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Pasha Brands Ltd. (CSE: CRFT) (OTC: CRFTF) (FSE: ZZD), North America’s largest craft cannabis brand house, is pleased to announce that it has submitted a product call application package in consideration for supplier approval from the BC Liquor Distribution Branch (BCLDB), in hopes of becoming the first vendor to supply British Columbia’s provincial distributor with craft cannabis products. This is the second application of its kind for Pasha, the first being for the Ontario Cannabis Store (OCS) earlier this year, and marks the company’s ability to bring quality craft cannabis products from recognized pre-legalization brands to market in an efficient and timely manner.
Based in Vancouver, British Columbia, Pasha Brands is a vertically integrated organization that is firmly rooted in BC’s craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product, processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha’s subsidiary, BC Craft Supply Co. Ltd., is developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft Supply Co. Ltd. is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Over the past several decades, the retail industry has drastically changed due to the development and propagation of e-commerce. Today, many consumers tend to prefer purchasing products online because they can simply browse stores anywhere at the palm of their hands. However, transitioning towards a digital business is not as simple as it seems for certain industries. Specifically, the cannabis industry has faced countless legal barriers that have hindered its expansion into the digital marketplace. For instance, because of cannabis’ legality concern, companies in industries like finance, marketing, and advertising have steered clear. However, as more regions continue to move towards legalization, various industries have become interested in locking into agreements and partnerships with cannabis companies. In particular, the U.S. passed the Farm Bill in 2018, which legalized hemp-derived CBD products. Initially, many companies explicitly noted that they wouldn’t partake in the cannabis industry because of legal concerns. Nonetheless, after the passage of the Farm Bill, large corporations had begun to commercialize and advertise CBD products. And as the cannabis industry continues to expand, it is expected that technology will play a pivotal role in the development of the industry. While brick-and-mortar dispensaries will still be popular in legal regions, digital platforms are projected to further accelerate overall sales. According to data compiled by Ameri Research, the global legal marijuana market was valued at USD 14.3 Billion in 2016. By 2024, legal marijuana global sales are projected to reach USD 63.5 Billion while exhibiting a CAGR of 21.1% from 2017 to 2024.
The U.S. is primarily limited to the CBD industry since other aspects of cannabis are still federally illegal. On the other hand, Canada has zero restrictions because it completely legalized cannabis in late 2018, joining Uruguay as the only two nations in the world to do so. The legislation has allowed the legal adult-use of both medical and recreational cannabis. Notably, during the first day of legalization, many dispensaries and online platforms experienced shortages throughout the country due to the massive amount of consumers looking to purchase cannabis products. In efforts to provide consumers with convenience and comfort, some businesses launched delivery options where consumers can order online and then have cannabis products delivered right to their doors. Moving forward, industry experts believe that cannabis will continue to be integrated into mainstream retail as the next waves of legalization take hold. For instance, Canada’s second legalization, which is expected to occur in late 2019, is focused on edibles and beverages. Furthermore, the third wave of legalization is primarily expected to be focused on a variety of products such as shampoos, lotions, and other skincare products. In particular, the third wave is expected to be heavily integrated into mainstream retail operations. “When you think about it, cannabis and e-commerce are a match made in heaven. If you’re at home and looking to pick up some cannabis or cannabis-derived products, would you want to get dressed, trudge down the store, wait in line, and potentially have to talk to strangers to place an order? Or would you rather get your cannabis at the click of a button?” said Joresa Blount, Content Marketing Strategist at Early Growth Financial Services and former writer at Forbes. “As e-commerce continues to redefine retail, convenience will be the determining factor in cannabis consumer preferences.”
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