As it edges into the United States’ US$4.5 billion retail cannabis market, eSense-Lab (ASX: ESE) has finalised its beta cannabis terpene infused chocolate product in collaboration with Healthy Chocolate Florida.
Cannabis terpenes are fragrant oils secreted in the flower’s resin glands, which also produce tetrahydrocannabinol (THC), cannabidiol (CBD) and other cannabinoids.
Terpenes are also found in other plants, herbs and flowers.
Israel-based eSense-Lab has created the world’s first 100% natural reformulated cannabis terpene profiles. It has 10 available formulations as well as an additional 20 under development.
According to eSense-Lab, the collaboration with Healthy Chocolate Florida has developed an “optimum terpenes/chocolate ratio”, which completes the beta prototype for the chocolate product for nutraceutical food and beverage markets.
“We have known internally that our terpenes can be used in the same way food additives are used, enabling almost endless cannabis-related applications,” eSense-Lab chief executive officer Haim Cohen said.
“To have now brought the science behind this to the final stages of having a unique formulation ready for countless opportunities in both the food and beverage nutraceutical markets, is a significant achievement for all involved,” Mr Cohen added.
The company uses specialised manufacturing to preserve its terpenes’ quality and integrity for optimal health and medical benefits, while ensuring taste, feel and aroma in the products’ meet consumer requirements.
Healthy Chocolate Florida and eSense-Lab are working on the product’s consumer requirements, with work due for completion by mid-2018.
Earlier this week, ASX cannabis stock MMJ PhytoTech (ASX: MMJ) announced it planned to invest A$500,000 in eSense-Lab, picking up 2.5 million ordinary shares at A$0.20 each. Once the transaction is complete, MMJ PhytoTech will own a 3.51% stake in eSense-Lab.
Additionally, MMJ PhytoTech’s 59%-owned subsidiary Harvest One Cannabis plans to collaborate with eSense-Lab by providing technical and market access to support eSense-Lab’s product development.
ESense also unveiled a share placement will be carried out where it hopes to raise A$1.6 million at an issue price of A$0.25 per share.
Global cannabis market
The Marijuana Business Factbook 2017 predicts US retails cannabis sales will grow 30% on 2016 levels to a forecast US$6.1 billion.
Meanwhile, the entire US cannabis market is estimated to be worth US$50 billion by 2026, with global demand predicted to hit $500 billion by 2029.
Last week, Small Caps reported on ASX listed cannabis stocks, which revealed more than 20 ASX-listed stocks developing medicinal or nutraceutical cannabis-based products.