Cannabis companies are trying to reap the benefits of the current situation
Aphria’s shares will be traded on the NASDAQ in the near future. With this move, the company intends to emphasize its focus on ESG practices. In the last months, cannabis sales in Canada have increased significantly. NeutriSci International will soon bring edible cannabis products to the shelves of more than 90 pharmacies in California. The company plans to expand this to more than 350 pharmacies.
The Canadian cannabis producer Aphria Inc. announced on Tuesday, MAy 26th, that the company will be listed on the NASDAQ next week. To date, Aphria is traded on the TSX as well as the NYSE. Now the company plans to go to the NASDAQ on June 5th, the first trading day there is planned to be June 8th.
The CEO of Aphria, Irwin D. Simon said the move demonstrates the company’s commitment to cost-effective operations. Simon added that NASDAQ is a good fit for Aphria as it has made great strides in integrating ESG practices.
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Cannabis sales increased in Canada
Statistics Canada reported last week that cannabis sales in the country increased significantly in March. The increase was 19.2% over February, with cannabis worth $132.4 million (CAD 182 million) sold.
The statisticians reported that this was the strongest monthly increase since cannabis legalization in October 2018. The strongest increase in sales was in Quebec, where it rose 29 percent. Sales also grew in Ontario, Alberta and British Columbia.
The Coronavirus pandemic and the lockdown in Canada drove customers to the points of sale, as many expected that stationary cannabis sales would also be discontinued. However, this has not happened.
The COVID-19 pandemic continues to dominate daily life in many countries around the world
Scientists, governments, companies and citizens are looking for ways to deal with the disease and mitigate its effects on the economy, while at the same time ensuring public health. A number of compounds are currently being tested for the treatment of COVID-19.
In Canada, scientists at the University of Lethbridge believe that there are cannabis extracts that could be used in the prevention and treatment of COVID-19. For example, cannabinoids could make the human body less susceptible to the novel coronavirus. Of course, in a lung disease such as COVID-19, drugs should not be absorbed through the lungs, but through edible products.
NeutriSci International plans to expand its business
Such edible cannabis products will be sold by NeutriSci International Inc. The company will soon bring such edible cannabis products to the shelves of more than 90 pharmacies in California. The local distributor plans to expand this to more than 350 pharmacies. NeutriSci International thus penetrates the largest cannabis market in North America. Marbl Melt is one of the products to be offered there – cannabis-added edible products enriched with THC or CBD in clinically tested doses.
This opens up huge sales opportunities for NeutriSci International. In the USA, $1 billion was spent on cannabis-based food and beverages in 2017. In 2022, a level of $4.1 billion should be reached there. Worldwide, the market for edibles could reach a volume of $32 billion, as expected by the Arcview Group.
In the next steps NeutriSci International plans to expand into the US states of Nevada, Oklahoma and Michigan. This year the expansion to Canada is also planned, where edible cannabis products have been legalized since October 2019.
(Featured image by Pezibear via Pixabay)
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