NEW YORK, June 6, 2019 /PRNewswire/ -- Technology has become prominent in almost every aspect of daily life for most consumers in the West. Even though technology has had a widespread impact, it continues to penetrate into other regions across the world as more and more consumers adapt to the digital era. It has become apparent in most global industries that the use of technology is required in order to thrive among the competition. For instance, major markets such as retailers, banks, healthcare, and even the food industry have incorporated technology in order to operate more efficiently and effectively. For instance, retailers and banks introduced digital payment portals to speed up the transaction process of payments, while the food industry created mobile apps so consumers can order remotely. Meanwhile, the healthcare industry integrated advanced technology to accurately diagnose and operate on patients. Moreover, one industry that has benefitted from the evolution of technology is the cannabis market. Tech entrepreneurs and investors are eager to introduce ideas such as blockchain into the market space. Notably, verification and tracking systems have become highly popular across various cannabis segments because companies can track their product from seed-to-sale. Seed-to-sale verification keeps a transparent process between both the vendor and the consumer. Furthermore, The Verge reported that advanced technological applications such as machine learning and automation are becoming increasingly popular within the cannabis industry. For example, a Massachusetts-based company, Bloom Automation, has developed a robot that can automate the cannabis trimming process, eliminating the need for humans. Technology remains one of the key aspects to a successful business and as more companies shift towards technology, the cannabis industry has the potential to become the next disruptive global market. According to data compiled by MarketsandMarkets research, the global cannabis market is projected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Additionally, the market is expected to register a CAGR of 30.7% during the forecast period. Trutrace Technologies Inc. (OTC: BKKSF) (TSX-V: TTT), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX: FIRE), Terra Tech Corp. (OTC: TRTC), NightFood Holdings, Inc. (OTC: NGTF)
Cannabis technology companies have created innovative products that tap into a handful of sectors from cultivation and extraction to manufacturing and retail. And while the industry is still within its infancy stage due to enforced international regulations, many countries have moved forward and begun to legalize cannabis for medical use. Compared to the more saturated markets, the cannabis industry is still relatively small, meaning that the rewards for entrepreneurs entering into the industry are potentially large. Michael Garbuz, Co-Founder and President of Materia Ventures and Founder of High 12 Brands, predicts that technology is going to play a significant role within the developing industry. Specifically, Garbuz mentions that Canada's market is less developed than the U.S. despite having legalized cannabis entirely. The U.S. market is more mature than any other international market because select states adopted cannabis legislations as early as the mid-1990s. Nonetheless, the integration of technology can help further promote small markets, allowing them to seize some of the global market share. "A lot of individuals nowadays are working on really advanced technologies to improve and optimize the formulation and delivery of cannabis. We are seeing new technologies that control how quickly you feel the effects, the consistency of effects, and the entire consumer experience. Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow," said Garbuz.
Trutrace Technologies Inc. (OTC: BKKSF) (TSX-V: TTT) is also listed on the TSX Venture Exchange under the ticker (TSX-V: TTT). Yesterday, the Company announced that, "it has received conditional approval to list its common shares on the Canadian Securities Exchange (the "CSE"), and anticipates to voluntarily delist its common shares from the TSX Venture Exchange (the "TSXV"). To ensure continued trading of the Company's common shares, the Company intends to seamlessly arrange for the simultaneous delisting of its common shares from the TSXV and subsequent commencement of trading on the CSE.
"This is a significant milestone for TruTrace Technologies and a reflection of our strategic growth initiatives to pursue opportunities in markets outside of Canada, including those within the United States," said TruTrace CEO Robert Galarza. "After careful consideration, management has determined that expanding our business into the cannabis and hemp-derived CBD markets of the US is in the best interest of the company. We look forward to the increased scope of opportunities this listing presents and the greater market potential for our technology and offerings."
About TruTrace Technologies: TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. TruTrace's technology allows cannabis growers and breeders to identify and secure rights to their intellectual property. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis. TruTrace's technology is proprietary, immutable and cryptographically secure, thereby establishing a single-source, accurate, validated and permanent account for cannabis strains from ownership to market.
