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SPONSOR: Spyder Cannabis Inc.
(TSX-V: SPDR) An established chain of high-end vape stores in Ontario,
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New normal in US Congress: Marijuana hearings, reform bills & how they could affect the MJ industry
Cannabis has gone from the butt of jokes on Capitol Hill to milestone hearings and the introduction of landmark legalization reform packages that offer the potential to pave the way for billions of dollars in new business opportunities nationwide.
The current situation is in stark contrast to just a couple of years ago, showing how far and how quickly marijuana reform has come in Washington DC – even if it doesn’t appear at the moment to have a good chance to pass the full Congress.
The Marijuana Business Factbook estimates that from 2018 to 2023, sales of legal cannabis in the United States could grow by nearly 200%,
but those estimates also suggest legal sales represent a fraction of
the estimated total potential demand for cannabis in the United States.
Demand for recreational cannabis is roughly $50 billion-$60 billion
when black-market demand is included, according to the Factbook.
Federal legalization obviously would offer licensed MJ businesses inroads to take a bigger bite of the overall demand.
How times are changing in DC around MJ
Just a few months ago, the consensus was that the federal marijuana legislation most likely to pass would be narrowly focused, such as a bill to help veterans or spending bill amendments to protect state-legal cannabis programs.
Now the leading House measure appears to involve a comprehensive bill that would legalize marijuana nationwide.
The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of
2019 could open massive business opportunities for legal cannabis firms
around the country, similar to the federal legalization of hemp, if it passes. But that’s a big “if.â€
Experts point out major reform before 2021 has long odds because of resistance in the Republican-controlled Senate.
But here’s the new normal:
Cannabis reform garnered milestone congressional hearings this year
in both the Democratic-controlled House and the Republican-controlled
Senate.
A U.S. House committee approved a cannabis banking bill, sending the measure toward the full chamber.
House Judiciary Committee chair Jerrold Nadler introduced the MORE Act, a comprehensive bill that would legalize marijuana nationwide by removing it from the Controlled Substance Act.
House Democrats are in effect saying that marijuana reform no longer
needs to be modest, said Douglas Berman, director of Ohio State
University’s Drug Enforcement and Policy Center.
“I have this ever-growing sense that more progressive advocates for
marijuana reform think the momentum is on their side and that they don’t
have to be content with a set of modest reforms or even an
industry-friendly reform that doesn’t expressly seek to address the
social equity parts of the story,†Berman noted.
Nadler’s bill, for example, not only would legalize cannabis
nationwide, but through a 5% rec MJ sales tax, it would fund programs to
help individuals and communities disadvantaged by the federal marijuana
prohibition.
Marijuana entrepreneurs are paying close attention, and industry experts attribute the shifting ground to:
Strong public support for reform. Some polls find it exceeding 60%.
Democrats have control of the House and, thus, the committees that set the schedules for hearings.
The Democratic presidential lineup includes near unanimity that marijuana should be federally legalized.
A strategy exists among Democrats that it’s better to ask for more than less to build negotiating leverage for eventual reform.
There’s a growing consensus that comprehensive cannabis reform must
include elements of social justice and equity as well as reinvestment in
communities most affected by the war on drugs. Progressives in the
Democratic party have expressed that attitude, and recreational
marijuana legalization discussions in Illinois, New Jersey and New York
have reflected it as well.
Addressing MJ banking/tax conundrums
Large industry groups including the American Bankers Association and the Credit Union National Association increasingly are pushing for specific reforms,
such as the SAFE Banking Act, which would enable financial institutions
to serve state-lawful cannabis businesses without fear of federal
prosecution.
“It’s really the voices of these groups that have given the momentum
and traction to the issue in the Senate,†said Saphira Galoob, CEO of
the Liaison Group and executive director of the National Cannabis
Roundtable.
U.S. Rep. Earl Blumenauer, a longtime advocate for marijuana reform
from Oregon, told the media that Nadler’s bill will represent the “path forward†to fixing cannabis policy in the House.
That’s because most major reform measures must go through the House
Judiciary Committee, and Nadler controls which bills get considered.
Many experts doubt he’ll want committee votes on bills other than his own.
The House Judiciary Committee may mark up his reform bill and vote on
it by as soon as September, after lawmakers return from their summer
recess, Blumenauer and others noted.
The Nadler bill would resolve major industry issues such as access to banking and tax equity.
But Berman said he would be surprised if the Republican-controlled Senate considers the Senate version of Nadler’s bill, which is sponsored by Sen. Kamala Harris, a California Democrat running for president.
Experts say major reform still faces high hurdles in the Senate.
Senate Majority Leader Mitch McConnell, a Kentucky Republican, “has
unilateral control of the Senate schedule,†St. Louis-headquartered
investment firm Stifel noted in a recent cannabis industry update.
“His statements have suggested personal opposition to marijuana, and
we believe his political calculus favors keeping his senators off the
record with many Republicans facing re-elections in areas without more
progressive marijuana policies,†the report added.
That seemed to be the case when the Senate Banking Committee recently held a landmark hearing on cannabis banking.
Committee Chair Michael Crapo from Idaho was the only Republican present of the 13 Republicans on the committee.
The future role of SAFE and the STATES Act
The prevailing view by many experts is that major reform becomes even less likely as the 2020 election draws near.
But it’s hard to predict political dynamics.
If President Donald Trump or McConnell wants reform for political reasons, then it could occur, Berman said.
So if Nadler’s bill becomes the leading House bill, what happens to
other cannabis-related legislation, such as the STATES Act, which would
protect state-lawful cannabis businesses from federal interference but
wouldn’t legalize marijuana nationwide?
Blumenauer, who earlier this year predicted that the House would pass
SAFE, said that measure would be unnecessary if Nadler’s bill goes
through the House.
STATES, which has no social equity component, has “interesting
support†and “still has the opportunity to be the catalyst in the
Senate,†Blumenauer said.
STATES also has some implicit support from U.S. Attorney General William Barr.
Neal Levine, CEO of the Cannabis Trade Federation, lauded Nadler’s bill.
But the industry group still is backing the STATES Act as well, Levine told Marijuana Business Daily.
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An Ernst and Young (EY) report released in April projects that by 2025, 20 percent of the Canadian population will be cannabis consumers and the size of the market (legal and illegal) could reach up to $11 billion.
