Cannabis
Red Light Holland Reports Third Quarter 2023 Financial Results
- Cash balance of $19.7 million as at December 31, 2022
- Revenue of $1.2 million (vs Q3 2022: $622 thousand, an increase of 88.9%)
- Gross Profit of $587 thousand (vs Q3 2022: $233 thousand, an increase of 152.2%)
- Property and equipment value of $4.8 million
- Total assets of $30.5 million
- Acquisition of MiniChamp B.V., a home grow mushroom kit producer offering a wide variety of quality and exotic mushrooms servicing customers across 20+ European countries www.MiniChamp.nl
Toronto, Ontario–(Newsfile Corp. – February 27, 2023) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) (“Red Light Holland” or the “Company“), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, is pleased to announce that it has filed its financial results for the third fiscal quarter of 2023 ended December 31, 2022, the highlights of which are included in this news release. The condensed interim consolidated financial statements for the three and nine months ended December 31, 2022 and the accompanying management’s discussion and analysis (“MD&A“) can be accessed by visiting the Company’s website at www.RedLight.co, and its profile page on SEDAR at www.sedar.com.
“I am pleased to announce that for our third quarter of fiscal 2023 revenue increased 88.9% to $1.2 million and gross profit increased 152.2% to $587 thousand compared to $622 thousand and $233 thousand, respectively, from the same period last year. Our revenue growth represents both the consolidation of recent acquisitions and increased activity levels, specifically the increased production levels at Acadian Exotic Mushrooms Ltd. (“AEM“) and our increased sales and brand growth of Happy Caps (“Happy Caps”) mushroom home grow kits. Our gross profit, which represents 50.0% of sales, has generated strong results through improvements to production efficiencies and prudent spending. As we move forward, we will continue to focus on top line revenue growth and its conversion to the bottom line.”
“We are also exploring some near term potential M&A opportunities, including having a signed non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category, who we are in current due diligence with. We are excited to put our strong cash position to work for us with expansion and future revenue growth in mind. Red Light Holland, its Board of Directors and Management are always focused on growing our overall mushroom business, as we zone in on increasing near term revenues while waiting for hopeful catalysts in the potential legal psychedelic market. However, until then, we plan on making a variety of different mushrooms sexy – with the ultimate goal of increasing shareholder value,” said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland.
With regards to the strength of the current financial position, David Ascott, Chief Financial Officer of Red Light Holland, added: “Our financial position and liquidity remains strong, and the Company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future. The Company’s working capital as at December 31, 2022 was $19.2 million which included $19.7 million of cash and cash equivalents. Analyzing our results from Q2 2023 to Q3 2023, revenues increased from $736 thousand to $1.2 million (an increase of 59.6%) and gross profit increased from $288 thousand to $587 thousand (an increase of 104.1%). The net loss for the three months ended December 31, 2022 was $1.3 million, which has increased slightly over the prior year results of $1.2 million. For the nine months ended December 31, 2022, the Company generated revenues of $2.7 million and gross profit of 1.2 million.”
RED LIGHT HOLLAND FARM DIVISION AND HOME GROW KITS UPDATE:
“Operational excellence, customer satisfaction and brand awareness continue to be the pillars of our foundation and drivers of our future growth. The integration of MiniChamp B.V. operations in the Netherlands is now complete and we look forward to opportunities in the mushroom home grow kit market and extensive distribution channels throughout Europe which the Company hopes they can utilize. AEM, now operating at approximately 80-90% capacity, continues to increase deliveries of gourmet shiitake mushrooms from our production facility in New Brunswick. We have focused on sales and brand growth with Happy Caps lion’s mane, oyster and shiitake Home Grow Kits and we continue to have great success with these products as they’ve now been accepted into 22 Canadian Tire locations and 13 Loblaws Super Stores exceeding over 90 retail locations across Canada. And we expect that number to grow in the near future,” said Mr. Shapiro.
