Wednesday, October 18, 2017 6:49:48 PM
For those who keep kosher, most medical marijuana products on the market do not comply with the strict standards, leaving a large portion of the population under-served when it comes to weed. This gap in the market has created an opportunity, which companies like
The Hydropothecary Corporation (TSXV:THCX) (OTC:HYYDF) are capitalizing on.
Kosher Consumers: A Massive Market Opportunity
While the market for such products may not seem so large, it is. According to Lubicom Consuting, there's 12.35 million kosher consumers in the United States alone. As medical marijuana legalization spreads across areas with large Jewish populations, companies seeking to market kosher-certified cannabis need to comply with the strict requirements set fourth.
As we covered last October, Vireo Health was the first and only New York licensed medical marijuana products companies granted the kosher stamp of approval by the Orthodox Union.
While Vireo Health has kosher New Yorkers covered, The Hydropothecary Corp. has kosher Canadians on lock. As a licensed producer of medical marijuana under Health Canada's ACMPR, Hydropothecary is one of a small group of companies that can sell cannabis to patients throughout Canada.
While New York has well over 1 million Jewish residents, the Canadian Jewish population is certainly not small. According to The Centre for Israel and Jewish Affairs, a.k.a. CIJA, there's nearly 400,000 people that make up Canada's Jewish population. The advocacy group also notes that the median income for Canadian Jews (age 15+) is $30,670 CAD.
The population statistics above show that the move by Hydropothecary to obtain kosher certification could pan out to be extremely lucrative. Vaad HaKashrut director, Rabbi Levy Teitlebaum commented that "this is a rigorous, independent, third-party certification process that goes from A to Z. Hydropothecary's products not only qualify, but certification is gladly given because it's important for what's needed in this new sector."
The kosher certification covers Hydropothecary's "Decarb", the ready-to-consume activated marijuana powder product line, "Elixir" cannabis peppermint oil as well as the company's "H2" line of milled products.
"Kosher certification is important to Hydropothecary because it reflects our emphasis on rigorous testing, independent third-party oversight and our focus on easy-to-use product innovations. As the only medical marijuana company in Canada with current kosher-certified processed products, we take great pride in having the support of the Council for Kashrut," said Hydropothecary CEO and co-founder, Sebastien St-Louis.
Kosher Products Perform Better
If kosher food sales data are any indicator of kosher cannabis sales, this means big business for Hydropothecary and others who join them to serve this community. According to the Orthodox Union, "there is clear evidence that a kosher symbol boosts market share, that a kosher product can win more favorable shelf space, and that when positioned next to a competing non-kosher brand, a kosher product will do better by 20%. This data has remained constant even in smaller cities, far from city with heavy concentrations of kosher Jews."
What About Recreational Marijuana?
When asked about the kosher certification's applicability to recreational cannabis once it becomes legal in Canada, Rabbi Teitlebaum commented that "Medical products required for health and wellbeing are eligible for kosher certification. With legalization of marijuana for recreational use, however, we will have to consider the ethics of using a product simply for enjoyment."
SOURCE: https://www.dailymarijuanaobserver.com/single-post/2017/10/18/Kosher-Certified-Cannabis-Hydropothecary-Vireo
Recent HEXO News
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 07/03/2023 08:15:19 PM
- HEXO Corp. Announces Completion of Acquisition by Way of Arrangement With Tilray Brands, Inc. • Business Wire • 06/22/2023 09:02:00 PM
- Tilray Brands Completes Accretive Acquisition of HEXO Corp. Leading the Next Evolution of Canadian Cannabis • GlobeNewswire Inc. • 06/22/2023 09:00:00 PM
- HEXO Corp. Announces Receipt of Final Order for Arrangement With Tilray Brands, Inc. • Business Wire • 06/19/2023 08:06:00 PM
- HEXO Reports Q3’23 Financial Results • Business Wire • 06/14/2023 08:51:00 PM
- Hexo Corp.’s Shareholders Approve Acquisition by Way of Arrangement With Tilray Brands, Inc. • Business Wire • 06/14/2023 04:17:00 PM
- HEXO to Host Third Quarter 2023 Earnings Conference Call • Business Wire • 06/12/2023 09:10:00 PM
- HEXO Announces Closing of Non-Brokered Private Placement and Amendments to Arrangement Agreement and Waiver and Amendment Agreement • Business Wire • 06/01/2023 09:30:00 PM
- Leading Independent Proxy Advisory Firm ISS Recommends HEXO Shareholders Vote FOR the Arrangement Agreement with Tilray Brands • Business Wire • 05/26/2023 11:00:00 AM
- HEXO Corp. Files Circular for Special Meeting of Shareholders to Approve Arrangement With Tilray Brands, Inc. • Business Wire • 05/16/2023 11:00:00 AM
- HEXO Corp. Announces Receipt of Interim Order in Respect of Arrangement With Tilray Brands, Inc. • Business Wire • 05/10/2023 08:45:00 PM
FEATURED Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • May 8, 2024 9:05 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • BLOZF • May 7, 2024 8:51 AM