FinancialBuzz.comâ€™s latest Buzz on the Street Show: Featuring Our Corporate News Recap on â€śWeekend Unlimitedâ€™s Champ Energy to be the official energy drink of Cannabis Now Mediaâ€™s Hemp Today activation at SXSWÂ®â€ś
Weekend Unlimited USA Inc.Â (OTCQB: WKULF) (CSE: POT) announced that recent acquisition, VBC Brands, under the CHAMP Energy brand, will sponsor â€śThe South by SouthwestÂ® (SXSWÂ®) conference & festival,â€ť taking place on March 12-13th in Austin, Texas.
Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering lifeâ€™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.
In the U.S., there are currently 10 states, including theÂ District of Columbia, that have legalized marijuana for recreational use andÂ MichiganÂ became the most recent state to pass recreational cannabis legislation back in November during the midterm elections. The state now joins other major players such asÂ California,Â Colorado,Â Nevada, andÂ Washington. Moreover,Â MichiganÂ became the first midwest state to legalize cannabis for adult-use, which is having a profound impact across the nation. Now, states such asÂ Connecticut,Â Illinois,Â New York, andÂ New JerseyÂ are among several states moving to legalize cannabis for adult-use. More broadly, the U.S. accounts for the largest share of the global cannabis market because states likeÂ CaliforniaÂ andÂ ColoradoÂ deliver over a billion dollars in revenue annually. Globally, onlyÂ CanadaÂ andÂ UruguayÂ have federally legalized cannabis entirely, however, many countries maintain lenient regulations regarding the plant.
Countries such asÂ Colombia,Â Ecuador,Â Belgium,Â the Netherlands,Â SpainÂ andÂ SwitzerlandÂ allow for personal consumption of cannabis in minimal amounts. Even though cannabis is still technically federally illegal in those countries, the laid back regulations could signal a possible shift in the near future. According to data compiled by Verified Market Intelligence, the global marijuana market was valued atÂ USD 42.20 BillionÂ in 2017 and is projected to reachÂ USD 466.81 BillionÂ by 2025. Furthermore, the market is expected to register a CAGR of 35.3% from 2018 to 2025.Â
Cannabis is steadily being adoption around the world due to its beneficial medical effects. Certain countries are leveraging the plant to treat medical applications such as cancer, chronic pain, and arthritis. The larger reason why cannabis is still prohibited in many countries is down to its psychoactive effects, which result from its THC, or tetrahydrocannabinol, derivative. On the other hand, the CBD, or cannabidiol, derivative is generally more accepted because of its non-psychoactive effects. After delisting CBD from the U.S. Food and Drug Administrationâ€™s Schedule 1 drug list, the U.S. also recently passed the U.S. Farm Bill. Now, the CBD marketplace is positioned to account for a significant share in the cannabis industry. Consumers are using CBD products such as creams, oils, and tinctures for both recreational and medical use. â€śSome of those ingredients get re-looked at through a different lens. It becomes a little less taboo,â€ť saidÂ Perteet Spencer, a Principal in the Brand Growth Solutions division at SPINS. â€śYouâ€™re seeing massive legislative shifts that are going make a lot of things that were once completely off-limits a little more acceptable.â€ť
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