“As well, while the launch dates have been pushed back a bit, we are very pleased with the progress of the behind-the-scenes creation of MISTERCAP’s home grow mushroom kits, who will be receiving marketing advisory services from Wiz Khalifa as he plans on leveraging his social media presence to promote these legal mushroom products across Canada, United States, and the European Union. We are already focused on lining up supply and increased production, as we have purchased a state of the art automated machine to handle all future forecasts for Home Grow Kit production of MISTERCAP’s products in anticipation of their launch, expected Summer 2023, plus Happy Caps’ production as well. Our automated machine from Japan, is expected to be set up at our Partners’ farm in Summer of 2023,” added Mr. Shapiro.
The Company continues to work with AEM, an operating gourmet mushroom production with facilities in New Brunswick, which is majority owned by Red Light Holland, and co-owned by the leading Canadian mushroom farming groups and individuals: Holburne Mushroom Farm and Mike and Fernando Medeiros of Carleton Mushroom Farms, to develop two mushroom production facilities with the aggregate footprint of 65,000 sq. ft. (the “Mushroom Facilities“) to be located on the Peterborough Farm. This development will enable the Company to dramatically expand its farm division (“Red Light Farms“), by adding the Peterborough Farm to its existing portfolio of farms: Happy Caps Gourmet Mushroom Farm in Halifax, Nova Scotia, AEM in the Provinces of New Brunswick and Ontario, and MiniChamp B.V., Home Grow Kit Farm and Red Light’s Truffle Farm – both located in Horst, The Netherlands.
The Company also continues to work with an expert mushroom farm design firm in The Netherlands and experienced Canadian engineers to finish the site plans for the Peterborough project. With the design phase nearing completion, the Company intends to submit the finalized engineered stamped plans within the next 4-6 weeks to the Township of Cavan Monaghan (the “Township“) in order to begin the approval process as the Company seeks to obtain permits for the construction of the Mushroom Facilities. Once completed, the Peterborough Farm is expected to immediately generate revenues of approximately $80,000 per week. As it ramps up to its full production capacity, the Company expects a revenue run rate of approximately $16.0 to $17.0 million per annum with strong profit margins and cash flows from operations. The Mushroom Facilities should take approximately 18 months to construct following the submission of the final plans to the Township. The cost to build the Mushroom Facilities is estimated to be around $8.0 million.
SCARLETTE LILLIE SCIENCES AND INNOVATION UPDATE:
Based upon the Company’s evaluation of the future viability of its wholly owned subsidiary, Mera Life Sciences LLC (renamed Scarlette Lillie Sciences and Innovation), to achieve its operational objectives, the Company has commenced an initiative to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end. As an alternative to operating in St. Vincent and the Grenadines, we are working closely with CCrest Laboratory Inc. (“CCrest“) in Montreal, Quebec to develop a homogenized microdosing capsule. The current research will soon be performed on 3,000 grams of natural psilocybin truffles, grown in the Netherlands at the Company’s facility in Horst, that were approved by Health Canada to import to CCrest. We anticipate our naturally occurring psilocybe truffles to land at CCrest any day now. Furthermore, the Company has engaged Cannabis License Experts Inc. to assist the Company with an application for a Controlled Drugs and Substances Dealer’s Licence with the aim of psilocybin production, research and development at the Company’s mushroom production facility in New Brunswick.
SR WHOLESALE B.V.:
SR Wholesale B.V., the Company’s wholly owned subsidiary (“SR Wholesale“), in The Netherlands continues to run efficiently and currently distributes large volumes of Magic Truffles to the Netherlands market, including the Company’s own brands (i) Maka magic truffles line, including the Hollandia, Makanaut, Muskoka, Mexicana, Atlantis, Double Vision, Old Dutch and Utopia varieties, which are designated as a Responsible Use Psychedelic and (ii) iMicrodose magic truffles, which is also a responsible use psychedelic brand supported by education, information, community events and tele-counseling support. Both the Maka and iMicrodose line of truffles is currently being distributed and sold by a number of SmartShops across the Netherlands.
