CanaFarma Corp. that was launched last year in the CBD sector, has decided to go public on the renowned Canadian Securities Exchange. According to reports, the company has been projected $45 million in terms of revenue by the end of 2020.
A large number of cannabis companies based in New York are in a dilemma about their future as the state has not yet legalized adult-use cannabis. Therefore, they have decided to put their activities on hold unless and until things become clear. On the contrary, several CBD start-ups have picked up the pace and moving ahead at a fast speed.
CanaFarma Corp has emerged as the only producer in the CBD market with its own process facility, research staff, marketing team, distribution, and information and Marketplace portal.
CBD is manufactured from hemp and it is a similar plant that produces marijuana. In several parts of the US, CBD exists in the legal grey zone. Hemp is the least processed form of the cannabis plant and contains a strong level of cannabidiol or CBD. It is the compound in cannabis that has become popular for its medicinal qualities.
Earlier in the year 2018, US Farm Bill decided to legalize the production and sale of hemp as long as it included only trace quantities of tetrahydrocannabinol or THC, the chemical that makes you high.
CanaFarma came into existence last year in March and started selling its main product Yooforic in June 2019. It is a chewing gum that contains hemp oil. By the month of October 2019, the company earned a whopping $7,50,000 per month in sales and that too only online revealed CEO, David Lonsdale.
Shedding light on the future plans of the company, David Lonsdale said the company is planning to venture into brick-and-mortar retail sales. It is already producing a hemp oil tincture and working on launching a skin cream.
Supporters of CBD claim that it can offer immense relief in insomnia, anxiety, and general pains and aches. These issues have plagued a large number of people in the US.