Focus on Emerging Multi-Billion Dollar California Market
TORONTO, April 9, 2019 /CNW/ - Cannvas MedTech Inc. ("Cannvas" or the "Company") (CSE: MTEC) (Frankfurt: 3CM) (OTCPK: CANVF), a leading digital cannabis education and analytics company, is pleased to announce Cannvas Cannabis Acquisitions Corp. ("Cannvas Cannabis"), a wholly-owned subsidiary with a focus on investment and acquisition in the expanding global cannabis sector, has been actively exploring opportunities with data-driven organizations across the United States to expand its dataset of cannabis consumer trends through strategic partnership and merger and acquisition opportunities, with a significant focus on the US $2.5 billion California cannabis market.
"As America remains on the verge of exploding into the leading global cannabis marketplace, it is in the best interests of our organization and stakeholders to investigate all relevant growth opportunities for Cannvas and seek out strategic partners with whom we can grow all aspects of our company and contribute to the promotion of responsible and knowledge-based cannabis use," said Steve Loutskou, Chief Executive Officer, Cannvas Cannabis Acquisitions. "We are doing our due diligence in exploring a number of options to potentially expand the Cannvas brand into the United States, particularly California which represents nearly a third of the North American market and currently encompasses more than a million medical cannabis consumers."
With a population of nearly 40 million, approximately 10% of whom are legal medical cannabis users, California is considered to be among the largest recreational and medical cannabis markets in the world, alongside Canada. In the late 1990s, it was the first U.S. state to legalize medical cannabis and recreational cannabis sales became legal in January 2018. That year, California retail stores reportedly sold US $2.5 billion of cannabis, compared to $1.5 billion or lower in Colorado, Washington and Oregon. The golden state is projected to account for nearly $25 billion of cannabis sales by 2026.
Reports indicate more than 30% of all cannabis sales in California in 2018 were vapes, demonstrating the growing trend of more sophisticated and discerning audiences looking to learn more about alternative and healthier methods of ingestion. Cannvas hopes to leverage its educational and data analytics properties and work with retailers to offer consumers more robust education around the potential health benefits of cannabis, increase incremental sales through accessible product knowledge and better target potential and active users through in-depth analytics.
While Cannvas is actively seeking growth opportunities with American cannabis data organizations, the Company is also exploring options with U.S. entities on the distribution and fulfillment sides of the cannabis industry. The United States will likely one day represent the world's largest cannabis market, with 65 percent of its population already residing in states where cannabis is either medically and/or recreationally legal. According to BDS Analytics, the U.S. legal cannabis market is projected to reach US $20.9 billion by 2021.
About Cannvas MedTech Inc.
Cannvas MedTech is a leading digital cannabis education and analytics company delivering accessible and evidence-based education while harnessing the power of data to paint a clearer picture of cannabis consumption across Canada.
About Cannvas Cannabis Acquisitions
Cannvas Cannabis Acquisitions is a wholly-owned subsidiary of Cannvas MedTech with a focus on investment and acquisition in the expanding global cannabis sector. It seeks to complement the current product and services line offered by Cannvas through strategic investments and acquisitions, continuing development and discovery of emerging trends and patterns in the cannabis sector.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
SOURCE Cannvas MedTech Inc.
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