Since the Pandemic, CBD Sales Have Skyrocketed for Many Health Reasons

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Mar 29, 2022, 10:15 ET

PALM BEACH, Fla., March 29, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Although some consumer markets had lower revenues due to the pandemic, CBD sales have increased since the advent of the COVID-19 pandemic as restrictive movement and isolation largely impact the human body in several ways causing chronic pain and concerns surrounding mental health, among others. Further, several studies are also noted to remain underway to test the effectiveness of CBD-derived products against the lung damage caused by COVID-19. CBD oil is largely consumed across regions owing to its extensive benefits, particularly for pain related disorders. The significant disease burden of chronic pain is identified on a global level, and it is estimated that nearly 1 in 10 adults suffer from chronic pain. Hence, with such concerning statistics and regulatory authorities addressing the consumption of CBD. According to Global Market Insights Cannabidiol Market size surpassed USD 7.1 billion in 2020 and is estimated to grow at over 35% CAGR between 2021 and 2027. Supportive regulatory stance in majority of the countries paves way for the market expansion. Moreover, CBD has been found to be effective against numerous medical disorders such as chronic pain, neurological pain, anxiety, sleep disorder, as well as nausea and stress. Active Companies in the markets today include Grove, Inc. (NASDAQ: GRVI), Truelieve Cannabis Corp. (OTCQX: TCNNF), Curaleaf Holdings, Inc. (OTCQX: CURLF), Cronos Group Inc. (NASDAQ: CRON), Aurora Cannabis Inc. (NASDAQ: ACB).

The report said: "The rising prevalence of cancer leads to an increasing number of patients undergoing chemotherapy and increasingly experience nauseatic conditions. Also, as several people across the globe are noted to adopt a sedentary lifestyle, muscular disorders have also surged in the recent years. Cannabidiol products are noted to remain effective against these and are gaining popularity among patients. Also, it is observed that cannabidiol products undergo multiple clinical trials encompassing the treatment of numerous disorders such as neuropathic pain, among others. Hence, even though conventional medicine exists for the treatment of such illnesses, concerns surrounding its side effects are largely paving the way for CBD products in the market. Moreover, its proven therapeutic benefits have led to the commercial approval from regulatory authorities such as FDA and Court of Justice of the European Union. The chronic pain segment size is expected to reach USD 36.5 billion by 2027. A considerable demand has been observed from cannabidiol products in the recent years for pain treatment. This is largely due to the better results offered by cannabidiol products as well as its advantages over opioids. CBD is studied to have negligible trace of toxic compounds and minimal cases of side effects have been observed."

Grove, Inc. (NASDAQ: GRVI) BREAKING NEWS: Grove Inc. Completes Initial Transactions in Program to Repurchase Up to 1 Million Shares - Grove, Inc. ("Grove" or the "Company") today announced that it has completed the first stage of its previously authorized program to repurchase up to 1 million shares of its outstanding common stock through both the use of the Company's 10b5-1 plan and privately negotiated transactions.

The Company repurchased 467,765 shares at an average cost of approximately $4.22 per common share or $1,974,896. These repurchases were made as part of the company's repurchase program, which was announced on October 19, 2021. Grove will continue to review the authorized program and may repurchase up to an additional 500,000 shares.

"Grove continues to generate strong revenue growth, positive cash flow from operations and targets strategic acquisitions," said Allan Marshall, CEO of Grove Inc. "We will continue to evaluate ways to bring our shareholders value for their investment in the Company and our management team.

Purchases under the share repurchase program may be made from time to time in the open market, through block trades, the Company's 10b5-1 plan or privately negotiated transactions in accordance with applicable laws, rules and regulations. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. The share repurchase program does not commit the company to repurchase shares of its common stock and it may be amended, suspended or discontinued at any time at Grove's discretion. CONTINUED… For more information about Grove, Inc, please visit https://groveinc.io/investor-relations/press-releases/.

Other recent developments in the markets include:

Truelieve Cannabis Corp. (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, recently announced the opening of a new medical cannabis dispensary in Boca Raton, Florida. Located at 23233 S State Road 7, the doors will open at 9 a.m. on Wednesday, March 16, 2022.

