The Brightfield Group has gotten quite a lot of ink lately for their projections that the hemp derived CBD market will outpace the “Rest of the cannabis market COMBINED”.
Forbes too took a look back at 2018 and saw 2019 as another one to break the records, with an article titled: “For Baby Boomers, 2018 Was The Year Of CBD. Get Ready For 2019″ saying: “2018 was the year CBD was on everyone’s lips, thanks to plenty of media buzz and the suddenly-ubiquitous presence of an array of CBD-infused beverages, lotions and self-care products. It was also the year “CBD gummies” reached No. 3 on Google’s most popular search terms. And I’m willing to go out on a limb that a significant portion of those searches were made by Baby Boomers.
With the availability of new hemp strains specially bred for high CBD content, American farmers, processors and many others along the revenue stream are eager to produce and distribute as much of this lucrative substance as the fast-growing market can accommodate. And with CBD sales in the US expected to reach $22 billion by 2022, as projected by the cannabis market research company, the Brightfield Group, Congress’ re-regulation of hemp has presented a good reason for many to celebrate.”
Active Companies from around the market with current developments this week include: MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF), Terra Tech Corp. (OTC: TRTC), Choom Holdings Inc. (CSE: CHOO) (OTC: CHOOF), InMed Pharmaceuticals Inc. (TSX: IN.) (OTC: IMLFF), CannTrust Holdings Inc. (NYSE: CTST) (TSX: TRST).
Brightfield added: “All of a sudden, CBD is everywhere – it is both a trendy, new ingredient in drinks, face creams and pet treats and an answer to the prayers of so many people suffering from medical conditions ranging from epilepsy to anxiety and chronic pain. It rides the waves of so many global food and health trends, as a substitute for opioids, towards more natural health alternatives and functional ingredients. CBD is the next healthcare phenomenon. It is so effective for so many conditions, is natural, non-psychoactive and has no known serious side effects. It is the next hot, functional ingredient beauty ingredient, like collagen, shea butter or aloe.”
MYM Nutraceuticals Inc. (CSE: MYM) (OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals is pleased to announce it has entered into an agreement with Elite Ventures Group (“Elite”) to grow 120 acres of CBD-rich hemp in Nevada, USA.
Under the agreement, MYM will fund Elite with $500,000 USD in exchange for the rights to 50% of CBD rich hemp grown on a 120 acre parcel of land in Nevada. In consideration for the investment, Elite will provide all the necessary capital and consumable supplies, plant, grow and harvest the hemp. If requested, Elite will also arrange for the processing and sale of the biomass at no less favourable terms than those found in the Elite supply agreements.
Based on Elite’s previous success in cultivating 120 acres of similarly situated land in August 2018, the estimated production of hemp from the MYM parcel of land is 120,000 pounds per harvest with a CBD level of 10%-19%. This represents potential revenue of over $26 million, of which MYM is entitled to 50% less processing and sales fees.
“We are delighted to have entered into this agreement with Elite Ventures,” said Howard Steinberg, CEO of MYM. “This agreement signals an important step forward in our plan to be a significant cultivator of hemp to satisfy the increasing demand of biomass and CBD worldwide.”
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