SR Wholesale is also expanding its wellness division to align with Red Light’s strategy for their wholly owned Retails shops. SR Wholesale plans to create a “SR Wellness’ ‘ division, with its own unique website to distribute health and wellness products, like Conor McGregor’s TIDL Sport and legal functional mushroom products with the goal of distributing these products to the Netherlands and the rest of the European Union.
RETAIL SHOPS UPDATE:
The Company’s rebrand of its retail stores in Oss and Utrecht is moving forward as we are currently reviewing new proposed designs from an interior design company and options to renovate the locations, increase the number of products to align the brand to the holistic view of mind and body health while executing on customer experience initiatives. We expect that these updates will be complete by Summer 2023.
WISDOM TRUFFLE UPDATE:
The Company is pleased to announce that Moon, designed by Karim Rashid, after passing all certifications needed, is available for sale in Canada, USA and Europe at www.BringWisdomHome.com with delivery estimated this April. The Star model has also completed its design phase and is awaiting final completion of the testing and certification prior to its initial manufacturing run, which is expected before mid-year. The engineering, design and production of the SuperNova model has been deferred for 12 to 18 months to focus sales and marketing efforts on the other two models.
MISSION AND ADVOCACY:
“We clearly have a lot going on at Red Light Holland. We have evolved into an everything mushroom company and it’s nice to see progress as our core mission remains: to provide legal affordable and equitable adult access to naturally occurring psilocybin via technology, education, information and responsible use. We are proud of our advocacy support in Washington State, Colorado, Oregon and Canada. In Oregon, we are pleased about the current regulations which show favorable suggestions on microdosing, following our in-house experts’ recommendations. In Washington State we continue to work with a new approach lobby group and Red Light Holland experts have testified in front of the Senate hearing. In Canada, we are proud of being a major partner to help provide financial support with TheraPsil in trying to change the laws to provide all Canadian adults who need it with legal access to psilocybin. We are grateful to be working with such a beautiful organization, who have led the way in Canada to achieve exemptions and special access to magic mushrooms for their patients, helping many in need. And as always, I am grateful for our shareholders’ continued support and our team’s hard work. We continue to be the People’s Company who are clearly aligned with our shareholder’s vision as we want to #FreeTheMagic in hopes of a better future with positive change. I personally look forward to meeting shareholders either in person or online on March 23rd at our previously announced AGSM. For further information, we highly encourage all shareholders or potential investors to carefully read through our MD&A now filed on www.Sedar.com,” concluded Mr. Shapiro.
Red Light Holland and the MISTERCAP brand are committed to creating educational and responsible use messaging in relation to the use of any products made available by the brand. Red Light Holland and MISTERCAP products will be intended to help promote a healthy lifestyle. No MISTERCAP and/or Red Light Holland products are intended to treat or cure any medical conditions and are in no event a substitute for professional medical care. No statements made by Red Light Holland, Mistercap LLC or Wiz Khalifa have been evaluated by the United States Food and Drug Administration or any other similar body of another jurisdiction, and are in no event a substitute for professional medical care. Red Light Holland, Mistercap LLC and Wiz Khalifa encourage all consumers to speak with their doctors and professional medical advisors for any solutions that may be appropriate for each person individually.
CORRECTIVE DISCLOSURE:
In the Company’s press release dated October 5, 2023, it was stated that the 981,466 common shares in the capital of the Company (the “Common Shares“) were issued as consideration for the acquisition of MiniChamp B.V. The Company had only actually only issued 864,542 Common Shares at the time and issued the remaining and outstanding balance on February 17, 2023.