The size of the cannabis market (legal and illegal) could reach up to $11 billion by 2025. Getty Images
Cannabis consumers have certainly come a long way since the
flower-toting, tie-dye-wearing hippies or the weed-smoking, Cheech and
Chong-watching stoners of decades past.
The stereotypes often associated with previous eras of cannabis use
seem far less pervasive today, with current, sometimes-surprising
consumers hitting more demographic markers. Here’s what recent figures
and experts have to say about what this new wave of consumers could look
like.
What do the numbers say?
The latest National Cannabis Survey
(NCS), released in May, indicates that 5.3 million or 18 percent of
Canadians aged 15 or older used cannabis in the first quarter of 2019,
up four percent from the same quarter of 2018. This increase can be
partially attributed to greater use among male respondents (from 16
percent to 22 percent) and people aged 45 to 64 (from nine percent to 14
percent).
The NCS data also shows an increase in the number of new cannabis
users, some being first-timers and others former consumers who sought
out cannabis again post-legalization.
Statistics from the National Cannabis Survey, 2019 Statistics Canada
A Pollara survey
of about 2,000 people, released in March, notes those who bought legal
recreational weed over the last year are likely to do so again in the
coming year. In fact, purchasing legally is expected to be twice as
popular as buying illegally, with 69 percent of respondents indicating
the former and 31 percent indicating the latter.
An Ernst and Young (EY) report
released in April projects that by 2025, 20 percent of the Canadian
population will be cannabis consumers and the size of the market (legal
and illegal) could reach up to $11 billion.
Are there archetypal consumers?
An Early Look Into Consumer Profiles
is a report jointly released by Toronto-based Lift & Co. and
Washington-based Headset Inc. in early June. Based on 862 recreational
customer receipts and 347 respondents on Lift & Co.’s website, the
report divides consumers into two main segments: the experienced user,
the so-called connoisseur, and the new user.
Matei Olaru, CEO of Lift & Co., suggests that the connoisseurs of
the Canadian market tend to be male millennials who know what they’re
looking for, while new consumers tend to be 45 and older and require
some guidance before purchasing product.
Deloitte LLP released a report leading up to the second wave of legalization—expected to take effect in October, with edibles, topicals and concentrates likely available
in December—that classifies current recreational users as “risk-takersâ€
and likely post-legalization users as “conservative experimenters.â€
Deloitte’s new and likely user profiles Deloitte
Jennifer Lee, partner and national cannabis sector leader at
Deloitte, explains that the risk-takers tend to be less educated and
more willing to deviate from the law, while new-to-category consumers
tend to be highly educated and have a higher income.
“The new consumers aren’t your typical quote-on-quote ‘stoners’,†Lee
says of the conservative experimenters. They tend to be “family peopleâ€
between the ages of 35 and 54.
Who is buying what?
New users are spending considerably more on balanced and lower-THC products (less than 19 percent THC), while experienced users spend more on higher THC products (over 20 percent THC).
THC percentage chart Ontario Cannabis Store
The Lift & Co. and Headset report shows younger buyers are
spending less per purchase (averaging $55) and more on individual items
(averaging $24). Buyers aged 55 and older are spending more per purchase
(averaging $157), but buying more items at lower price points.
“If we look at what people are buying by age, we see that the older
demographic disproportionately buys more oil than flower,†Olaru says.
“So there’s an inherent prediction there that as new consumers come on,
they will probably buy non-combustible products, such as edibles or
beverages.â€
Lee predicts that carbonated beverages and teas will be of interest
to likely users, which she attributes to the trade-off between alcohol
and cannabis.
“We found that usage occasion for cannabis is almost exactly the same as alcohol among older consumers,†Lee says.
Differences in what people buy, Olaru estimates, can be ascribed to
experience with cannabis and income. “You can make an educated inference
that millennials probably have less disposable income, so they buy
fewer products than an older consumer,†he says. “If you look at the
older, first-time demographic, they might not know what is good or bad,
and believe higher price points equate to better products.â€
Are the “canna-curious†the next untapped market?
A report
co-authored by Lift & Co. and EY, released in June, reveals four
broad consumer segments based on a survey of nearly 3,000 Canadians:
pure recreational, pure medical, health and wellness and those who
remain unconvinced. Dubbing them the “canna-curious,†Olaru thinks the
skeptics can be converted.
“Even the unconvinced say they would still consider cannabis if it could help with something like pain relief.
So to us, that says even the unconvinced are looking for some sort of
relief or wellness, not for recreational use to party and not pure
medical, but somewhere in between,†Olaru says.
The canna-curious, he predicts, will be more open to products that are lower in THC, higher in CBD and non-combustible.
Can the future cannabis consumer truly be defined?
Jenn Larry, president of CBD Strategy Group Inc., says there is “no
ceiling on who will be interested in cannabis in the future because all
cohorts could find themselves interested.â€
Larry understands that consumers are divided into segments for
marketing purposes, but says that there will always be a spectrum of
groups. She identifies three groups that often go unnoticed by
marketers: baby boomers, ‘the dad’ and 33- to 45-year-old females.
“Cannabis provides consumers with an intimate experience, but
different people want different things so there’s no reason to limit who
the consumer could be,†Larry says.
“I think the cannabis consumer is yet to be defined,†Olaru notes. “That’s really the big opportunity in cannabis.â€
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Beverage Companies Look to Capitalize on CBD’s Benefits and Accessibility
According to data compiled by Hemp Business Journal, a division of New Frontier Data, sales for the U.S. hemp industry totaled USD 820 Million in 2017.
Research suggests that the industry is expected to grow to USD 1.9 Billion by 2022 at a CAGR of 14.4% during the 5-year period.
NEW YORK, July 26, 2019 – For centuries, hemp has been used for a vast array of applications. In particular, hemp was predominantly used to manufacture textiles, paper, and construction materials because of its durability. However, now hemp has become even more popular because of its CBD compound. Hemp is derived from the cannabis plant and is one of the two main families found within the plant, the other being marijuana. Unlike marijuana, hemp’s main active component is CBD or cannabidiol, which does not cause psychoactive effects for its consumer.
