FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Citation Growth Corp. Prepares for Month End Distribution of 25,000 Organic, Triple Certified Live Resin Vape Pens.”
Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF), a licensed cannabis cultivator and producer, announces that the Company is now in production to have dispensary shelves stocked with the Company’s Proprietary organic products. Highly anticipated among dispensaries and enthusiasts, 25,000 live resin and distillate vape pens are set for distribution right ahead of the holiday rush.
Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.
While the global cannabis industry has grown at a remarkable pace over the past several years, its growth has been hindered by burdensome regulatory challenges. As numerous countries have moved to either decriminalize cannabis for adult-use in the past decade, others have decided to legalize cannabis solely for medicinal purposes. Notably, countries such as the U.S. and Canada are thriving in the recreational market because of their large legal channels. However, recreational markets have come under intense scrutiny due to the influx of tainted products from the black market. In recent months, hundreds of medical cases have emerged related to vaping and the Centers for Disease Control and Prevention noted that THC vape products have played a major role in the outbreak. The CDC mentioned that vape products purchased from illicit vendors should be disposed of immediately and advised consumers to obtain their products from authorized retailers. New York health officials have confirmed that synthetic vitamin E is the main threat in tainted vape carts. Moreover, the U.S. Food and Drug Administration found traces of formaldehyde and pesticides in the carts as well. AS such, the data compiled by health officials has deterred many consumers from the market, including the legal industry. Research firm New Frontier discovered that nationwide vape sales even fell by 15% in the first week of September and saw no rebound through September 18th. Specifically, states such as New Mexico, Massachusetts, and Nevada witnessed their sales decline by a third, while California fell by 6%. In response to the epidemic, many industry experts have told consumers to purchase cannabis products from legal vendors, who explicitly mention the additives as well as the growing procedure of the product. And in light of recent events, consumers and federal officials alike are beginning to demand for more stringent research and better-regulated products. According to data compiled by Verified Market Research, the global marijuana market was valued at USD 42.20 Billion in 2016. Furthermore, by 2025, the market is expected to reach USD 466.81 Billion while registering a CAGR of 35.3% from 2018 to 2025.
Despite legalization efforts in certain regions, many consumers still tend to purchase their products from illegal vendors. In particular, one year after Canada fully legalized cannabis, 60% of Canadians still obtain their products from black market dealers or sources that are not entirely legal. However, the percentage has steadily fallen since Canada legalized cannabis back in October 2018. Currently, consumers purchase their products from the black market because it is typically much cheaper than obtaining goods from legal vendors. According to a study by Statistics Canada, legal cannabis now costs 65% more than black market products, increasing from 50% in the fourth quarter of 2018. And while legal cannabis may be expensive to most consumers, a study by Brightfield Group discovered that 43% of the respondents were willing to pay more for premium, while just 34% were reluctant to pay more for certified organic products. On the other hand, occasional users were more willing to pay for healthier methods of delivery. Consequently, certain consumers decided to turn towards “craft cannabis.” Cultivating craft cannabis is the meticulous process of growing high quality and organic flowers, which can appeal to both spectrums of user demands. Specifically, craft cultivators avoid using any artificial products, such as pesticides and growth stimulants during the growing process. The use of additives can heavily weaken the cannabinoid content within strains and also create an inorganic product. In order to maintain a healthy and potent strain, craft cultivators tend to each and every individual plant to ensure it grows properly. “When it comes to retail, consumers will always pay more for premium-quality products. In the cannabis industry, that means top-shelf genetics cultivated in small batches will fetch higher prices,” said Anne Forkutza, former Vice President of Strategic Partnerships and Brand Officer at Cova Software.
For more information, please visit: Citation Growth Corp.
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