Global Cannabis Market Projected To Reach $444 Billion By 2030 As Consumption and Demand Skyrockets

PRESS RELEASE
Published October 2, 2023

Palm Beach, FL - October 2, 2023 FinancialNewsMedia.com News Commentary The global cannabis markets has been growing in recent years and is expected to continue through this decade. Marijuana legalization is gaining momentum across the globe. This momentum is driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug worldwide, according to the United Nations Office on Drugs and Crime (UNODC). A growing number of jurisdictions have established legal frameworks for the non-medicinal use of adults, including social, religious, and cultural purposes. Furthermore, formalizing activities related to the products cultivation, production, and trade in a (legally regulated) legal marijuana market will facilitate access to information and increased consumption among consumers, which is expected to provide opportunities for the market in the upcoming years. A report from Fortune Business Insights projected that the global cannabis market size was valued at USD 43.72 billion in 2022 and is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03% during the forecast period. Active Companies from around the market with current developments this week include: Leafbuyer Technologies, Inc. (OTCQB: LBUY), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NASDAQ: CGC), SNDL Inc. (NASDAQ: SNDL), Tilray Brands, Inc. (NASDAQ: TLRY).

The Fortune Business Insights report said: "Sativa consumer product companies and retailers are rapidly evolving to meet the needs of the mainstream marijuana consumer. The consumers are no longer limited to smoking flowers with joints, pipes or bongs, but have their choice of an increasing variety of products, including concentrates, infused products, and topicals. The COVID-19-related concerns drove consumers toward newly developed substitutes such as edibles and other infused products. Consuming the product by inhalation allows THC to enter the lungs and enter the bloodstream rapidly, causing the user to experience the associated mind-altering effects much more quickly than ingesting an edible product. Advancements in scientific development and product innovation have begun to overcome the drawbacks of edibles such as the inconsistent effect of marijuana after consumption. Newer forms of infusion products include topical or sublingual products designed to be absorbed under the tongue or through the skin. Medical hemp has gained a lot of attention across the globe in recent years."

Leafbuyer Technologies, Inc. (OTCQB: LBUY) BREAKING NEWS: Leafbuyer Technologies, Inc. Announces Results: 34% increase in Annual Revenue

Financial Highlights:

  • Revenue rose 34% to $5,090,846 from $3,807,053 in the fiscal year 2023
  • Gross Profit increased 106% from 1,093,377 to $2,248,060 in the same period
  • Operating Expenses Increased 1% in the period
  • Cash on the balance sheet increased 21%
  • Debt on the balance sheet decreased 27%

Leafbuyer Technologies Inc. (Leafbuyer or the Company) a leading cannabis technology and marketing platform, announced today that annual revenue rose 34% year over year ending June 30 2023. The increase reflects the GAAP revenue booked in the year versus the same quarter of the previous year.

Kurt Rossner, Chief Executive Officer of Leafbuyer, stated, "We had a great year considering a slowdown across the industry. We continue to focus on expansion of our national footprint while expanding our industry leading product line. Financially we continue to focus on margin expansion while paying down debt and investing for the future." CONTINUED... Read this and more news for LBUY at: https://www.leafbuyer.com/investor

In the industry developments and happenings in the market this week include:

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) recently announced that it shipped its first order of bulk cannabis, which will be sold under the PEACE NATURALS(R) brand in Germany. In July, Cronos signed a distribution agreement with Cansativa Group ("Cansativa"), one of the leading distributors of medical cannabis in Germany. Cansativa is a market leader in the medical cannabis market and is a driving force in the German cannabis industry. Cansativa has a network of approximately 2,000 pharmacies domestically; they currently supply around 300,000 patients in Germanys medical market.

"Re-entering the German market, which has about 83 million people, is a significant milestone for Cronos and we look forward to expanding our reach and brand awareness in Germany with the help of Cansativa," said Mike Gorenstein, Chairman, President, and CEO, Cronos. "We intend to establish our PEACE NATURALS(R) brand as a top medical brand, similar to the brand's reputation in Israel. We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products."

Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED) recently announced that it has entered into subscription agreements (the Subscription Agreements), dated September 18, 2023, with certain institutional investors (the Investors) in a private placement offering (the Offering) of 22,929,468 units (Units) at a price per Unit of US$1.09 for aggregate gross proceeds of approximately US$25,000,000. The Investors also hold an over-allotment option to acquire up to an additional 22,929,468 Units at a price per Unit of US$1.09 for aggregate gross proceeds of US$25,000,000 at the discretion of the Investors at any time on or before November 2, 2023 (the Over-Allotment Option).

The purpose of the offering is to provide the Company with additional liquidity of up to US$50MM to further strengthen Canopy Growths financial position and is expected to be used for working capital and other general corporate purposes.

Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), a leading global cannabis and consumer packaged goods company, recently announced the launch of its expanded product lineup by its quintessentially Canadian cannabis lifestyle brand, CANACA. Introducing its new 'Let 'Er Rip' Campaign, a curated collection of products crafted to elevate intensity while offering flavourful and aromatic consumption experiences. As part of the new campaign, CANACA highlights two product lines, unveiling exciting new offerings just in time for fall, including additional whole flower and Crumble Cones pre-rolls.

"We are excited to launch this campaign, which demonstrates CANACA's redefined brand narrative, emphasizing the innovative enhancements we've incorporated into our processes, thereby elevating our product quality," said Michelle Morin, Senior Brand Manager at Tilray Brands. "Innovation is at the core of the brands evolution; it drives us to craft cannabis products that not only meet but exceed consumer expectations."

SNDL Inc. (NASDAQ: SNDL) and Nova Cannabis Inc. (NOVC) recently announced that while all other provincial approvals have been received, the continued review by one provincial regulator has necessitated a further extension of the outside date for the closing of the previously-announced strategic partnership (the Transaction). SNDL and Nova anticipate that the Transaction will close on or before October 30, 2023, subject to receipt of regulatory approval.

In addition, SNDL and Nova have extended the maturity date of Novas revolving credit facility with SNDL to October 30, 2023.

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