Generally, the hemp plant contains less than 0.3% THC levels, which
is an insignificant amount. However, because hemp is derived from the
cannabis plant, federal regulators deemed hemp to be unsafe, and as a
result, hemp and its CBD compound were listed as a controlled substance.
Yet, researchers and scientists have begun new studies to better
understand the biological makeup of hemp and compiled compelling results
that went against the previously established understanding of the plant
and its effects. As a result of these studies and the non-psychoactive
nature of hemp, regulators lowered the scheduling of hemp and its CBD
compound on the controlled substance list.
Moreover, the passage of the U.S. Farm Bill paved the way for the
broader CBD industry, further accelerating its presence in legal
channels. Previously, the U.S. Department of Agriculture and other state
departments only allowed pilot programs to study hemp, which allowed
for small-scale cultivation. To note, the Farm Bill legalized the
commercialization hemp and CBD, which caused a spur of retailers to add
the product to their shelves. For instance, local stores and even
e-commerce giants have CBD-based products being publicly sold for
every-day consumers. Notably, the bill does not put any restrictions on
the sale, transport, or possession of hemp-derived products, meaning
that CBD is federally legal as long as it is consistent with the law.
Now, the CBD market is one of the fastest-growing market segments
within the cannabis industry, due in large part to its lenient
guidelines. And as a result, more companies are looking to enter into or
expand within the CBD marketplace because of the vast potential that
has opened up for the market. According to data compiled by Hemp
Business Journal, a division of New Frontier Data, sales for the U.S.
hemp industry totaled USD 820 Million in 2017. The research suggests that the industry is expected to grow to USD 1.9 Billion by 2022 at a CAGR of 14.4% during the 5-year period.
In 2017, hemp-derived CBD products accounted for the largest market share, as the segment delivered sales of USD 190 Million,
accounting for 23% of the overall market share that year. Other
segments such as personal care, food, and industrial care followed
closely. However, by 2022, CBD products are expected to take off,
outpacing the rest of the hemp sector. Hemp-derived CBD products are
anticipated to deliver sales of USD 646 Million by 2022, followed by industrial application sales of USD 527 Million.
While other segments are projected to grow, they are nonetheless
expected to lag behind the exponential growth of the CBD product
segment. CBD can be used to simply relax after a strenuous and stressful
day but it is now being leveraged within the medical sector for
patients suffering from ailments such as arthritis, multiple sclerosis,
chronic pain, and epilepsy.
In particular, the U.S. Food and Drug Administration has already
legalized a CBD-based drug, Epidiolex, which is used to treat epilepsy.
However, the FDA has mentioned that researchers will need to conduct
more large-scale positive clinical trials in order for cannabis-based
treatments to be approved. Currently, evidence of CBD effects comes from
animal testing or very small-scale clinical trials that are minuscule
compared to the FDA’s standards. For example, Esther Blessing, a psychiatrist and researcher at New York University,
pointed to a 2011 study where a few dozen people who had anxiety
disorders were asked to speak in front of a large audience. The study
concluded that people who received CBD reported significantly less
anxiety compared to those who received the placebo.
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Top 7 benefits and uses of CBD oil
Cannabidiol is a chemical compound in the cannabis plant and is most often derived from hemp.
It’s a naturally occurring substance that is not psychoactive — meaning it won’t impair or impact your mental state of being.
Experts from Charlotte’s Web highlight how cannabidiol can be beneficial in many ways in this guide to the top 7 uses of CBD oil
While an easy-going, uncomplicated and fulfilling life is what we are all after — we can’t all be rosy, all the time. Every aspect of our day-to-day — from professional to personal — is filled with responsibilities and expectations. Though many of these to-do list items are part of the path to success and happiness, sometimes we need a little pick-me-up to make the road easier. This is why certain cure-all ingredients become trendy seemingly overnight. From those that promise to help us lose the belly fat to ones that guarantee a mood-boost–if you can Google it, you can find it.
Though generations across the globe
have been utilising the wondrous properties of hemp for hundreds of
years, cannabidiol (or CBD) has recently been used as an oil and capsule
for general wellness
As a smart shopper, if you are on the
fence about implementing a new product into your routine, you likely
want to know how it will boost your vitality. We have been studying and
fostering quality, reliable and safe products for years, giving us a
first-hand perspective on how this gem from Mother Nature can benefit
your health. Though there are countless claims about what CBD can provide, not all are backed by science. That’s why we stand by these specific benefits of CBD oil:
Cannabidiol is a chemical compound in
the cannabis plant and is most often derived from hemp. It’s a
naturally occurring substance that is not psychoactive — meaning it
won’t impair or impact your mental state of being. Not to be confused
with its cousin, tetrahydrocannabinol (THC), this derivative is more
widely legalised across the country. You should definitely do your
homework to understand the rules and regulations of your state, though
many allow the use of CBD in various products.
If you look backwards thousands of
years, indigenous people used hemp for many daily uses — including
spinning it into fibre to make clothing, controlling weeds and purifying
water, to name a few. In modern times, CBD oil can be turned into oils
for you skin or to drop on your tongue to support recovery from
post-workout inflammation, maintain focus and other perks.
While most of the time it is humans
who use the products, whether topically or orally, there are also a few
benefits for man’s (and woman’s!) best friend. And while your best
friend may go the oil route, you could be more on Team Supplement since
you already take daily vitamins anyway. That’s the beauty of CBD as a
health Kickstarter — you can use it however you feel most comfortable.
The benefits below are ones we
celebrate — but it is still important to exercise patience. Because of
the vast variety and reach of this natural ingredient, using it across
various mediums could be beneficial. As with anything, give your body
time to adjust to CBD, and don’t expect overnight results. Your system
needs time to process, and we generally recommend 30-60 days to witness
an impact.
If you are willing to go the long mile and give it a try, here are a few CBD benefits you may experience:
CBD Benefit #1: Help you remain calm during stressful situations.
Think back when you were in college
and you were trying to decide on a major. There are some lucky people
who have always known what they were destined to do for their career —
but for many, it took trial and error to arrive where they are now. Even
more, are still figuring out the right trajectory. Regardless of where
you happen to be on the career ladder, work-related stress is to be
expected. People who are captivated and challenged by their gigs, as
well as those who frequently experience the Sunday Scaries, are
sometimes bogged down by a seemingly never-ending stream of deadlines
and emails. Not to mention client and colleague meetings, business trips
and interpersonal, in-office relationships.
