Cannex subsidiary launches new edibles brand
The retail market for edibles in Washington is roughly $180-million (U.S.), and has continued to grow since the Washington recreational market came on-line in 2014. As of 2016, edible sales made up 10 per cent of the United States recreational cannabis market, increasing to 13 per cent in April, 2017, according to BD Analytics. In the last year, sales of edibles in Washington increased by 121 per cent, with unit sales of over 2.6 million. Candy makes up the largest portion of the Washington edibles market, with $10.8-million (U.S.) in sales in 2017, up 28 per cent from the previous year. For users, edibles provide a discreet, accurately measured dose without requiring smoke or vaporization.
"It took years of experience developing other cannabis-infused recipes, including Washington's best-selling Marmas infused soft fruit candy, to be able to perfect a delicious infused fruit chew. I truly believe it is the best infused fruit chew available in any state today, and am very excited to take the Hi-Burst brand and recipe into multiple new states before the end of the year," said Leo Gontmakher, Cannex's chief operating officer. "Cannex is focused on the growing edibles and derivatives market and Hi-Burst is an excellent example of Cannex's commitment to product development and strong brands," continued Mr. Gontmakher.
BrightLeaf's strategic tenant, NWCS, is the leading producer of recreational cannabis in Washington, achieving sales of over $25.75-million (U.S.) in 2017. Utilizing BrightLeaf-designed-and-developed turnkey growing facilities, NWCS was able to produce approximately 8,000 kilograms of cannabis in 2017. Distributed regularly to over 300 stores, NWCS has a superior position in the Washington cannabis market.
About Cannex Capital Group
Cannex, through its wholly owned subsidiaries, provides a wide range of services including real estate, management, financial, branding and intellectual property to licensed cannabis business operators domestically and internationally. Cannex is focused on the premium indoor cultivation, extraction, manufacturing and branding of edible and derivative products, as well as retail operations. Cannex is undertaking expansion initiatives to support the acquisition and development of additional assets in legal medical and recreational cannabis markets. Based in Vancouver, B.C., Cannex is managed by a team of experienced industry and capital markets experts who are committed to aggressive, cost-effective growth.
For further information please contact:
Cannex Capital Holdings Inc.
Anthony Dutton, CEO