The demand for hemp is rapidly growing, as many developed countries have legalized the cultivation and processing of hemp after recognizing the levels of CBD present in it, which is leading to an increased demand for hemp extracts for various application in several sectors, including pharmaceuticals, cosmetics, nutraceuticals, and food & beverage. Hemp is regarded as an agricultural commodity produced in over 40 countries. It is a strain of cannabis Sativa, part of the genus cannabis, with THC content as low as 0.3%. Countries such as China, Canada, France, Chile, South Korea, Ecuador, Croatia, Czech Republic, Mongolia, Romania, and Russia are some of the major producers of hemp across the world. A report from Grand View Research said that the global cannabis cultivation market size was valued at USD $123.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2020 to 2027. Active Companies from around the market with current developments this week include: Sundial Growers Inc. (NASDAQ: SNDL), Epazz, Inc. (OTCPK: EPAZ), Tilray, Inc. (NASDAQ: TLRY), Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Medical Marijuana, Inc. (OTCPK: MJNA).
The Grand View Research report added that: "Growing legalization and the adoption of cannabis for the treatment of chronic diseases are the key factors driving the growth of the market. In addition, the liberalization of laws related to cannabis cultivation, especially for hemp cultivation by various countries due to low THC content is further increasing its adoption. Furthermore, the legalization of marijuana in various geographies and its increasing adoption for medical purposes are factors driving the market for cannabis cultivation... Moreover, the high demand for medical cannabis has led to a bottleneck in the supply chains in various countries. This is primarily due to a significant increase in demand and the cultivation restriction in various countries."
Epazz, Inc. (OTC Pink: EPAZ) MARKET NEWS: Epazz Holdings: ZenaTech, Inc., Had a Successful Autonomous Flight Test of Its Patent-Pending Drone Mobile App; GreenHeart Hemp CBD to Be First Customer to Use ZenaDrone on a Regular Basis for Its Hemp Farms - Epazz, a leading provider of drone technology, blockchain mobile apps and cloud-based business software solutions, has announced that its holdings, ZenaTech, Inc., has completed a successful autonomous flight of its patent-pending drone using the company's drone software, which will be released to the Apple Store and the Google Play Store this summer. To view the video of autonomous flight test, click here: https://www.youtube.com/watch?v=sXt9fRFOZWQ.
Next month, we will be heading to Ireland to begin beta testing and proving the drone on GreenHeart Hemp CBD farms. The drone will use its sensors to collect data on the fields. Hemp is a cash crop; the data collected will allow the farmers to maximize their production, thereby increasing revenue. We believe farmers will be able to pay off the cost of the drone and service within the first year.
The ZenaDrone 1000 will be a workhorse for hemp farms, with multiple functions and features to scan fields and remove male hemp plants to double female hemp production. The feedback we receive from our trip to Ireland will provide us with an opportunity to extend our technology to include tracking livestock and testing soil samples.
Additionally, the ZenaDrone can provide 24/7 coverage for livestock and wildlife protection. The ZenaDrone's multispectral sensors can be modified to create a tracking system for each animal. Although further research and development are required, the company believes that facial recognition technology can be used on animals.
Dr. Shaun Passley, CEO of Epazz and ZenaPay, said, "The charging pad is key to autonomous drone activities. We believe the technology can be licensed to other drone companies, but for now, the charging pad will be available for ZenaDrone. Our agreements with pre-order customers will demonstrate the benefits of the ZenaPay Autonomous Drone Farming Software and the efficiency gained from tracking plant growth from seed to harvest." Learn more about EPAZ by clicking here: https://www.epazz.com/Investors Also please visit: http://www.zenadrone.com/
In the industry developments and happenings in the market this week include:
Sundial Growers Inc. (NASDAQ: SNDL) recently reported its financial and operational results for the full year and fourth quarter ended December 31, 2020. "We entered our second year of commercial operations facing a number of internal and external challenges, including operational difficulties, excessive leverage, inadequate cost control, a lack of focus on our core value proposition, and rapidly evolving industry conditions," said Zach George, Chief Executive Officer of Sundial. "In response, we redefined our strategy and made material changes to position Sundial for improved performance. We successfully restructured the entire organization by repaying all outstanding debt, improving our operating practices, targeting a sustainable cost structure and a simplified business model. Sundial also curtailed production and reduced the size of our workforce in response to market demand. We have raised significant capital, made a number of profitable investments, and continue to evaluate a robust pipeline of strategic opportunities. Capital preservation and corporate stewardship are key priorities for our Board and management team.
Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, recently announced that the Tilray board of directors approved an amendment to the Company's bylaws to reduce the quorum requirement for shareholder meetings from shareholders representing a majority of the voting power of the outstanding shares entitled to vote to one-third of the voting power of the outstanding shares entitled to vote.
In connection with the proposed business combination between Aphria Inc. and Tilray Aphria and Tilray have each agreed to waive the mutual condition precedent to the consummation of the Transaction that Tilray amend its amended and restated certificate of incorporation in the event that the Charter Amendment Proposal is not approved by the Tilray stockholders at the Tilray special meeting scheduled for April 30 at 11:00 a.m. Eastern time.
Aphria Inc. (TSX: APHA) (NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company, recently announced that its holders of Aphria's common shares at the special meeting of Aphria Shareholders approved the previously announced arrangement under the Business Corporations Act (Ontario), pursuant to which, among other things, Tilray, Inc. and following the Arrangement, the "Combined Company" will acquire all of the issued and outstanding Aphria Shares. Pursuant to the Arrangement, the Aphria Shareholders will receive 0.8381 of a Tilray share of class 2 common stock (the "Tilray Shares") for each Aphria Share held, while holders of Tilray Shares (the "Tilray Stockholders") will continue to hold their Tilray Shares with no adjustment to their holdings.
Medical Marijuana, Inc. (OTCPK: MJNA), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, recently announced financial results for the quarter and year ending Dec. 31, 2020, and provided an overview of recent operational highlights.
"While the entire world felt the impact of 2020, I could not be more proud of how our team remained flexible and executed on our mission of bringing the highest-quality, cannabinoid-based products to global markets," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We were able to finish 2020 on a strong note and go into 2021 with significant positive momentum. It has been encouraging to witness an increased demand for wellness products and sweeping victories on every pro-cannabis legislation proposal in the US. In the first quarter of 2021 alone, new states such as New York, New Jersey, Virginia and New Mexico have entered the cannabis industry and several federal cannabis bills are likely to pass in Congress soon. As an industry pioneer and leader, we remain not only optimistic about our results, but about how we are positioned to capitalize on the future of our industry."
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