However, to be productive and channel
your creativity, managing stress is essential. Everyone has their
moments when they feel overworked and over-booked, but your ability to
prioritise and work through the chaos and collect your thoughts will set
you apart. One of the most talked-about benefits of CBD oil is how it
can ease your anxiety and worries in your everyday life. And this isn’t
limited to career-related angst. Many professionals find this essential
to guide them through difficult quarters, overbearing clients and all of
the annoyances in between. Our CBD gummies
for calm can support in calming your nerves, allowing you to focus on
the task at hand. When you need to finish a project, shoot off an email
or have a tricky conversation with your manager, the extra zen will go a
long way.
CBD Benefit #2: Help you navigate everyday stresses.
Everyday stresses come at us from
every angle. The vast majority of the workforce doesn’t work traditional
9 to 5 hours — we’re expected to be on call and available 24/7.
Families with children may have two working parents with full-time gigs,
making family life that much more demanding. And though friendships are
meant to help us navigate life’s ups and the downs, they require
accountability too. Juggling all of that maybe when the unthinkable
happens: the dishwasher breaks down. Or the pipes need to be replaced.
Or the handyman measured the blinds wrong and now they need to be fixed.
Just when you feel as if you have everything under control, there
always seems to be a wrench thrown into the mix.
For everyday stressors — from the expected to the unexpected — CBD oil
can step in as your relaxation agent. Clearing your mind, settling your
heart rate and giving you a tool to regain focus and control, it can
help you get back on track. Much of life is unpredictable and we can’t
always have someone to step in and manage the details for us. Luckily, a
trusted CBD oil can make the journey smoother.
CBD Benefit #3: Help reduce inflammation after a workout
You grew up being active or playing
sports — and running around outside until your mother finally made you
come in as the sun went down. Or maybe you fell in love with running —
or spinning or yoga — as an adult. And now, in an effort to maintain
your health, strength and longevity, you somehow make it to a class or
to the gym a few times a week. For those who want to live a balanced,
energy-filled life, frequent, consistent fitness is non-negotiable.
Even though you know how important it
is to get your heart rate going, there are plenty of hurdles that
create a barrier to working out. From late nights in the office to
hitting snooze on your morning alarm (whoops) — scheduling is sometimes,
well, impossible. However, one of the most common reasons folks skip
out on their visit is soreness from the day (or days) before. While this
is a normal part of the recovery process, aching muscles can be painful
to push through, especially when finding the motivation to prioritise
fitness.
CBD oil can work wonders here since
it fights against workout-induced inflammation. What’s this mean? When
we are active and challenge our bodies, we put strain on our muscles,
creating tiny cuts in the tissue. This isn’t dangerous, and rather,
helps to build our strength — but that doesn’t mean it’s comfortable.
Following an intensive, strenuous routine, CBD oil or our CBD gummies for recovery can speed up the recovery process so you can continue to meet your fitness goals.
CBD oil benefit #4: Help you to sleep better
Think of those Saturday mornings. You
know the ones: nothing on your agenda until the afternoon, breezy,
comfortable just-right temperature outside. No kiddos or pets — or the
garbage pick-up or your neighbours — to disrupt your slumber. Your chest
heavy, your breathing relaxed, you zonked out for a solid eight hours
and waking up ready to conquer the world. Or at the very least — brunch!
More than any other routine we keep up, including working out and smart
food choices, our health and energy levels are directly tied to how
much time we spend in dreamland. But it’s not just quantity, it’s the
quality of sleep that matters as well. You may lay in bed for the
recommended hours for our age group — but if you aren’t sleeping
soundly, you won’t actually reap the benefits of a good night rest.
How do you know if you are sleeping
effectively? Consider these questions — and answer honestly! — to
determine how high you rank on slumber hygiene. How long does it take
you to drift away? How many times do you wake up in the middle of the
night? How do you feel when you wake up — rested or exhausted? Do you go
to bed at the same time — and rise like clockwork? If you struggle with
most of these, know that CBD oil helps support healthy sleep cycles. An alternative to our CBD oil or capsules is our CBD gummy and melatonin designed specifically with your sleep needs in mind.
CBD oil benefit #5: Help you fight against dry skin
In the winter, as the temperature
falls outside, the dry heat skyrockets inside to keep you warm. Then
spring rolls around, and all of those beautiful blooms have your nose
feeling itchy. Summer may cause your skin to break out thanks to
sunscreen and sweat — but for some folks, dry patches are still an
issue, year-round. No matter what season gives your body’s largest organ
— skin! — the most trouble, maintaining moisture is essential. Dry skin
is uncomfortable and makes it more difficult to apply various products
that keep us healthy and glowing. T
hough many people turn to body
butters, lotions or other hydrating gems, sometimes, it’s not enough to
reach the moisture level our pores are thirsty for. To the rescue could
be CBD oil or CBD cream—
since one of the benefits of this powerful topical is how it helps our
skin to maintain optimal skin moisturisation. As with any new skincare
product, you will want to start slow and watch how your pores react. It
may take time to start seeing results — so be patient. And when in
doubt, talk to a dermatologist about an ideal regimen for your unique
chemical makeup.
CBD oil benefit #6: Help your pet feel relaxed
Though Fido has historically been
referenced as man’s best friend — we would like to think our beloved
pets are the whole family’s pal. From the moment you took him or her
from the animal shelter as a pup (or as an older dog!) — they stole your
heart, filled up your iPhone with countless photos and of course, most
of your bed. That’s why so many pet owners go above and beyond for their
pets by feeding them wholesome meals, taking them to training schools
and scheduling regular visits to the vet.
This means you are hyper-aware of any
shifts in your pet’s personality. If you notice your pet is skittish,
anxious or overall, not like themselves, it is normal to worry. Much
like humans, dogs will experience various ebbs and flows in their mood —
all causes by a variety of factors. During the winter, they may not get
as much time outside running around, causing them to have extra energy
indoors. Or in the summer, when it’s scorching under the sun, they could
overheat and have to retreat back to the couch.
