PALM BEACH, Fl., Nov. 15, 2021 /PRNewswire/ — Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the next several years. A report from Grand View Research said that the global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028. Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products. The report said: “Increasing awareness of cannabidiol’s therapeutic benefits has influenced a buyer to buy cannabidiol products, regardless of their cost. As these have a greater profit margin, commercial retailers are now focusing on selling cannabis-based products. Numerous health and wellness retailers are offering CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance. In addition, CVS Health decides to offer CBD topicals all over its 800 stores and Walgreens Boots Alliance is selling CBD-containing topicals across 1500 of its stores in the U.S. Active Companies in the markets today include Grove, Inc. (NASDAQ: GRVI), cbdMD, Inc. (NYSE: YCBD), Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) (TSX: CWEB), CV Sciences, Inc. (OTCQB: CVSI), Agrify Corporation (NASDAQ: AGFY).
Grand View Research continued: “The pharmaceuticals segment dominated the Cannabidiol (CBD) market and accounted for the highest revenue share of 42.8% in 2020. The segment is anticipated to grow at a lucrative rate over the forecast period. The large share has been attributed to factors such as the increasing number of ongoing trials to study the impact of CBD on certain health conditions is anticipated to drive the demand in the forthcoming years. Furthermore, many companies acquire CBD oils in bulk and manufacture CBD-infused products. These products are used by a large consumer base as a pain and stress management alternative. Thus, most of these products are depicted to be in the growth phase of the market.”
Grove, Inc. (NASDAQ: GRVI) BREAKING NEWS: Grove Inc. Grove, Inc. Announces First Quarter Financial Results – $8.4 Million in Revenue, a 188% Increase Over 2021 – Net Income Swings to Profit from Prior Year – $1.4 Million in Adjusted EBITDA – Grove, Inc. (“Grove” or the “Company”) a global innovator in hemp, health, and wellness, today announced financial results for the first quarter period ended September 30, 2021. Investors are encouraged to read the Company’s quarterly report on Form 10-Q which was filed with the Securities and Exchange Commission (the “SEC”), contains additional information, and is posted at https://groveinc.io/
- Revenues rose to $8.4 million from $2.9 million in first quarter of fiscal year 2021
- $0.03 basic earnings per share compared to loss of $0.05 in prior year period
- Company ended quarter with $13.0 million in cash
- $1.4 million in adjusted EBITDA
Allan Marshall, Chief Executive Officer of Grove, stated, “Grove’s first quarter financial results reflect strong growth in revenues, net income and cash flow as our team continues to execute our vision to transform the landscape of how hemp and wellness products are produced, bought and sold. Seasonally, our first quarter is typically our slowest. The $8.4 million signifies exponential growth and sets us up for a strong fiscal year. Our revenue increased primarily due to strong growth in the sales of new products from our direct-to-consumer business.
“We made two significant acquisitions, substantially broadening our footprint in strong growth sectors. VitaMedica, completed in August gives Grove a solid presence in the Nutraceutical market, and the August acquisition announcement of Interactive Offers, stakes our presence in the Programmatic Advertising market, estimated by some to be a $95.5 billion market by 2026. Continued cash flow growth allowed us to make these acquisitions without a meaningful reduction in our cash balance, which ended the quarter at $13.0 million. We look forward to continued momentum through the balance of the 2022 fiscal year.” CONTINUED… For more information about Grove, Inc, please visit https://groveinc.io/investor-relations/press-releases/.
Other recent developments in the markets include:
cbdMD, Inc. (NYSE American: YCBD), one of the leading and most highly trusted and recognized CBD companies, recently announced that cbdMD Therapeutics, its newly formed research division, has finalized a research partnership with the University of Mississippi (UM) and its National Center for Natural Products Research (NCNPR). UM is considered one of the leading cannabinoid research institutes in the United States. The research partnership aims to identify novel cannabinoids to be patented for therapeutic use in accordance with the U.S. and other governments regulatory standards. The studies will commence at the university in Fall 2021.
The project’s major emphasis is to explore the chemistry and biology of minor cannabinoids beyond cannabidiol (CBD). The new cannabinoids will be evaluated for their receptor activity and the most promising will be studied for their safety and efficacy.
Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) (TSX: CWEB), the market leader in full-spectrum hemp extract products, has recently completed the harvest of its first ever international hemp crop, in Canada. In April of 2021 Charlotte’s Web proprietary hemp cultivars were approved for registration on Health Canada’s List of Approved Cultivars for outdoor cultivation in Canada. The early flowering and maturing hemp cultivars were uniquely developed to produce high naturally occurring cannabidiol (“CBD”) in shorter northern climate growing seasons.
The Canadian harvest included the Company’s flagship “CW1AS1” U.S. patented cultivar used for its leading full-spectrum hemp extract “Original Formula”. Charlotte’s Web will prioritize this first CW1AS1 harvest for Original Formula available exclusively for medical cannabis patients in Canada.
CV Sciences, Inc. (OTCQB: CVSI), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, recently announced that it will release financial results for the third quarter ended September 30, 2021, before the stock market opens Today, Monday, November 15, 2021. The Company will hold a conference call with the investment community at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time) that same day.
The webcast of the conference call will be available on the Investor Relations section of the Company’s website. The webcast will be archived for approximately 30 days. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560. Please dial the conference telephone number 15 minutes prior to the start time due to increased demand for conference calls.
Agrify Corporation (NASDAQ: AGFY), a vertically integrated provider of premium cultivation and extraction solutions for the cannabis and hemp industry, recently announced it has signed a definitive agreement (the “Agreement”) with its third Massachusetts-based Agrify Total Turn-Key Solution (“Agrify TTK Solution”) customer, Kief USA, LLC (“Kief USA“). Kief USA will be a tier 11 cultivator and manufacturer based in Attleboro, Massachusetts, and will be a fully integrated operator in the cannabis space with additional retail operations, following the receipt of all necessary licenses.
Under the terms of the Agreement, Agrify has entered into a 10-year deal with Kief USA that includes the installation of 485 Vertical Farming Units (“VFUs”) at Kief USA’s 84,000-square-foot facility, as well as architectural and engineering services, construction, recurring SaaS revenue, operations consulting, and brand licensing. Kief USA will be providing 20% of the total $24 million construction cost, with Agrify, or Agrify’s designated financing partner, to provide senior financing of the remaining 80% of the construction cost at 16.5% APR, which will be repaid within 24 months following the commencement of the first commercial production at the facility. Kief USA has also committed to contribute 20% of all VFU hardware costs. The partnership is expected to generate over $68.7 million in revenue for Agrify over the first three years of the deal once cultivation starts.
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