- Consumer reports show growing tendency to reject smoke-inhaled substances such as cigarettes
- Sproutly Canada’s solution provides truly water-soluble cannabis product that mimics rapid onset, offset of smoked drug
- Cannabis-infused beverage market potential forecast between $900 million and $4.4 billion by 2024
As savvy cannabis investors look toward the market potential of the beverage-ization of their natural plant products, suppliers such as Sproutly Canada, Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) are strengthening their operations by adding more experienced executives, building their distribution networks and increasing their output capabilities.
Sproutly Canada is focused on cultivating pharmaceutical-grade cannabis for the backbone of its technological breakthrough in creating the first natural, truly water-soluble cannabis solution. The company aims to use water-soluble ingredients such as its patent pending Infuz2O product in beverages capable of mimicking the rapid onset and rapid wear-off effects of inhaled cannabis, providing an especially appealing alternative to smoked products.
The company’s Infuz2O solution will supplement in establishing revolutionary brands that can deliver predictable, measurable amounts of cannabis to consumers that are true to strain. Despite the company’s 16,600-square-foot closed-loop production facility that’s capable of producing 1,400 kilograms of dried flower per year, Sproutly’s business model is not constrained by the amount of cannabis it grows, thanks to its readiness to source natural product on the open market through its network.
Sproutly anticipates that the cannabis-infused beverage market will bring in revenues between $900 million and $4.4 billion by 2024, depending on the percentage of the market that it captures, drawing on statistics reported by Deloitte and its own analysis (http://cnw.fm/3XAIc). The figures do not account for the potential of a premium market based on Sproutly’s technology for delivering naturally water-soluble solutions to supply cannabis-based beverages and edibles.
On November 20, the company announced that it had migrated the license of its wholly owned subsidiary, Toronto Herbal Remedies Inc. (“THR”), to compliance with the Access to Cannabis for Medical Purposes Regulations (ACMPR) standards in order to gain authorization to possess cannabis; obtain dried cannabis, fresh cannabis, cannabis plants or cannabis plant seeds by cultivating, propagating, and harvesting cannabis; and to sell cannabis, including to other licensed producers (http://cnw.fm/8CSwy).
The product growth potential of the company is accompanied by the addition of long-time international wine and spirits industry executive Constantine Constandis to its advisory board (http://cnw.fm/SaM64), with the expectation that he will become an independent board of directors member after the company’s next annual general meeting increases the size of that board, according to an announcement on November 29.
Constandis was a former senior executive with Pernod Ricard SA, the publicly traded producer of wine and spirits whose global portfolio includes Absolute Vodka, Jameson, The Glenlivet and Beefeater, among others.
“His experience in brand building, operations, sales and marketing in the highly-regulated spirits industry will prove to be extremely valuable to Sproutly as it continues to develop into a leading cannabis beverage company,” CEO and President Keith Dolo stated in the news release.
For more information, visit the company’s website at www.Sproutly.ca
More from CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
CannabisNewsWire is at the epicenter of the Cannabis Revolution.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com