Perhaps they are ageing and
experiencing joint pain or tenderness, that while normal, is difficult
to manage. Though you should definitely seek veterinary attention if you
feel something extraordinary is happening under their fur, one of the
benefits of CBD oil extends to your pets. In fact, it’s been shown to
calm their nerves and anxiety when used regularly. Test a small drop
first — and then see how your four-legged friend responds.
CBD oil benefit #7: Help your pet stay stronger for longer
Before you had a human baby — your
pet your first child. They taught you what unconditional love really
means — and how much joy a wagging tail can bring. Ask any pet owner and
they will be quick to admit that their pets are not just the guardian
of the herd — but part of the family. As they’ve watched you cascade
through various milestones, you have witnessed the years wearing on
them, too. Though they used to run for hours around your backyard,
they’re slower these days.
And while they used to serve as your
first alarm clock, now you have to wake them up for breakfast. Ageing is
hard to see — but you can make your pet more comfortable with the use
of CBD oil. Because it has been shown to support healthy hips and joints
for animals, a drop of CBD oil will have them moving easier. Even if
you — sadly — can’t make your dog live forever, you can keep them fresh
and happy by adding a bit of CBD oil to their routine.
Posted by AGORACOM-JC
at 12:29 PM on Friday, July 26th, 2019
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(TSX-V: SPDR) An established chain of high-end vape stores in Ontario,
Canada. The company has an aggressive expansion plan already in place
that will focus on Canadian retail and US Hemp-Derived kiosks in high
traffic areas. Click here for more info.
(TSX-V: SPDR) ————————
Here’s Why Gen-Z Are Turning To CBD Skincare
CBD extract is popping up in everything, from CBD infused cosmetics to cocktails. (AP Photo/Damian Dovarganes)
Health trends come and go but one wellness phenomenon that shows no sign of slowing is CBD.
CBD, otherwise known as cannabidiol, is indisputably one of the hottest health topics right now, with CBD products now available on the high-street in food and beverages and no longer restricted to supplements from a pharmacy.
Health trends come and go but one wellness phenomenon that shows no sign of slowing is CBD. CBD, otherwise known as cannabidiol, is indisputably one of the hottest health topics right now, with CBD products now available on the high-street in food and beverages and no longer restricted to supplements from a pharmacy. According to the Cannabis Trades Association U.K., the number of CBD users has doubled over the past year from 125,000 to 250,000 and the acquisition of This Works, the British beauty and wellness brand, by Canopy Growth, the world’s largest cannabis company, is just one of many examples highlighting the growing presence of CBD in the U.K. market.
Used for a variety of ailments from pain relief to anxiety and depression, CBD oil should not be confused with cannabis use, which has previously been linked with causing depression in teenagers by the NHS. Shiona Redmond, CBD expert and creator of Graces London, a luxury CBD oil beauty and lifestyle brand, explains that CBD is a non-psychoactive cannabinoid from the cannabis plant, whereas tetrahydrocannabinol (THC) is the psychoactive cannabinoid that creates the “high” commonly associated with marijuana use. Because CBD contains less than 0.2% of the psychoactive THC it is, therefore, legal to buy and consume in the U.K.
The increasing popularity of CBD in
the U.K. is perhaps a delayed reflection of the success in the U.S.,
where legal sales of marijuana products surpassed $10 billion in 2018.
Bolstered by a growing cohort of Gen-Z consumers, who are twice as likely to use CBD than the national average, it’s no surprise that CBD uptake in the U.K. has grown so quickly, given that 1 in 5 young adults have a diagnosable mental health disorder.
But how does CBD help mental wellbeing? Redmond explains that humans
have cannabinoid receptors in our bodies, part of a self-regulatory
system called the endocannabinoid system which aims to create
homeostasis, a sort of consistent internal balance, in the body. “The
ECS has been noted as one of the most important physiologic systems
involved in maintaining our health and balance,†says Redmond, “In 2007
the ECS was discovered to play an important regulatory role in the
secretion of hormones related to reproductive functions and response to
stress.â€
The human body actually produces its
own cannabinoids which have the same composition as the CBD cannabinoids
from cannabis plants, therefore a CBD intake interacts with our bodies
in a similar way. The sensation is akin to the “runners high” or
feel-good buzz felt after physical activity because the naturally
produced cannabinoids in the brain are heavily linked with euphoria and
serotonin.
CBD products are growing not only in
availability but also range, with several popular alternatives instead
of vaping. Often taken sublingually, as an oil, tincture or spray
absorbed via the mouth under the tongue, CBD is also popping up in food
and beverages, with Crussh becoming the first U.K. chain to offer cannabidiol products with the recent launch of a CBD booster to add to drinks.
CBD products are increasingly available in the U.K to address a range of health and wellbeing concerns (Photo/Graces London)
Graces London
For those who would prefer not to ingest CBD orally, topical CBD products
like skincare oils, body balms, bath bombs and face masks are also
increasing in popularity. Redmond says: “CBD extracts can be absorbed
through the epidermis layers of the skin to interact with cannabinoid
receptors located on skin surface cells. With the skin being the largest
organ of the human body, what we put on our skin doesn’t only affect
the skin, but it can have long-lasting effects on our health and general
wellbeing.â€
With wellbeing at the center of the CBD phenomenon, further growth in the U.K. is inevitable. Partly linked to the arrival of trendy CBD beauty brands like Milk Makeup—aimed at a younger audience and now sold in the U.K. since January—but also hard to not draw parallels with the downward trend in smoking and drinking amongst the younger generation. Gen-Z music artists like Lil Pump are now becoming cannabis ambassadors, rather than the traditional alcohol advertising contracts that millennials and baby boomers are accustomed to seeing. Reflecting this cultural change in consumer behavior, Facebook has recently relaxed its rules on CBD advertising, now allowing the promotion of topical CBD, but still banning ingestible CBD.