Grand opening festivities throughout the day at the new dispensary will include numerous partner giveaways, music, food trucks, deals and specials, as well as all registered patients will receive a 25% discount. Trulieve also offers statewide home delivery, convenient online ordering and in-store pickup. "Trulieve is excited to expand access to medical cannabis in the Boca Raton market and build strong relationships in the community," said Kim Rivers, CEO of Trulieve. "Our company is driven by our commitment to providing tailored, high-quality patient care in a safe and comfortable environment." As the state's leading medical cannabis provider, Trulieve's retail employees are trained to provide personalized patient care and support individuals at every stage of their cannabis journey. Trulieve dispensaries throughout Florida offer on-site consultations to help patients obtain appropriate medical products and dosages to ensure optimal cannabis experiences.

Curaleaf Holdings, Inc. (OTCQX: CURLF), a leading international provider of consumer products in cannabis, recently announced the opening of its newest location in Tamarac, Florida. Curaleaf Tamarac is the Company's 45th location in Florida and the second in Broward County.

Located at 6899 N University Drive, Curaleaf Tamarac will expand medical cannabis access in the western half of the state's second most-populated county. Patients can choose from a wide variety of high-quality products including Select Nano Bites, Select Squeeze, Select Bites as well as the Company's proprietary gravity-fed vape pod, Cliq by Select. Last week, Select's first solventless product, Select Live Rosin vapes began rolling out across the state. Curaleaf first began serving Broward County in 2018 through its Deerfield Beach location, however this new location is Curaleaf's first location in West Broward County.

Cronos Group Inc. (NASDAQ: CRON) recently announced its 2021 fourth quarter and full-year business results. "I am proud of the dedication and resilience our team has shown throughout the past year as we navigated through a dynamic market environment," said Kurt Schmidt, President and CEO, Cronos Group. "Our fourth quarter 2021 results indicate positive momentum, which we will look to carry forward as we begin to implement our strategic and operational realignment initiatives. As we look to 2022, we will continue to realign Cronos Group's organizational structure to match our strategy, with a primary focus on adult-use products and elevating our brands through rare cannabinoids. We also remain intensely focused on positioning ourselves for long-term opportunities by continuing to invest in our brands, creating and supporting an efficient manufacturing strategy, investing in rare cannabinoids and innovation, and readying Cronos Group for entry into the U.S. cannabis market once federally permitted. We are optimistic about the future of the Company and the year ahead."

"In addition to the results we are announcing today and in line with our focus on enhancing agility and fostering long-term growth, we have made the decision to exit our Peace Naturals Campus in Stayner, Ontario. As we continue to execute our asset-light approach and focus on brands and R&D, we will continue to leverage our joint venture with Cronos GrowCo and other contract manufacturing partnerships moving forward. We are grateful to our Stayner associates for their hard work and the contributions they have made to Cronos Group, and appreciate their ongoing support in helping to provide a seamless transition out of the facility throughout 2022."

Aurora Cannabis Inc. (NASDAQ: ACB), the Canadian company defining the future of cannabinoids worldwide recently announced that the Company has reached an agreement to acquire all of the issued and outstanding shares of TerraFarma Inc. (parent company of Thrive Cannabis) ("Thrive") (the "Transaction"). The Transaction is based upon aggregate consideration of $38 million (the "Initial Consideration") payable in cash and Aurora common shares ("Aurora Shares"), plus two earnout amounts (the "Earnout Consideration") payable in Aurora Shares or cash (at the election of Aurora), if applicable, based on Thrive achieving certain revenue targets within two years of closing of the Transaction.

The Transaction is expected to strategically strengthen Aurora's position in the Canadian market by placing the Thrive team in charge of Aurora's Canadian recreational portfolio, advancing the shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates. The Transaction is expected to close, subject to customary closing conditions, in Aurora's fiscal Q4 2022. It is anticipated that the Transaction will provide immediate positive Adjusted EBITDA to Aurora, and support the Company's path to Adjusted EBITDA profitability in the first half of fiscal 2023.

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