Distribution Manufacturing Events Testing Growers Government Celebrity Dispensary Edible Banking
  IndicaDaily  





GOVERNMENT
Heritage Cannabis poised to grow US revenue stream as Missouri votes to legalize
by Staff Writers
Toronto, Canada (TDN) Nov 14, 2022

Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada.

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF), has announced that the recent vote to legalize cannabis in the state of Missouri is expected to have positive impacts on its recently launched U.S. strategy to enter medical and recreational legalized states in the U.S. using an asset light approach in partnership with existing local license holders.

Heritage is poised to capture a substantial share of early shelf space and revenue in the newly legalized Missouri market and will be pursuing an aggressive campaign to engage with retailers and consumers. The company aims to quickly become a market leader and pacesetter of innovation in the State.

On Tuesday, voters in Missouri approved Amendment 3 which fully decriminalizes cannabis in the state and opens the market to include recreational sales, a move that is expected to significantly expand the market. This is in addition to the medical marijuana program that was approved in 2018.

With legalization in force, MJBizDaily projects sales could reach up to US$550 million in Missouri in the first year of legalization and as much as US$900 million by year four. In comparison, the Canadian cannabis market size where Heritage currently operates is US$3.4 billion in 2022 according to MJBizDaily, making the Missouri market potential approximately 25% of the entire Canadian market.

"The timing of this couldn't be more perfect with production up and running in Missouri and products ready to ship imminently. We are very pleased with this market development and Heritage is poised to capture market share with our established brands and formulations, adding a high gross margin revenue stream to the business," said David Schwede, CEO of Heritage.

"Missouri is expected to see strong growth as legalization takes shape and Heritage is well positioned to capture a piece of this burgeoning medical and recreational market. Our leadership team is focused heavily on the State and the opportunities that it presents the Company."

In October, Heritage commenced operations in the state of Missouri through a relationship with Como Health LLC, doing business as 3Fifteen Primo Cannabis ("3Fifteen"). 3Fifteen, a rapidly growing cannabis company with five dispensaries in operation, received an Approval to Operate from the Missouri Section for Medical Marijuana Regulation, and production on vape products and concentrates commenced in the State shortly after, with product expected to ship in the coming weeks.


Related Links
Heritage Cannabis

GOVERNMENT
Weed For Warriors claims Michigan marijuana research levy funds turned into a potential slush fund
Los Angeles CA (SPX) Nov 07, 2022
When Michigan voters approved Proposal One legalizing adult use in 2018, $40 million of future tax revenue was allocated to FDA-approved clinical trials to study the efficacy of marijuana in medically treating U.S. armed services veterans and in preventing veteran suicide. The Weed for Warriors (WFW) is in possession of documents that have raised concerns. It appears that one or more of the grantees fails to meet the important benchmark defined in the law requiring money to be awarded to, "c ... read more

Pick Your Cannabis Dispensary

Arizona
Arkansas
California
Colorado
Florida
Illinois
Louisiana
Michigan
Minnesota
Montana
Nevada
New Mexico
North Dakota
Ohio
Oklahoma!
Oregon
Rhode Island
Utah
Washington










The content herein, unless otherwise known to be public domain, are Copyright 2020-2022 - THE DAILY NETWORK LLC. Additional copyrights may apply in whole or part to other bona fide parties. All websites are published in United States of America and are solely subject to US law and governed by Fair Use principals for news reporting and research purposes. No Content or Advertising herein implies endorsement, agreement or approval of any opinions, statements or information provided by THE DAILY NETWORK LLC on any Web page published or hosted by THE DAILY NETWORK LLC. Questions? Email Editor@IndicaDaily.com Privacy Statement