LOS ANGELES, CA / ACCESSWIRE / November 10, 2020 / Radiko Holdings (CSE:RDKO) (the "Company") CEO Steve Gormley publishes an open letter to Shareholders.
To Our Valued Shareholders,
I hope you are staying safe and well. Over the past few days our industry has reached several exciting and significant milestones related to cannabis legalization and policy reform.
On November 3, 2020, voters in four states - Arizona, Montana, New Jersey and South Dakota - all approved statewide measures to legalize marijuana for personal use. Voters in Mississippi and South Dakota approved statewide ballot measures to legalize marijuana for medical use, making South Dakota the first state in American history to enact both policies on the same day. Further, we saw a few notable states enact decriminalization initiatives, and Oregon to become the first state in the US in modern times to decriminalize all drugs. Marijuana is now legalized in 15 states and DC, and shows an optimistic outlook for the state measures to influence federal policy.
Collectively, the overwhelming success of the year's ballot measures represent strong support across both Democrat and Republican voters. Further, the new Biden Harris Administration signal change toward federal legalization and expungement. Kamala Harris stated, "Right now, in this country, people are being arrested, being prosecuted and end up spending time in jail or prison all because of their use of a drug that otherwise should be considered legal. Making marijuana legal at the federal level is the smart thing to do, it's the right thing to do. I know this as a former prosecutor and I know it as a senator." Harris has supported Sen. Cory Booker's Marijuana Justice Act and Sen. Elizabeth Warren's SAFE Banking Act, and became the chief Senate sponsor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. While Joe Biden might draw the line at marijuana decriminalization and refuse to consider legalization, Harris has stated in a recent 60 Minutes interview that she will "bring [her] progressive policies into a Biden administration," including her support for Medicare for All, the Green New Deal and marijuana legalization.
Recent projections of cannabis sales have increased based on these recent events. According to Brightfield Group, a market research and analytics company, it is projected that the US recreational and medical cannabis industry will post $19 billion in sales this year, grow to $24 billion by 2021 and -- with the additions of this week and likely newcomers such as New York -- notch $45 billion in sales by 2025.1 That is 137% growth over the next five years! The Radiko team remains bullish on the cannabis sector's strong potential for recovery, and we continue to see evidence of this strength shown by the surging stock price trend of the sector leaders, stemming from around the time the pandemic hit.
Since my last Shareholder Letter, the team has been hard at work on the optimization and expansion initiative for the Carson City facility. I am thrilled to be able to share that we have entered into a partnership with Jeff Malinovitz and Clyde Story, who are managing the cultivation operations as well as playing a key role in managing the multi-phased expansion, overseeing genetics selection and manufacturing, marketing and sales of final product. Malinovitz and Story are extremely well-known industry veterans widely regarded as top-shelf, award winning cannabis growers. Together, they have won more awards in the flower category than any other cultivator. Their product expertise also includes producing concentrates and extracts which have similarly won numerous industry accolades. I was at the Carson City facility last week for an integration meeting of the teams and to see the growth of the new plants. This facility shows incredible potential and I look forward to sharing more updates with you soon.
There has never been a more exciting time to be in this industry, and I'm grateful that you're on this journey with us. My team and I look forward to sharing more good news as it develops.
About Radiko Holdings
Radiko Holdings Corp. (RDKO) is a CBD and cannabis-focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Corporation's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. RDKO markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. RDKO also markets products containing CBD in the US and internationally. The Corporation believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
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Chief Executive Officer
Radiko Holdings Corp.
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Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" relating to the operations of the Company and its business prospects within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
1 Source: CNN https://www.cnn.com/2020/11/06/business/cannabis-election-win/index.html
SOURCE: Radiko Holdings
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