Americans' Favorable Outlook on the Cannabis Market
NEW YORK, February 17, 2017 /PRNewswire/ --
According to a recent report by Streetwise Reports estimates that the cannabis market crossed $6.7 billion from the U.S. alone in 2016, and that sales of cannabis are set to rise to $22.8 billion in the U.S. by 2020. Despite some concerns regarding how the new administration is going to favor the Cannabis industry, the perception of Americans seems to be shifting. Four states in the U.S. voted in favor of legalization on November 8th of 2016. The results on Election Day confirm that the cannabis industry has a stronger support among Americans than ever before. A study conducted by Pew Research in the U.S. found that the percentage of adults in favor of marijuana legalization is an astounding 57%. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO.CN), Cannabics Pharmaceuticals Inc. (OTC: CNBX), Insys Therapeutics Inc. (NASDAQ: INSY), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), Cara Therapeutics Inc. (NASDAQ: CARA)
The legal cannabis industry, despite the positive sales projections has some challenges. Salon reported that Sam Kamin, professor of marijuana law and policy at the University of Denver's Sturm College of Law, said that California is uniquely challenged in marijuana legalization in ways Colorado wasn't when it legalized recreational-use marijuana in 2012. One issue is size - California, the world's seventh-largest economy, has a lot of weed growers who come from a long outlaw tradition of growing pot illegally. "Bringing those people into the system will be the number one challenge," Kamin told Salon. "If they can't keep the black market under control then an expansive regulatory system just isn't going to work."
Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO.CN) is a developer of the Cannabix Marijuana Breathalyzer for law enforcement and the workplace. Just yesterday, the company provided a, "development update on its FAIMS Beta 2.0 (field asymmetric waveform ion mobility spectrometry) based marijuana breathalyzer for the detection of 9-tetrahydrocannabinol ("THC") in human breath. Development in Gainesville, Florida and Vancouver, BC is progressing well and the Company expects to begin pre-trial live subject testing during the month of March.
Since introducing the Beta 2.0 version of the Cannabix Marijuana Breathalyzer in late 2016, Company scientists have been engaged in developmental testing, method development, and continuously improving the design of the device. At the same time, experiments have been done with THC to characterize the individual parts of the instrument and improve the efficiency of human breath collection and sampling.
The Cannabix Marijuana Breathalyzer consists of proprietary components including a generator enabled by the latest chip technology to provide extremely fast high-voltage square wave transitions that significantly improve chemical separations, and a novel plasma ionization source that provides efficient ionization with a relatively small footprint. The Company anticipates completing developmental testing of the Beta 2.0 device within the next month while preparing for preliminary human subject testing."
Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) will begin providing personalized cannabinoid anti-tumor tests for cancer patients. The diagnostic tests are based on liquid biopsies of patients suffering from any kind of cancer. The test uses CTC technology that collects cancer cells from patients' blood samples, and tests their sensitivity to cannabinoid compounds alongside conventional chemotherapy medicine. The results enable doctors to make better informed decisions by providing personalized patient data as supporting evidence to available medical treatments. Dr. Eyal Ballan, Chief scientist of Cannabics Pharmaceuticals said, "Our vision is to embrace the natural medicinal properties of cannabis utilizing the diversity of active compounds to fight cancer in its manifestation in each individual patient."
Insys Therapeutics Inc. (NASDAQ: INSY) announced that the Company is providing for the use of Cannabidiol Oral Solution at doses up to 40 mg/kg/day in compassionate use studies in subjects with refractory pediatric epilepsy following completion of 48 weeks of treatment in the ongoing long-term safety study. The long-term safety study permitted subjects who had completed the initial safety and pharmacokinetic (PK) study to receive Cannabidiol Oral Solution at doses up to 40 mg/kg/day for up to 48 weeks. "We are pleased that investigators have deemed it appropriate to continue patients on Cannabidiol Oral Solution beyond 48 weeks of treatment and we remain dedicated to making our product available to them," said Dr. Santosh Vetticaden, Insys' Interim CEO, and Chief Medical Officer.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. Zynerba is developing therapeutic candidates based on proprietary transdermal technologies that, if successfully developed, may allow sustained, consistent and controlled delivery of therapeutic levels of two cannabinoids: cannabidiol, a non-psychoactive cannabinoid, and tetrahydrocannabinol. Transdermal delivery has the potential to reduce adverse effects associated with oral dosing. ZYN002, the Company's CBD gel, is the first and only synthetic CBD formulated as a patent-protected permeation-enhanced gel.
Clinical-stage biopharmaceutical company, Cara Therapeutics Inc. (NASDAQ: CARA) is focused on developing and commercializing chemical entities designed to alleviate pain and pruritus by focusing on kappa opioid receptors. The Company is engaged in developing product candidates that focus on the body's peripheral nervous system. Its product candidate pipeline includes I.V. CR845 for acute pain; I.V. CR845 for uremic pruritus; Oral CR845, and CR701. The Company's I.V. CR845 is an injectable version of peripheral kappa opioid receptor agonist, which is intended for the treatment of acute pain in an acute care setting. The Company is developing an oral version of CR845 for the treatment of moderate-to-severe acute and chronic pain. The Company's CR701 is a peripherally-restricted, mixed-CB1/CB2 receptor agonist that interacts with cannabinoid receptor subtypes, with no off-target activities. CR701 is in preclinical-stage of development.
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