ABOUT RED LIGHT HOLLAND
The Company is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Todd Shapiro
Chief Executive Officer and Director
Tel: 647-643-TRIP (8747)
Email: [email protected]
Website: www.RedLight.co
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s performance, business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, the launch, team, vision, supply, production and promotion of MISTERCAP and its products, the launch and production of Wisdom Truffle and Moon units, and the design, production, and manufacturing of the SuperNova model, the development and roll out of the Wellness World brand and the Company’s focus on top line revenue growth and its conversion to the bottom line); the Company’s plans to hold their AGSM as announced for the stated purposes; the Company’s future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the development of the Company’s business, brands and future activities following the date hereof; the Company’s expectations involving its partnership with CCrest (including, without limitation, product testing, product development, studies of psilocybin and import licenses); the Company’s ability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s plans for expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s plan to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations (including its MiniChamp B.V. operations in the Netherlands and the Happy Caps Home Grow Kits domestically in Canada); expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the market for the Company’s current and proposed product offerings and such offerings providing the stated benefits, as well as the Company’s ability to capture market share; the Company’s strategic investments and capital expenditures, and related benefits; the distribution methods expected to be used by the Company to deliver its product offerings; the Company continuing to increase its revenue through its current fiscal year and beyond; the Company’s ability to generate cash flow from operations and from financing activities; the Company’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s ability to successfully integrate the operations of any business acquired within the Company’s business; the anticipated sales from continuing operations for the financial year of the Company; the Company hitting its forecasted revenue and sales projections; and the Company’s plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and the anticipated benefits to the Company, its partners, and clients; and the anticipated benefits and terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company’s ability to meet or surpass performance and business objectives and milestones under the anticipated timing of, and forecasted costs in connection with, the execution or achievement of such objectives and milestones; the Company’s ability to hold its AGSM as announced for the stated purposes; the Company’s ability to capitalize on future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the Company’s ability to develop the Company’s business, brands and future activities following the date hereof; the Company’s ability to meet expectations involving its partnership with CCrest; the Company’s ability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s ability to achieve its plans in expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s ability to carry out its plan to re-evaluate its business in St. Vincent and the Grenadines and will conclude on a plan with its Board of Directors prior to year-end; the Company’s ability to accurate forecast and meet expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; the Company’s ability to accurate forecast and meet expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the ability of the Company to achieve continued growth in the market for the Company’s current and proposed product offerings, as well as the Company’s ability to capture market share; the ability of the Company to capitalize on strategic investments and capital expenditures, and related benefits; the Company’s ability to access existing and other distribution methods expected to be used by the Company to deliver its product offerings; the Company’s ability in continuing to increase its revenue through its current fiscal year and beyond; the Company’s ability to generate cash flow from operations and from financing activities; the Company’s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the Company’s ability to realize cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s ability to successfully integrate the operations of any business acquired within the Company’s business; the Company ability to accurately forecast and meet anticipated sales from continuing operations for the financial year of the Company; the Company’s ability to hit its forecasted revenue and sales projections; the Company’s ability to carry to its plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and realize the anticipated benefits to the Company, its partners, and clients; and the Company’s ability to capitalize on the anticipated benefits under terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to meet or surpass performance and business objectives and milestones under the anticipated timing of, and forecasted costs in connection with, the execution or achievement of such objectives and milestones; the Company’s inability to hold its AGSM as announced for the stated purposes; the Company’s inability to capitalize on future growth prospects and intentions to pursue one or more viable business opportunities (including the entering of non-binding letter of intent with a company in the Consumer Packaged Goods mushroom category); the Company’s inability to develop the Company’s business, brands and future activities following the date hereof; the Company’s inability to meet expectations involving its partnership with CCrest; the Company’s inability to grow its online retail portfolio and brick-and-mortar store locations and make proposed announcements thereof under the timelines stated; the Company’s SR Wholesale subsidiary’s inability to achieve its plans in expanding its wellness division to align with the Company’s strategy for their wholly owned retails shops and plans