumers throughout the UK and around the world.”
Expanding operations to increase production output comes at just the right time as the company’s sales continue to explode and as Love Hemp launched two new brands into the market this year. Love Hemp has over 80 products, including oils, sprays, edibles, cosmetics, and vapes, and the company currently enjoys around 1,200 retail listings. Calamita has always pointed to new product development, which is at the heart of everything the company does, to stay on top of what consumers are demanding more of from Love Hemp and the industry in general. “We currently have 15 new products in the development stage, and we remain committed to creating the UK’s leading range of trusted CBD products.”
In April, Love Hemp launched Love Hemp Immune, a blend of CBD, essential vitamins, including vitamins C and D, and bilberry extract to maintain a healthy immune system by supporting our body’s natural defenses. And, then in July, World High Life announced Love Hemp’s new brand, “Buzz Leaf.”
The Buzz Leaf product line is aimed at younger consumers that include the release of four broad spectrum CBD infused e-liquids with added terpenes, and eventually the launch of a full range of CBD products, including CBD oils and capsules. According to the company, the e-liquids feature exotic flavors that contain 500mg of CBD.
Sugarbud Craft Growers Corp. (TSXV: SUGR) announced that, as part of the previously announced contract manufacturing agreement, it has formally started the final development and qualification of its additive-free, full-spectrum vape cartridges with Heritage Cannabis Holdings Corp. (CSE: CANN).
Under the terms of the Agreement, Heritage will continue to provide Sugarbud with extraction, formulation and production services for the development of its pre-filled vape cartridges utilizing proprietary, additive-free formulations.
“Our high quality, additive-free, full-spectrum vape products contain dried cannabis as the sole ingredient and are a natural and logical extension of our inhaled product strategy. Sugarbud vape products will leverage and embody the quality, consistency, flavour profiles and aromas found in our exceptional craft cannabis flower,” stated Mr. Kondrosky, CEO of Sugarbud.
New cannabis derivative products and formats such as vape cartridges and pens are a rapidly growing segment of the Canadian adult-use recreational market and Sugarbud expects that its high-quality, additive-free vape products will become a significant catalyst for future growth.
“We are confident that our partnership with Heritage will equip Sugarbud to deliver high quality products to consumers with the safety, integrity and exceptional outcomes they demand,” concluded Mr. Kondrosky.
“We are very pleased to be working with Sugarbud on the production of full-spectrum vape cartridge products to support its cannabis 2.0 strategy,” commented Clint Sharples, CEO of Heritage. “As Sugarbud’s manufacturing partner, Heritage will produce high-demand, full-spectrum cannabis oil products using no harmful additives, flavours or carrier oils, and will maintain consistency in the strain profile between Sugarbud’s craft cannabis and the final products.”
The Company expects to apply to Health Canada for an amendment to its sales license to permit the direct sale of cannabis extracts in early Q4 of 2020.
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