HOUSTON, TX / ACCESSWIRE / April 9, 2019 / With the passage of the U.S. Farm Bill, hemp will see a significant catalyst for growth.
It's already allowing for hemp cultivation and the transfer of hemp products across state lines for commercial and other purposes, notes Forbes. Along the way, It may just create a $39.4 billion market, says Markets and Markets, a marked improvement from a $10.3 billion valuation in 2018.
In addition, according to Research and Markets, the global hemp oil market accounted for $81 million in 2017 and is expected to reach $ 1.2 billion by 2026, expanding at a compound annual growth rate of 35.8% from 2018 to 2026.
As the global story begins to take shape, some of top companies to keep an eye on include MYM Nutraceuticals Inc. (CSE:MYM)(OTC:MYMMF), Charlotte's Web Holdings Inc. (CN:CWEB)(OTC:CWBHF), and Curaleaf Holdings Inc. (CN:CURA)(OTC:CURLF).
MYM Nutraceuticals (MYM)(MYMMF) just entered into a memorandum of understanding with Aqueous Sciences of Nevada, a wholly owned subsidiary of One World Ventures Inc.(OTC:OWVI), to grow 3,000 acres of hemp on Navajo Nation land located near the four corners area of Colorado, Arizona, Utah and New Mexico, USA.
Aqueous is the sole exclusive agent for the Navajo Nation, managing companies that wish to cultivate hemp on Navajo Nation land. MYM and Aqueous will work on an exclusive basis and will each own 50% of the new company.
''With the recent passing of the Farm Bill in the US, CBD-rich hemp was removed from the classified drug list, opening the door for farmers to legally grow hemp,'' said Howard Steinberg, CEO of MYM. ''Our partnership with Aqueous is in keeping with our new strategic plan to become a global leader in the cultivation, extraction and distribution of hemp and CBD in bulk and for use in our own unique branded products.''
MYM and Aqueous will fund the venture with up to an initial amount of $1 million for operating and capital costs. Aqueous will provide all labor, site management, and other resources as necessary to operate the business. Aqeueous will ensure all regulatory approvals and compliance necessary to successfully cultivate legal hemp plants upon the Navajo Nation.
For More Information on MYM Nutraceuticals, Inc. Click Here.
Charlotte's Web Holdings Inc. (CWEB)(CWBHF) recently reported that its 2018 harvested hemp results produced 10 times growth in harvested hemp compared to 2017.
''Charlotte's Web is one of only a few hemp CBD producers capable of supplying large volumes of high-quality hemp extract from its own supply chain that can meet significantly increasing market demand. As the category and brand leader, our goal is to increase our market share and with this bountiful harvest we are able to satisfy our customer demands for 2019 and beyond,'' noted Hess Moallem, President and CEO.
For More Information on Charlotte's Web Holdings Inc., Click Here.
Curaleaf Holdings Inc. (CURA)(CURLF) just acquired Eureka Investment Partners, which operates a cultivation facility in the Salinas Valley with three dispensaries across the state.
"The acquisition of Eureka cements our foundation in California and positions us well in the largest cannabis consumption market in the U.S.," said Joseph Lusardi, CEO of Curaleaf. "The closing of this transaction marks an important milestone for Curaleaf, enabling us to enter the highly attractive California market as a vertically integrated operator with plans to expand across the state."
The addition of Eureka's cultivation platform will provide Curaleaf access to California's wholesale market through an existing 110,000 sq. ft. greenhouse facility in Salinas, California, with the potential to expand up to 270,000 sq. ft. that could generate over 50,000 pounds of dry flower per year at full scale.
For More Information on Curaleaf Holdings Inc., Click Here.
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