Legal Supply Channels are Expected to Show Big Growth in Cannabis Markets
FinancialBuzz.com News Commentary
NEW YORK, June 29, 2018 /PRNewswire/ --
According to a report by Ameri Research Inc., the global legal cannabis market was valued at USD 14.3 Billion in 2016 and is projected to grow at a CAGR of 21.1% between 2017 and 2024, while also reaching a value of USD 63.5 Billion by 2024. The cannabis industry is presently in strong growth mode, as legalization and decriminalization of cannabis products across North America are spreading. The report also indicates that legalization trends are moving beyond the U.S. region; data by Arcview Market Research shows that the growth of the legal cannabis industry is expected to re-accelerate in 2018, as adult-use sales ramp up in Canada, California, and Massachusetts, along with first-time medical sales in Florida. Additionally, Canada had legalized cannabis nationally on June 19th of this year. WeedMD Inc. (OTC: WDDMF), Intec Pharma Ltd. (NASDAQ: NETC), Therapix Biosciences Ltd. (NASDAQ: TRPX), Axim Biotechnologies, Inc. (OTC: AXIM), Cronos Group Inc. (NASDAQ: CRON)
Citing another report from Deloitte, nearly two-thirds of current cannabis consumers are likely to buy cannabis products from a legal channel. Jennifer Lee, Partner, Cannabis National Leader, and Consumer Advisory and Analytics Practice National Leader, said: "Most current and likely cannabis consumers want a variety of products offered at reasonable prices from suppliers who can vouch for the safety and origin of those products. Cannabis companies will need to have secure supply chains to protect the quality and integrity of their products, and retailers will need to meet consumer expectations, including providing a positive, engaging retailing experience and protecting the privacy of their customers, especially online."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier this week the Company announced, "that the first batch of cannabis plants have been transplanted to its modern greenhouse located in Strathroy, Ontario and are scheduled for harvest by September 2018.
'Our initial crop of plants successfully entered our recently-licensed Strathroy greenhouse last week and our first 10,000 sq. ft. grow room is now fully operational,' said Keith Merker, Chief Financial Officer of WeedMD. 'With this hybrid, large-scale, modern greenhouse, we will be able to produce quality cannabis with maximum efficiency. This facility will be the prominent source of supply for our medical cannabis patients and for future adult-use consumers across Canada and emerging international markets. I want to acknowledge and thank our incredibly dedicated, passionate and experienced best-in-class cultivation team.'
Strathroy Greenhouse Facility Updates:
- Secured Health Canada cultivation license for the first four grow rooms at its Strathroy facility on June 11th, 2018.
- Initial harvest expected by September 2018.
- Phase I, 220,000 sq. ft. retrofit is scheduled for completion this fall, with plans to progressively bring a total of 20 grow rooms online expanding annual production to more than 21,000 kg.
- Phase II fully-funded expansion is underway with an incremental 175,000 sq. ft. conversion representing additional potential annual yield of more than 12,000 kg, bringing the total to more than 33,000 kg by this year-end.
- Phase III involves retrofitting the remaining 215,000 sq. ft., bringing total square footage to 610,000 sq. ft, and total annual production capacity to more than 50,000 kg.
For more information, access our investor presentation here and corporate video here."
Intec Pharma Ltd. (NASDAQ: NETC) is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The Company recently announced financial results for the three months ended March 31, 2018. The Company raised approximately USD 37.5 Million in a public offering of 6.75 Million ordinary shares and 400,000 ordinary shares following the exercise of part of the underwriters' over-allotment option. Furthermore, Jeffrey A. Meckler, Vice Chairman and Chief Executive Officer of Intec Pharma., said, "Following on favorable PK data from our Phase 1 study of AP-CBD/THC, which combined two key components of cannabis, we are moving forward with a series of Phase 1 PK studies of each of these components alone and in combination. We will initiate the AP-THC study in the second half of 2018. We believe that exploring the individual components of cannabis provides the potential to pursue additional opportunities in target pain indications."
Therapix Biosciences Ltd. (NASDAQ: TRPX) is a specialty clinical-stage pharmaceutical company specializing in the development of cannabinoid-based therapies, proprietary formulation for the treatment of CNS and pain disorders. The Company recently announced that the first subject was enrolled for its Phase IIa, sponsor-initiated clinical trial using the Company's cannabinoid-based technology THX-110 for Obstructive Sleep Apnea, at Assuta Medical Center, the largest private hospital network in Israel. The clinical trial is a single-arm, open-label trial, in which 30 subjects receive one daily treatment of the drug via oral administration and is followed-up for one month with the primary efficacy endpoint evaluating a significant change in the AHI. It is estimated by the American Academy of Sleep Medicine that 12 percent of the U.S. adult population suffer from OSA, and the economic burden of undiagnosed sleep apnea in the United States alone is at nearly USD 150 Billion annually.
Axim Biotechnologies, Inc. (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that the company has secured additional funding needed to further its clinical development program through S-3 stock purchases. "This financing highlights our investor's confidence in AXIM and our potential for success in cannabinoid-based pharmaceutical research," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotech. "This deal will allow AXIM to move forward with a number of clinical projects including our bio-equivalent dronabinol chewing-gum based product and the MedChewRx™ program for treatment of pain and spasticity in Multiple Sclerosis patients."
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. The Company operates two wholly- owned Canadian licensed producers regulated under Health Canada's Access to Cannabis for Medical Purposes Regulations. Cronos Group recently announced it will hold its 2018 Annual and Special Meeting of Shareholders on Thursday, June 28, 2018 at 9:30 a.m. at the offices of Blake, Cassels & Graydon LLP located at 199 Bay Street, Suite 4000, Commerce Court West, Toronto. A live audio webcast and replay of the meeting will also be available in the investor relations section of the Company's website.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For WeedMD Inc. financial news dissemination and PR services, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.
Media Contact:
[email protected]
+1-877-601-1879
Url: http://www.FinancialBuzz.com
SOURCE FinancialBuzz.com
Share this article