- Sproutly Canada focusing on recreational cannabis beverage, edibles market as effective alternative to smoked weed
- Cannabis-infused beverage market expected to net revenues between $900 million and $4.4 billion by 2024
- Sproutly building on initial harvest success with planting in remaining Toronto facility flower rooms as it awaits license amendment, new market legalization
Sproutly Canada Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) is strengthening its cannabis beverage and edibles supply operations as Canada, where it is based, proceeds from legalizing recreational cannabis use for adults last year to legally licensing cannabis edibles and beverages later this year.
Canada’s efforts to establish policy structures for use of the green plant’s long-touted medicinal and relaxing properties, overturning decades of drug war directives, has given it a groundbreaking stature amid the increasingly fertile popular culture granting new acceptance to marijuana and hemp products.
Since listing on the OTC and Canadian exchanges last year, Sproutly Canada has added experienced executives, built its supply networks and increased its output capability in its drive to create the first natural, truly water-soluble cannabis solution that mimics the rapid onset and rapid wear-off effects of inhaled cannabis without the detrimental effects of smoking the product.
A February 13 news release noted additional recent developments in the company’s build-up strategy, including the first two successful harvests of its premium quality, small batch cannabis at its state-of-the-art production facility in Toronto and the migration of its ACMPR license to Canada’s Cannabis Act, which allows it to sell cannabis to other licensed producers (http://cnw.fm/6zIEe).
“We are very happy with the results of our first two harvests, which produced highly efficient yields for an initial grow,” Sproutly President Bryan Semkuley stated in a news release. “This is a tremendous milestone for the company, as these harvests are the first step toward our production objectives. We are on track to meet our calendar 2019 production targets and expect multiple successful harvests as we continue to build on this initial success.”
The company is working to produce the same measure of success in the remainder of its 12 flowering rooms at the Toronto Herbal Remedies production facility as the company begins introducing plants in the other rooms this month, planting a new room each week as part of its strategy to maintain a perpetual harvest.
The company has received license amendments allowing it to use the entire THR facility for growing and cultivation operations, and its executives submitted another amendment request in November to allow it to produce cannabis oils through extraction and research operations.
Sproutly’s acquisition of Infusion Biosciences Canada Inc. granted it exclusive access to Infusion’s patent-pending APP Technology, which gently recovers 85 to 90 percent of the total bioactive cannabinoids in plants, including water-soluble cannabinoids and natural oils.
The company is analyzing the benefits of partnering with existing beverage brands, as well as launching its own portfolio of beverages, as it awaits legalization of that market.
“Sproutly has made significant progress towards building a world-class cannabis beverage and infused product company since going public in July of last year,” CEO and Director Keith Dolo stated in the news release.
Analysts at Deloitte peg the potential revenues for the cannabis-infused beverages market at somewhere between $900 million and $4.4 billion by 2024, depending on the percentage of the market that it captures (http://cnw.fm/xV0CX). Sproutly’s products have the potential to set their own bar as part of a premium market.
For more information, visit the company’s website at www.Sproutly.ca
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