FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Weekend Unlimited Establishes It’s Office in NYC”
Weekend Unlimited Inc. (OTCQB: WKULF) (CSE: POT) has just announced the establishment of a new Headquarters in New York City, citing that the location in SoHo allows the Company to focus on growth within the United States as well as have access to talent within New York City.
Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life’s highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories.
Over the past few years, the number of companies entering into the cannabis industry has consistently risen. Canada’s recent legalization of cannabis and the rapid spread of public support ongoing in the U.S. has led to the emergence of new cannabis players within the marketplace. Many of these companies are based in fields such as cultivation, distribution, production, and retail. Among these segments, various products such as flower itself or other variation of cannabis like oils, tinctures, resins, and consumables based on concentrates like THC and CBD, are used to ingest the plant. The overall cannabis market is expected to accelerate as global legalization continues to spread for both recreational and medical applications. Moreover, in efforts to curb illicit cannabis trade, international governments have also moved to pass some form of cannabis legislation, further propelling the market. Despite international growth, however, the North American region dominates the overall global cannabis industry, as it accounted for over 90% of global sales alone. According to data compiled by Grand View Research, the global legal marijuana market was valued at USD 9.3 Billion in 2016 and is expected to reach USD 146.4 Billion by 2025. Additionally, the industry is expected to witness a robust CAGR of 34.6% from 2018 to 2025.
The U.S. continues to be the primary growth driver for the North American region, despite not having legalized cannabis entirely. States such as California, Colorado, Nevada, and Washington contribute billions of dollars collectively to the overall industry, while in total, the U.S. only has 10 states including the District of Columbia that have legalized recreational cannabis. Moving forward, more states are expected to legalize cannabis for either recreational or medicinal use. States such as Connecticut, Illinois, New Jersey, and New York are expected to enter the process of legalizing recreational cannabis within the shortcoming years and in particular, New York is expected to be the next state to legalize recreational cannabis. New York Governor Andrew Cuomo has already outlined in his plan to legalize marijuana, which could potentially generate upwards of USD 1.7 Billion in sales annually. Particularly, Cuomo wants to suppress the illicit cannabis trade in New York while bolstering its economy with cannabis tax revenues. Smoke Wallin, President of California-based cannabis company Vertical Cos., said the move is a significant step forward in the “mainstreaming” of the industry, according to MarketWatch. “Although the fourth most populous state, after California, New York represents the most influential market for consumers and the steady march toward national normalization,” he said. “We expect the continued state by state liberalization of cannabis use to continue to put pressure on the federal government.”
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