to create a “SR Wellness’ division; the Company’s inability to carry out its plan to re-evaluate its business in St. Vincent and the Grenadines and will not conclude on a plan with its Board of Directors prior to year-end; the Company’s inability to accurate forecast and meet expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; the Company’s inability to accurate forecast and meet expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the inability of the Company to achieve continued growth in the market for the Company’s current and proposed product offerings, as well as the Company’s inability to capture market share; the inability of the Company to capitalize on strategic investments and capital expenditures, and related benefits; the Company’s inability to access existing and other distribution methods expected to be used by the Company to deliver its product offerings; the Company’s inability in continuing to increase its revenue through its current fiscal year and beyond; the Company’s inability to generate cash flow from operations and from financing activities; the Company’s inability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the Company’s inability to realize cost savings, synergies or benefits from the Company’s recent and proposed acquisitions, and the Company’s inability to successfully integrate the operations of any business acquired within the Company’s business; the Company inability to accurately forecast and meet anticipated sales from continuing operations for the financial year of the Company; the Company’s inability to hit its forecasted revenue and sales projections; the Company’s inability to carry to its plans to develop the Mushroom Facilities on its Peterborough Farm under the anticipated timelines and budgets and realize the anticipated benefits to the Company, its partners, and clients; and the Company’s inability to capitalize on the anticipated benefits under terms of the Company’s partnerships with Mistercap, LLC, CCrest, and AEM, and the timelines thereto, including the Company’s proposed marketing advisory services from Wiz Khalifa and the continued licensing agreement with Mistercap, LLC. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information (“FOFI“) within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled “Caution Regarding Forward Looking Information And Cautionary Statements” and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this press release and the documents incorporated by reference herein, are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company’s products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company’s business, (iii) the Peterborough Farm’s expected revenues of approximately $80,000 per week upon being operational, (iv) the estimated revenue run rate of $16.0 to $17.0 million per annum when the Peterborough Farm becomes operational and the resulting strong profit margins and cash flow from operations; and (v) the estimated cost of building the Mushroom Facilities at $8.0 million.
The FOFI or financial outlook contained in this in this press release do not purport to present the Company’s financial condition in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Cautionary Note Regarding Forward-Looking Statements”, FOFI or financial outlook within this in this press release should not be relied on as necessarily indicative of future results.
Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156232
Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Cannabis
Cannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030
Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) — The “Global Cannabis Cultivation Market by Product (Food Additives, Oils, Tinctures), Type (Cannabis Indica, Cannabis Sativa), Source, Application – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The Cannabis Cultivation Market grew from USD 3.64 billion in 2023 to USD 4.15 billion in 2024. It is expected to continue growing at a CAGR of 14.09%, reaching USD 9.17 billion by 2030.
This process requires careful attention to the plant’s life cycle, from germination to harvesting, including the control of environmental factors such as light, temperature, humidity, soil pH, and nutrients. The proliferation in cannabis cultivation has been primarily fueled by the expanding legalization of cannabis for both medical and recreational use, which has driven demand and facilitated the establishment of a legal market. Innovations in cultivation technology, such as hydroponics and LED lighting, have also contributed to the sector’s growth, alongside an increasing social acceptance of cannabis consumption.
However, compliance with diverse state and federal laws and the financial burden of taxation and licensing fees add complexity for cultivators, impeding their development. Thus, the industry is investing in more sustainable practices, such as the use of renewable energy and water recycling systems. Advancements in genetic modification and breeding may lead to new cannabis strains with unique properties, catering to a wider range of consumers. The integration of artificial intelligence and data analytics could further optimize cultivation processes and yield management, enhancing both efficiency and profitability.
Regional Insights
In the Americas, cannabis cultivation has undergone significant transformation, especially in regions where legislation has shifted towards legalization. Canada and certain states of the USA have established robust legal frameworks that govern the production, sale, and consumption of cannabis. These regions host some of the world’s largest cannabis companies, which are heavily regulated, publicly traded, and adhere to strict quality controls. Cannabis cultivation is largely illegal and associated with significant stigma in many APAC countries.
However, locations, including Australia and Thailand, are initiating medical cannabis programs, and there is growing interest in hemp production, typically for CBD oil and industrial uses, in countries such as China. The EMEA region is witnessing a burgeoning medical cannabis market, with countries such as Germany, Israel, and the UK implementing medical programs that have opened doors for cultivation under strict regulations.
