With October 17th quickly approaching, Canada is getting ready for its first day of fully legalized cannabis sales. According to New Frontier Data, Canada’s market size alone is expected to expand to USD 6 Billion by 2025. The climbing valuation is clearly enticing to many as 120 licenses have already been issued across the country and even more have been rejected.
With the enormous potential of the market, some of the larger cannabis companies are turning to the stock market to help fund their rapid growth. Tilray Inc. (NASDAQ: TLRY), one of the Canadian companies to IPO in the United States, opened at USD 23.05 on July 19th, then went on to hit USD 214.06 on September 19th. In Canada, The Green Organic Dutchman (TSE: TGOD) opened at CAD 2.50 on May 2nd. It then reached a high of CAD 8.78 just four months later, on September 20th.
Another example of the craze around the cannabis market is the news that U.S. beverage makers like Constellation Brands, Inc. (NYSE: STZ) and Molson Coors Brewing Company (NYSE: TAP) have already expressed interest in branching out to Canadian companies and creating cannabis-infused drinks.
All in all, there are many reasons to be a big player in the industry right now and Biome Grow (OTC: ORTFD) (CSE: BIO) is making an effort to earn that right. The Company recently began trading on the Canadian Securities Exchange on October 9th. According to the press release, Biome has acquired 4 subsidiaries and about 390,000 sq. ft. of production space. The Company believes the public listing will “provide Biome increased visibility with prospective global investors, improved liquidity, and a more diversified shareholder base as we continue to grow through agreements, partnerships, and acquisitions across Canada and globally,” according to Khurram Malik, Interim Chief Executive Officer of Biome Grow. One of Biome’s subsidiaries, Highland Grow, is already an ACMPR recipient, while Back Home and its Norwich, ON, facility, P-209 are both late-stage ACMPR applicants. The Company also owns Weed VR which it will use to “offer an informative and engaging buying experience to consumers without them ever having to enter a traditional dispensary setting.”
With the various offerings that Biome Grow is working on making operational, it is set to compete in the constantly growing market.