CannaRoyalty (CSE:CRZ; OTCQX:CNNRF) announced its wholly-owned business unit CR Brands, completed its first commercial production run of GreenRock Botanicals (GRB) premium cannabis vape pens.
As quoted in the press release:
River placed an initial purchase commitment of more than US$165,000 for GRB products, which equates to a retail value of over US$400,000. CR Brands expects to ship this initial order in the coming days. This is the second consumer product line that CR Brands has launched through its partnership with River in California, following the launch of its Soul Sugar Kitchen™ (“SSK”) gourmet edibles line in October 2017.
California is the largest cannabis market in the world with annual sales of approximately US$2.8 billion in 2016.(1) Sales are forecast to grow to over US$6.8 billion in 2021 and vaporizer products are expected to account for 15% of the total. This represents a compound annual growth rate of 54% between 2017 and 2021(2).