It will be interesting to see how CBD
advertising is regulated going forward, due to the wide-spread use of
CBD but varying levels of concentration within products.â€Not
all CBD is created equal., says Redmond, “The CBD cannabinoid content
in extracts can vary from just a few percents to more than 90% CBD. The
extraction method used will determine the CBD cannabinoid content. CBD
flowers can be cold-pressed, distillation processes can be used or
varied forms of alcohol, solvent, and C02 extractions can be used to
extract the oil. The clearer and more golden the oil, the more purified
and concentrated the whole plant CBD extract is.â€
Although greenwashing often refers to
brands attempting to appear more environmentally friendly, the term
still applies here with the rise of CBD and mental wellbeing giving
brands an opportunity to capitalize by using hemp seed oil, another
derivative from the cannabis plant. Hemp seed oil, sometimes referred to as Cannabis Sativa seed oil,
should not be confused with CBD. It’s been widely available within the
health and beauty industry for years and does not contain the same
beneficial cannabinoids as CBD. Having social media at their fingertips,
Gen-Z shoppers are not afraid to call out big beauty brands for greenwashing. Time will tell how young consumers respond, as they become more clued up to what’s within their products.
Posted by AGORACOM-JC
at 8:16 AM on Thursday, July 25th, 2019
Announced Washington State Liquor and Cannabis Board (WSLCB) has finally approved the tenant grower to prepare the Oroville location for final inspection.
Leading up to final inspection the tenant grower will be required to provide updates detailing how the build-out is progressing and will include proof of this progress, until the location is final inspection ready.
The first 10,000 sq. ft. of a 30,000 sq. ft. Tier-3, I-502 production and processing license is already built.Â
In addition to the 10,000 sq. ft. in-door space the tenant is planning to plant a 20,000 sq. ft. out-door crop as well.
VANCOUVER, British Columbia, July 25, 2019 — BOUGAINVILLE VENTURES INC. (CSE: BOG) (FRA: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Bougainville” or the “Company”)Â is pleased to announce that after a very though review the Washington State Liquor and Cannabis Board (WSLCB) has finally approved the tenant grower to prepare the Oroville location for final inspection.
Leading up to final inspection the tenant grower will be required to
provide updates detailing how the build-out is progressing and will
include proof of this progress, until the location is final inspection
ready. Proof of progress can come in the form of copies of permitting
paperwork, photographs of construction, and or other supporting
documentation that shows progress has occurred at the cultivation
facility in Oroville, WA.
The first 10,000 sq. ft. of a 30,000 sq. ft. Tier-3, I-502 production
and processing license is already built. In addition to the 10,000 sq.
ft. in-door space the tenant is planning to plant a 20,000 sq. ft.
out-door crop as well. The tenant is licensed to build out up to 30,000
sq. ft and once fully built-out the facility will be able to house 1,500
to 1,800 plants. The tenant grower has decided to plant an auto-flower
strain of cannabis for its in-door and out-door season.
About Auto-flowering Cannabis
The concept of auto-flowering strains is that they will automatically
flower as opposed to waiting for a specifically timed light cycle. The
plants begin to flower all on their own after a relatively short
vegetative period of 2-4 weeks. Once planted outdoors, auto-flowering
plants will start producing buds no matter how many hours of sunlight
they are receiving, which means one will not need to worry about running
a light deprivation system or supplementing light as the tenant is
trying to achieve multiple harvests in a season.
CEO, Andy Jagpal Comments: “We are very
excited to finally see our Tier-3 tenant receiving final approval for
final inspection of the Oroville facility. It has been a long and drawn
out process dealing with the WSLCB, which took longer that we initially
anticipated. Even though we were hoping to receive final inspection
sooner we are happy to see it finally come through. We are very
optimistic the tenant will receive approval to plant as the site has
been ready for inspection since June 1, 2019.â€
About the Washington I-502 Marijuana Market In
November 2012, the Washington State Liquor Control Board (WSLCB) passed
Initiative 502 (I-502) pursuant to a vote by the people of the State of
Washington. I-502 authorized the WSLCB to regulate and tax recreational
marijuana products for persons over twenty-one years of age and thereby
created a new industry for growing, processing and selling of
Washington State-regulated recreational marijuana products. A recent
WSLCB commissioned report by the Rand organization suggests that there
are currently up to 650,000 recreational marijuana users in Washington
State, worth approximately $1.25 – $1.5 billion USD in annual sales.
About Bougainville Ventures, Inc.Bougainville
Ventures Inc. is dedicated to rapid growth in production, processing,
retail and branding of cannabis and cannabis related products. Currently
the company provides strategic capital to the thriving cannabis
cultivation sector through ownership and development of commercial real
estate properties. We offer fully built out turnkey facilities equipped
with state-of-the-art growing infrastructure to cannabis growers and
processors. Also, the Company is focused on building a strong presence
in the hemp industry with the objective of extracting cannabinoids in
both Canada and the United States. Along with our flagship Hemp project
in Oregon State and the Greenhouse campus in Washington state, the
Company has proprietary formulas for cannabis edibles, topical, and
tinctures.
On behalf of the Board of Directors BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
For further information, please contact Andy Jagpal at [email protected]. Please note that our Toll free number has changed to 1-877-517-7816.
http://bougainvilleinc.com/
https://twitter.com/bougainvilleinc
FORWARD LOOKING STATEMENTS: This news release
contains certain forward-looking statements within the meaning of
Canadian securities laws. Forward-looking statements are based on the
expectations and opinions of the Company’s management on the date the
statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
Posted by AGORACOM-JC
at 2:49 PM on Tuesday, July 23rd, 2019
SPONSOR: Spyder Cannabis Inc.
(TSX-V: SPDR) An established chain of high-end vape stores in Ontario,
Canada. The company has an aggressive expansion plan already in place
that will focus on Canadian retail and US Hemp-Derived kiosks in high
traffic areas. Click here for more info.
(TSX-V: SPDR) ————————
5 Essential Cannabis Trends You Can’t Afford to Miss
New research indicates these events will drive the global cannabis market.
Until recently, the cannabis market was dominated by THC products, but now CBD is on everyone’s lips. What happened? In 2018, two regulatory events changed the direction and growth trajectory for the cannabis market. Troy Dayton and Roy Bingham
Figuring out where the cannabis industry is heading next is no easy
task. The industry is filled with a seemingly daily deluge of noise and
breaking news. But there are a handful of trends and events you should
keep an eye on. Arcview Market Research in partnership with BDS Analytics has discovered key data points that reveal some of the big industry levers shaping things to come.
1. CBD will take center stage.
Until recently, the cannabis market was dominated by THC products,
but now CBD is on everyone’s lips. What happened? In 2018, two
regulatory events changed the direction and growth trajectory for the
cannabis market.
