WOW Inc. to Expand Into Worlds Largest Cannabis Market
DENVER, Sept. 04, 2020 (GLOBE NEWSWIRE) -- World of Weed Inc. (OTC PINK: WOWU) is pleased to announce its growth strategy in the U.S. Cannabis market by executing a Letter of Intent to grant franchise rights to PDX Partners Inc. (OTC PINK: PDXP). Both parties strongly feel the Southern California market for cannabis is both lucrative and in its primal infancy. Also key is the national impact both socially and economically of California and especially Southern California. CEO of WOWI Inc., Anthony C. Russo states, “We have closely watched the California legalization of recreational cannabis and its impact. With this recent dip in sales we feel the long term prognosis and economic viability is even more attractive thus prompting our current entry.” “The current California opportunity with PDXP and my long term relationship with their CEO, I believe, opens infinite positive possibilities,” said Russo. Pat Johnson PDXP CEO states, “We are excited to franchise World of Weed branded storefronts and WOW set up grows to raise the bar in efficiencies and quality products to the California consumers. We believe that World of Weed’s processes and proven track record set them apart from the others and that their proof of concept during good and bad pricing markets makes them the leader in Colorado.” The arrangement looks to Brand the nationally trade marked World of Weed name and products in what most consider the biggest potential cannabis market in the USA. Final agreements are currently in document review and will be executed as both CEO’s and their counsel’s sees fit.
Data from Leafly’s 2020 Cannabis Jobs Count indicates that legal cannabis sales in California contracted 18% year-over-year to $2.03 billion in 2019. That took a toll on cannabis employment in the Golden State. From Jan. 2019 to Jan. 2020, about 8,600 previously legal cannabis jobs in California became illegal cannabis jobs or disappeared entirely.
That was due in large part to the sunsetting of medical marijuana-era collectives. Industry veterans and Canadian newcomers alike lost their shirts last year. California remains the nation’s largest cannabis employer, with an estimated 39,804 full-time jobs, but the industry remains tightly constrained by a tough licensing and regulatory environment.
But here’s the flip side: Legal excise tax revenues surged 60.5% year-over-year to an estimated $305.30 million in 2019 (up from $190 million in 2018). There are now more than 600 open stores and delivery services, with an estimated 300 new stores expected to open in 2020. There are 5,400 licensed farms, ensuring adequate legal supplies.
"This endeavor will expand the World of Weed brand into the lucrative and immense Southern California cannabis market which is the largest legal market in the world,” said CEO Anthony Russo.