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Emerald Health Therapeutics Inc. (OTCQX: EMHTF) (TSX-V: EMH) is a Canadian licensed producer of cannabis. Emerald Health Therapeutics, Inc. recently received its first purchase order from Société Québécoise du Cannabis (SQDC) to supply its cannabis products to the Quebec recreational cannabis market. Emerald is scheduled to fulfill its first shipment the week of June 3rd. Emerald is currently delivering cannabis to the Ontario Cannabis Retail Corporation, Cannabis Retail Store, the British Columbia Liquor Distribution Board, the Newfoundland Labrador Liquor Corporation, PEI Cannabis, the Yukon Liquor Corporation and to licensed private retailers in Saskatchewan. Emerald has also been authorized by the Manitoba Liquor & Lotteries Corporation to supply cannabis to Manitoba and signed a sales agreement with the Alberta Gaming, Liquor and Cannabis to supply cannabis to Alberta. "We are pleased to have the opportunity to supply Quebec with our Emerald-branded cannabis products," said Dr. Avtar Dhillon, President and Executive Chairman of Emerald. "With USD 71 Million in sales during the first six months of legalized recreational cannabis, the SQDC recorded the second highest provincial sales in Canada, making it a significant market for Emerald to now offer our recreational cannabis products as well as introduce our locally-produced Verdélite-branded products in the months ahead."
The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) (TSX: FIRE) is a global diversified portfolio of distinct cannabis companies, products and brands. The Supreme Cannabis Company, Inc. and Blissco Cannabis Corp. (CSE: BLIS) (OTCQB: HSTRF) recently announced that they have entered into a definitive arrangement agreement under which Supreme Cannabis will acquire, by way of a court-approved plan of arrangement under the Business Corporations Act, all of the issued and outstanding common shares of Blissco not already owned by Supreme Cannabis. The Arrangement is an all-stock transaction with a total value of approximately CAD 48 Million. "Blissco has built a distinct and authentic premium wellness brand. Through our strategic partnership and prior investment in the company, we developed a deep understanding of the business and a high level of confidence in the senior management team. This transaction will allow Blissco to focus its business around the production and commercialization of cannabis oils and topicals for the premium wellness consumer," said Navdeep Dhaliwal, Chief Executive Officer of Supreme Cannabis. "Blissco shares our vision, mission, and values. Through this transaction, we will combine best-in-class processes, commercialization, marketing and brand building expertise, and skilled management, ensuring we continue to achieve our vision to improve global well-being with cannabis."
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that it had secured a permit to manufacture cannabis for the adult use market at its 15,000 sq. ft. extraction facility in Reno, which is 50% owned by NuLeaf, from the State of Nevada. Terra Tech commenced IVXX® production activities for the medical market at its Reno, Nevada facility, co-owned by NuLeaf, in the late in the third quarter of 2018. Securing this permit allows it to further increase supply of its proprietary IVXX wholesale brand to meet the significant demand for cannabis products from adult users throughout Nevada. Chief Executive Officer, Derek Peterson, said, "Our IVXX brand of cannabis has proven itself to be popular with both the adult use and medical markets in Nevada. Securing this permit enables us to increase supply of our products to meet the demand from adult users that want to consume our premium branded cannabis by ramping production at our Reno facility. This will enable us to not only continue the rollout of our wholesale products in the State, but also increase the value of our assets in Nevada."
NightFood Holdings, Inc. (OTCQB: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc. MJ Munchies, Inc., a wholly owned subsidiary of NightFood Holdings, Inc., recently provided an update on the development of its Half-Baked line of cannabis-related snacks. In November, on an investor conference call, Chief Executive Officer Sean Folkson first introduced that the Company was investigating the scientific possibilities of a unique snack idea in the marijuana-related space. He identified that project as "Project X". After further research, the Company decided to move forward with Project X in January. One of the leading nutraceutical consulting firms in the United States has been engaged to drive product development and formulation under the guidance of NightFood's Peter Leighton. Leighton, a 30-year veteran specializing in marketing and brand development in the snack and nutraceutical space with a long history of success, brought aboard a scientific team he's done extensive work with over the years. "This group has done high level formulation and product development work for Nestle, Frito-Lay, and Carnation," added Folkson. "They're very excited about our concept, and we're also evaluating patent opportunities related to what they're creating for us and for the consumer. While we'll do our best to continue to keep the investment community as informed as possible, it's important that we protect our intellectual property and strategic advantage around the unique set of products we have under development."
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