First, the Food and Drug Administration’s (FDA’s) approved GW
Pharmaceutical’s seizure medication, Epidiolex, the first CBD
pharmaceutical-grade drug.
Second, hemp (the cannabis plant high in CBD and low in THC) was legalized for commercial production across the U.S.
Pharmaceutical companies have since unleashed numerous studies and
clinical trials — racing to isolate treatments for a diversity of
diseases – from cancer to sleep disorders. And, due to less government
restrictions placed on CBD, cannabis dispensaries no longer hold domain
over the sale of cannabis products.
Over time, fortune 500 companies will stampede into the CBD market.
In many U.S. markets, general retail stores are now free to stock
hemp-based products. And as creams, craft beer, and other CBD infused
products make their way onto grocery store shelves in growing numbers,
licensed dispensaries will be pushed to stay competitive.
Just how big is the U.S. CBD market expected to get?
Our research shows that CBD spending will grow from $1.9 billion in
2018 to a forecast of $20.1 billion by 2024. Include THC sales in the
number, and the total U.S. cannabinoid market will soar from $10.5 in
2018 to $44.8 billion as we turn the calendar to 2024.
This is a 49 percent compound annual growth rate forecast for cannabis and hemp-derived CBD products.
2. Eased regulations will be a catalyst for the cannabis market.
Fear of federal prosecution, the inability to easily use every-day
banking services (including depositing money), and little clarity around
CBD as a food additive, has been deadweights for the U.S cannabis
industry. However, two ground-breaking pieces of legislation are working
their way through the legislative labyrinth that should remedy these
problems.
First is an amendment to the STATES Act that will exempt the state’s
legal activities from the Controlled Substances Act (which classifies
cannabis as a Schedule 1 substance). The STATES Act would effectively
ease federal cannabis prohibition by ceding the regulation of cannabis
to the state level. Secondly, the SAFE Banking Act — which would allow
federally chartered banks the ability to accept money from state-legal
cannabis businesses.
On the CBD front, the FDA is under pressure to regulate and confirm
the rules of the game. Once these guidelines are announced, they are
likely to be the trigger for mass adoption of CBD.
3. Canada is still a significant player, but there are clouds on the horizon.
Canada’s historic legalization of adult-use cannabis last year
quickly spawned the world’s largest cannabis companies. Our research
indicates that by 2024, the Canadian adult-use market will expand to
almost $4.8 billion from $113.5 million (in the partial year of 2018).
In the short term, limitations on distribution and the marketing of
edibles and concentrates are likely to hamper growth. However,
regulations are expected to ease in October. But it will take suppliers
several months, maybe even years, to catch up with the product selection
and branding strategies, which are the chief drivers of U.S. market
growth.
The success of the continued retail roll-out and the federal election
in October could potentially dampen the Canadian growth story. Should
the liberals be ousted at the polling booths, a change in government
policy may curtail the growth trajectory.
4. Other countries will get in the game.
The global expansion of medical cannabis is attracting investor
attention. Our research shows that the international markets’
contribution to global legal sales will rise from 4.7 percent to 13.2
percent between 2018 and 2024. That’s a not inconsequential 33 percent
compound annual growth rate through the period.
Internationally, Germany leads the pack, making Europe the leading
region. But Uruguay’s pioneering legal adult-use, Luxembourg, Mexico,
and New Zealand could also have adult-use sales by 2024.
Reforms in Asia and Africa are also afoot. Patients in South Korea
and Thailand will gain access to medical cannabis treatments — albeit
highly restricted. And Lesotho, South Africa, Zambia, and Zimbabwe are
all in various stages of program development.
But, as a consequence of the opening up of these markets, there may
be a shift in the migration of production to regions like Africa and
Latin America. Canadian LPs could be left with stranded assets
5. Money will flow to M&As, as companies specialize and rationalize operations.
In two short years, an industry starved for funding is now seeing
billion-dollar deals. But the availability of money is becoming less
significant. Now it’s about how it will be spent.
Vertically integrated companies are buying out other operations for
scale, and the start of a trend towards diversification and
specialization is underway.
Over the medium term, a second wave of M&A to ‘rationalize assets’ (i.e.
match a firm’s investment in various types of assets to its projected
requirements, for achieving optimum ROI) may follow. Companies in
maturing industries usually work out what they are best at and divest
operations to those better suited to operate these.
Once federal prohibition ends, it’s also no stretch to imagine the
mainstream industry giants stepping in and buying out cannabis
companies. Courageous entrepreneurs will be richly rewarded for having
built attractive take-out targets.
Posted by AGORACOM-JC
at 8:36 AM on Tuesday, July 23rd, 2019
MCOA:OTCQB
Company began sign-ups for Viva Buds Inc., a cannabis delivery service developed with joint venture partner Natural Plant Extracts of California
Viva Buds’ staff and marketing team have successfully initiated the prelaunch for prospective customers ahead of its official 2019 launch date.
ESCONDIDO, Calif., July 23, 2019 — via NetworkWire - MARIJUANA COMPANY OF AMERICA INC. (“MCOA†or the “Companyâ€) (OTCQB: MCOA), an innovative hemp and cannabis corporation, is pleased to announce the prelaunch of cannabis delivery service Viva Buds Inc. in the San Fernando Valley in Los Angeles, California, with sign-ups now available on its website at https://vivabuds.com.
Viva Buds’ staff and marketing team have successfully initiated the
prelaunch for prospective customers ahead of its official 2019 launch
date. By signing up for free for the Viva Buds prelaunch, customers will
have the opportunity to make referrals before the actual launch date.
Viva Buds will offer customers a dynamic opportunity to purchase
low-cost premium cannabis products and utilize the “call your friendâ€
approach to build their own personal business. Viva Buds will have its
own user-friendly app and will utilize its strategic partnership with
MassRoots Inc. to reach out to thousands of its social media followers,
beginning in the San Fernando Valley.
In March, Natural Plant Extracts of California (“NPEâ€) and MCOA
announced they had established a joint venture to form Viva Buds,
sharing the net profits on a 50-50 basis. NPE will manage all operations
pertaining to distribution, manufacturing and delivery of cannabis
products, and MCOA will provide capital, consulting and marketing
services. Additionally, MCOA is the direct owner of 20% of NPE.