Cannabis companies in EMEA often focus on medical-grade products, adhering to pharmaceutical standards such as Good Manufacturing Practices (GMP). The production environment tends towards highly controlled indoor or greenhouse settings. Some African countries, including Lesotho and South Africa, are exploring cannabis cultivation for both medical and economic development purposes, aiming to supply both domestic markets and exports primarily to European countries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $4.15 Billion |
| Forecasted Market Value (USD) by 2030 | $9.17 Billion |
| Compound Annual Growth Rate | 14.0% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Cannabis Legalization and Rise in Trend of Indoor Cultivation
- Potential Use of Cannabis for Medical Treatment and Scientific Research
- Government Support for Legal Cannabis Cultivation and Education Program
Market Restraints
- Environmental Downside of Cannabis Cultivation and Existence of Illegal Cultivation Practices
Market Opportunities
- Use of AI and ML in Cannabis Cultivation
- Growing Application of Marijuana and Hemp in Various Industries
Market Challenges
- Challenges to Scaling Cannabis Cultivation and Regulatory Pressure
Market Segmentation Analysis
- Product: Availability of high-potency CBD oils for patients with specific therapeutic needs
- Type: Preference for Indica in colder climates and for individuals seeking pain relief and relaxation
- Source: Exponential use of CBD flowers for recreational and medicinal use
- Application: Emerging legalization of cannabis to accelerate its industrial consumption
Industry Insights
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- ABcann Medicinals, Inc.
- Acreage Holdings
- AgMedica Bioscience Inc.
- Aleafia Health Inc.
- Atlas Growers Ltd.
- Aurora Cannabis Inc.
- Better Group Holdings
- C3 Industries, Inc.
- Cannabis Sativa, Inc.
- Cannatrek Limited
- Canopy Growth Corporation
- Cresco Labs, LLC
- Cronos Group
- Curaleaf Holding Inc.
- Ecofibre Limited
- Gilead Sciences, Inc.
- Green Thumb Industries Inc.
- Harvest Health & Recreation, Inc
- HEXO Operations Inc.
- Jazz Pharmaceuticals PLC
- Lexaria Bioscience
- Mammoth Farms
- Maricann Inc.
- Medical Marijuana, Inc.
- Organigram Holdings Inc.
- SNDL Inc
- Tilray, Inc.
- Trulieve Cannabis Corp
- Ultra Health
- Verano Holdings LLC
- Village Farms International Inc.
Market Segmentation & Coverage
Product
- Food Additives
- Oils
- Tinctures
Type
- Cannabis Indica
- Cannabis Sativa
Source
- Flower/Buds
- Leaves
Application
- Industrial Consumption
- Medical Consumption
- Recreational Consumption
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/wvy47b
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Attachment
New York, United States , Aug. 28, 2024 (GLOBE NEWSWIRE) — The Global Hemp Based Food Market Size is to Grow from USD 1.42 Billion in 2023 to USD 4.87 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.12% during the projected period.
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Hemp-based food is derived from hemp seeds, which are high in protein, fiber, and healthy fats. These foods, including hemp seeds, hemp oil, and hemp protein powder, have been linked to improved heart health and digestion. Hemp-based foods are gaining popularity as part of a healthy diet, especially among those looking for plant-based and natural food options. Hemp contains fiber as well as a number of vitamins and minerals, such as magnesium, vitamin E, zinc, and iron. Consumption of hemp-based food products improves digestive health, propelling the global hemp-based food market. Hemp-based foods include nut butter, corn chips, and snack bars. This is also benefiting the hemp-based food industry. Hemp seeds are commonly used as supplements and food ingredients all over the world. Hemp seed contains nonpsychoactive but biologically active cannabinoids, including cannabidiol (CBD), which has strong spasmolytic, anxiolytic, and anticonvulsant properties. CBD dietary supplements represent roughly one-third of the global CBD market. Hemp seed has a nutty flavor and contains essential fatty acids, vitamins, minerals, fiber, and the amino acids found in albumin and edestin, two highly absorbable proteins. Hempseed oil is high in polyunsaturated fatty acids, which have been shown to have anti-inflammatory, cancer-fighting, and cardiovascular properties. However, the antioxidant properties of hemp polyphenols currently prevent their absorption in the gut. Also, there is a shortage of processing and planting facilities and a lack of harvesting equipment.
