ATLANTA, GA, Nov. 21, 2019 (GLOBE NEWSWIRE) -- CBD products are becoming extremely popular as consumers discover the benefits of cannabidiol in industries like cosmetics, health products, food and beverage, pet products, skin care, and pharmaceuticals. According to BDS Analytics and Arcview Market Research, the collective market for CBD sales is expected to exceed $20 billion in the United States by 2024. According to a recent Gallup Poll, 14% of Americans say they use CBD based products. This could add up to explosive growth potential for companies like Canbiola, Inc. (OTCQB: CANB), GB Sciences, Inc. (OTCQB: GBLX), General Cannabis Corp. (OTCQX: CANN), and Curaleaf Holdings Inc. (OTCQX: CURLF).
Canbiola, Inc. (OTCQB: CANB) announced better than expected third quarter financial results for the period ended September 30, 2019. Revenues for Q3 2019 increased 277% to $615,422 from Q3 2018. Gross margin also increased to 77% for the quarter.
During Q3 2019, Canbiola closed on a joint venture with NY SHI and Shi Farms to operate the NY Hemp Depot facility in New York. Shi Farms operates a 300-acre farm and 40,000 square feet of research greenhouses in Colorado. Since Canbiola typically buys 150+ kilos of isolate per year, this joint venture will enable the Company to save thousands of dollars per kilo via reduced processing fees. Also in Q3 2019, Canbiola launched its Canbiola-branded CBD dispensing machine, which will place Canbiola’s Branded CBD products in MRI locations, outpatient surgery centers, urgent care, physician offices, and even golf clubhouses.
Canbiola targets consumers through retail and internet channels with its Pure Leaf Oil and Seven Chakras product line. The Canbiola brand and product line is marketed through the medical professionals’ market. Canbiola products are made from all-natural ingredients and processed and packaged by state-of-the-art equipment in a “clean room” environment.
Other cannabis-related developments from around the markets include:
GB Sciences, Inc. (OTCQB: GBLX) completed the sale of its 50% membership interest in GB Sciences Louisiana, LLC to Wellcana Plus, LLC, an affiliate of Wellcana Group, LLC who owns the other 50% interest on November 15, 2019. The sale immediately eliminates current cash obligations due from GB Sciences as well as the Company's share of operating expenses going forward.
General Cannabis Corp. (OTCQX: CANN) announced it entered into a contract for the sale of its Greenhouse Office building in Denver, Colorado for $1,697,500. General Cannabis acquired the property in 2014 for $1,050,000.
Curaleaf Holdings Inc. (OTCQX: CURLF) reported a narrower-than-expected loss, but revenue that fell short of consensus estimates. The cannabis retailer reported a third-quarter net loss of $6.8 million or a penny a share, versus losses of $33.7 million, or 9 cents a share in the year-ago period. Revenue rose to $61.8 million from $21.4 million. Analysts polled by FactSet had expected losses of 2 cents a share on revenue of $61.8 million. Analysts expect fourth-quarter revenue of $101.1 million.
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