“Our management team is excited to provide this innovative
opportunity to future customers of Viva Buds in one of the largest U.S.
markets for recreational cannabis,†said Mr. Don Steinberg, CEO of
Marijuana Company of America.
“We are excited to be a partner in what we believe will be a game
changing and disruptive delivery model in the marketplace,†said Mr.
Alan Tsai, CEO of Natural Plant Extracts of California. “We offer an
incentivized program that is mutually beneficial for our customers as
well as the company. We are confident this adds a lot of unique value
and will position Viva Buds as a key player in the delivery sector.â€
About Marijuana Company of America, Inc. MCOA is a
corporation that participates in: (1) product research and development
of legal hemp-based consumer products under the brand name “hempSMART™â€,
that targets general health and well-being; (2) an affiliate marketing
program to promote and sell its legal hemp-based consumer products
containing CBD; (3) leasing of real property to separate business
entities engaged in the growth and sale of cannabis in those states and
jurisdictions where cannabis has been legalized and properly regulated
for medicinal and recreational use; and, (4) the expansion of its
business into ancillary areas of the legalized cannabis and hemp
industry, as the legalized markets and opportunities in this segment
mature and develop.
About Our hempSMART Products Containing CBD The
United States Food and Drug Administration (FDA) has not recognized CBD
as a safe and effective drug for any indication. Our products containing
CBD derived from industrial hemp are not marketed or sold based upon
claims that their use is safe and effective treatment for any medical
condition as drugs or dietary supplements subject to the FDA’s
jurisdiction.
About Natural Plant Extracts of California NPE
is a fully licensed cannabis manufacturing, distribution and non-store
front retail delivery. The Company has secured its licenses with the
state of California and city of Lynwood, CA. For more information about
the Company, please visit its website at https://nldistribution.com The
owners and founders of NPE are marijuana industry veterans with decades
of experience in establishing retail, manufacturing and distribution of
cannabis in California, including obtaining the first retail dispensary
licenses in Los Angeles, CA.
Legal Status of Cannabis While legalized in
California for recreational and medicinal use, cannabis remains a
Schedule 1 drug under the Controlled Substances Act (21 U.S.C. § 811)
and illegal under the federal law.
Forward Looking Statements This news
release contains “forward-looking statements” which are not purely
historical and may include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such forward-looking
statements include, among other things, the development, costs and
results of new business opportunities and words such as “anticipate”,
“seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or
similar phrases may be deemed “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others,
the inherent uncertainties associated with new projects, the future U.S.
and global economies, the impact of competition, and the Company’s
reliance on existing regulations regarding the use and development of
cannabis-based products. These forward-looking statements are made as of
the date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans, expectations
and intentions contained in this press release are reasonable, there can
be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our annual report on Form 10-12G, our
quarterly reports on Form 10-Q and other periodic reports filed from
time-to-time with the Securities and Exchange Commission. For more
information, please visit www.sec.gov.
Posted by AGORACOM-JC
at 7:22 AM on Tuesday, July 23rd, 2019
Announced that the board of Directors have approved the terms of a Contract Production Agreement with a Co-packing Company
Co-packing Company is a fully-licensed cannabis co-packing and bottling company that operates to GMP standards.
VANCOUVER, British Columbia, July 23, 2019 — BOUGAINVILLE VENTURES INC. (CSE: BOG) (FRA: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Bougainville” or the “Company”) is pleased to announce that the board of Directors have approved the terms of a Contract Production Agreement (the “Production Agreementâ€) with a Co-packing Company subject to acceptance of final terms, to produce and process our dedicated line of Cannabidiol derived (“CBDâ€) products which include the proprietary CBD blended, Medium Chain Triglycerides (“MCTâ€) Oils tincture product for anxiety, energy and sleep recently acquired from the Island Biopharma Inc., acquisition.
The Co-packing Company is a fully-licensed cannabis co-packing and
bottling company that operates to GMP standards. The Production
Agreement will enable Bougainville to launch its patented line of
bio-cannabis MCT Oil tincture products cost effectively. Pursuant to the
Production Agreement the co-packing company has agreed to provide
product development, manufacturing, and distribution of our CBD blended
MCT Oil tincture products for anxiety, energy and sleep. Bougainville
Ventures will commit to a minimum purchase order of 1,000 gallons or
56,000 units. Packaging costs are very competitive with industry norms
for the nutraceutical and herbal treatment products and the company’s
strategy is primarily to sell to the wholesale market first.
According to an estimate from cannabis industry analysts the hemp-CBD
market alone could reach $22 billion by 2022. CBD can be used to
effectively to treat epilepsy, anxiety, insomnia and chronic pain. The
Island Biopharma CBD line is designed to harness the healing power of
cannabis without the psychotropic effects of THC.
About the Co-Packing Company
The Co-packing Company is a Canadian-based company, which is engaged
in expanding the ancillary side of the cannabis industry. The company
offers local and international brands key services, such as formulation,
manufacturing, co-packing, and distribution for THC & CBD infused
products.
About Bougainville Ventures, Inc. Bougainville
Ventures Inc. is dedicated to rapid growth in production, processing,
retail and branding of cannabis and cannabis related products. Currently
the company provides strategic capital to the thriving cannabis
cultivation sector through ownership and development of commercial real
estate properties. We offer fully built out turnkey facilities equipped
with state-of-the-art growing infrastructure to cannabis growers and
processors. Also, the Company is focused on building a strong presence
in the hemp industry with the objective of extracting cannabinoids in
both Canada and the United States. Along with our flagship Hemp project
in Oregon State and the Greenhouse campus in Washington state, the
Company has proprietary formulas for cannabis edibles, topical, and
tinctures.
On behalf of the Board of Directors BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
For further information, please contact Andy Jagpal at [email protected]. Please note that our Toll free number has changed to 1-877-517-7816.
http://bougainvilleinc.com/
https://twitter.com/bougainvilleinc
FORWARD LOOKING STATEMENTS: This news release
contains certain forward-looking statements within the meaning of
Canadian securities laws. Forward-looking statements are based on the
expectations and opinions of the Company’s management on the date the
statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.