Browse key industry insights spread across 204 pages with 110 Market data tables and figures & charts from the report on the “Global Hemp Based Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Hemp Protein Powder, Hemp Seed Oil, Hemp Seeds, and Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The hemp seeds segment dominates the market with the highest market share of the global hemp based food market during the projected period.
Based on the product, the hemp based food market is divided into hemp protein powder, hemp seed oil, hemp seeds, and others. Among these, the hemp seeds segment dominates the market with the highest market share of the hemp based food market during the projected period. Hemp seeds contain essential nutrients like fatty acids, protein, and fiber. Furthermore, a balanced ratio of omega-3 and omega-6 promotes overall health. Hemp seeds are versatile and can be used in a wide range of recipes. They appeal to a broader audience because they can be eaten raw, cooked, or roasted. They last longer than other hemp-based food products like hemp milk or oil. Furthermore, hemp seeds are easier to cultivate and harvest than other parts of the hemp plant, making them a cost-effective option for farmers.
The supermarkets and hypermarkets segment is anticipated to grow at the fastest pace during the projected period.
Based on the distribution channel, the global hemp based food market is categorized into supermarkets and hypermarkets, convenience stores, online stores, and others. Among these, the supermarkets and hypermarkets segment is anticipated to grow at the fastest pace during the projected period. Supermarkets and hypermarkets are popular shopping destinations that prominently feature hemp-based food products. These retailers use a variety of marketing and promotional strategies, such as loyalty programs, bundled offers, and discounts. Furthermore, they make hemp-derived food products more accessible to a broader range of customers. Supermarkets and hypermarkets provide a one-stop shopping experience, allowing customers to purchase other grocery items as well as hemp-based foods. These supermarkets and hypermarkets sell a variety of hemp-based products, including oils, seeds, and ready-to-eat snacks.
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North America is expected to hold the largest share of the global hemp based food market over the forecast period.
North America is expected to hold the largest share of the global hemp based food market over the forecast period. The presence of a strong supply chain for sourcing, manufacturing, and distributing hemp-based food items in North America is driving market growth. This streamlines market operations and reduces disruption. Also, hemp-based food products are widely available in offline retail channels throughout the region. This retail presence makes the products more accessible to consumers. Apart from that, increasing health consciousness among North American consumers is driving demand for all-natural, nutrient-dense foods.
Asia Pacific is predicted to grow at the fastest pace in the global hemp based food market during the projected period. The growing popularity of Western diets and the rising demand for hemp-based foods. This surge in popularity is primarily due to hemp products’ gluten-free status, which appeals to health-conscious consumers. As more people in this region adopt Western food trends, they are also looking for healthier, alternative options such as hemp-based foods. This shift in consumer preferences is expected to significantly increase the demand for hemp-based products in Asia-Pacific in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hemp based food market are Hempfoods Ltd., Tilray, Inc., GFR Ingredients, Hemp Foods Australia Pty Ltd, Aurora Cannabis Inc., Naturally Splendid Enterprises Ltd., Isodiol International Inc, Navitas LLC, Nutiva, Planet Based Foods Global Inc., T12 Holdings Pty Ltd., Agropro, Compass Diversified, Canopy Growth Corporation, Hempco Inc., Cool Hemp, and Other key vendors.
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Recent Developments
- In March 2023, Planet Based Foods Global Inc. announced that its wholly-owned subsidiary Planet Based Foods has expanded into the non-dairy frozen dessert category by introducing new hemp-based and organic vegan ice cream at Natural Products EXPO West.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hemp based food market based on the below-mentioned segments:
Global Hemp Based Food Market, By Product
- Hemp Protein Powder
- Hemp Seed Oil
- Hemp Seeds
- Others
Global Hemp Based Food Market, By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Global Hemp Based Food Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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