NEW YORK, January 9, 2018 /PRNewswire/ --
According to a report byNew Frontier Data, the legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025, registering a compound annual growth rate of 16 percent. By segment,
New Frontier Data CEO Giadha Aguirre De Carcer, commented on California's potential market growth, "California offers the perfect example of why it is so important to understand trends in consumer behavior. The state's legal (cannabis) industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market's evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. Just earlier today the company announced breaking news that, "the Company has signed a Service Agreement with SoluBest Ltd., an Israeli-based research organization that specializes in the development of client tailored formulation and pilot production services and scale-up. SoluBest, located at the prestigious Weizmann Institute of Science campus, has been selected to develop Pivot's topical bio-cannabis pipeline of products.
Pivot also wishes to announce that pursuant to its previously announced Binding Letter of Intent to license Thrudermic LLC's transdermal nanotechnology, Dr. Joseph Borovsky and Dr. Leonid Lurya have agreed to lead the development of Pivot's topical bio-cannabis programs at SoluBest. These programs include BiPhasix semi-solid topical cream and Thrudermic's transdermal technology for the delivery of cannabis through the skin barrier.
Dr. Joseph Borovsky, Thrudermic's Chief Executive Officer, indicated that "Thrudermic expects to provide Pivot with product for market launch by Q2 2018. Working in SoluBest's state-of-the-art facility using Thrudermic's formulation know-how will afford Pivot the opportunity to accelerate the development, testing and introduction of new products to the market."
Dr. Patrick Frankham, Pivot Pharmaceuticals' Chief Executive Officer, states that "we are delighted to be moving ahead with our plan to develop best-in-class topical bio-cannabis products led by Dr. Borovsky and Dr. Lurya from Thrudermic. We are equally happy to report that we have found a very qualified laboratory and development partner for our topical development programs for our BiPhasix and Thrudermic technologies in Israel. This announcement accelerates our product development and confirms that we will be ready to introduce several bio-cannabis based products to the market in 2018. The potential to recognize revenue from quality products will help patients and caregivers better manage their health conditions."
General Cannabis Corp. (OTCQB: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. On December 21, 2017, the company announced it signed a $955,000 two-year contract to manage a grow facility in California. This represents the largest single contract the company has undertaken since inception. The Company also plans to provide significant other services, including hardware and supply procurement, in addition to the initial contract terms. This new contract for Next Big Crop, the business consulting and management arm of General Cannabis, represents the second major California-based project for the company. Iron Protection Group, the firm's security division, opened an office near Sacramento earlier in 2017. Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company introduced its lead cannabinoid drug formulation VITA-100 as a non-psychoactive prodrug of THC. Vitality Biopharma has developed a new class of cannabinoid prodrugs, known as cannabosides, which enable targeted delivery of THC to the large intestine. THC has been previously reviewed and approved by the U.S. Food & Drug Administration (FDA) under the name dronabinol, and has been established as safe and effective for use with appetite stimulation and for treatment of nausea and vomiting. Vitality's cannabosides could enable oral delivery of large concentrations of cannabinoids in order to provide therapeutic benefits while reducing or eliminating psychoactivity by limiting entry of THC into the bloodstream or brain. Aphria Inc. (OTCQB: APHQF) announced recently that it has entered a strategic relationship with Double Diamond Farms, a local greenhouse grower, to provide an additional 120,000 kgs of annual cannabis production. The deal accelerates Aphria's capacity increase by over a year versus building out its existing 100-acre site. Combined with Aphria's existing expected cannabis production of 100,000 kgs, Aphria will have, what it believes to be, the largest fully funded production capabilities in the industry in 2019. Aphria anticipates that all 220,000 kgs of expected annual cannabis production will be available for sale in January 2019, pending Health Canada approvals. Double Diamond, a 49% partner in GrowCo, will supply the land, new state of the art, Dutch style greenhouses, existing infrastructure and employees for the venture. Aphria, holding a controlling 51% interest in GrowCo, will supply its Standard Operating Procedures, quality oversight and will apply for a second Health Canada cultivation license for the site. The 100-acre site is located on Highway 77 in Leamington, Ontario, has never had another crop planted inside of it and abuts Aphria's existing second campus, comprised of another 100-acre site.
Kush Bottles, Inc. (OTCQB: KSHB) is a dynamic sales platform that provides unique products and services for both businesses and consumers in the cannabis industry. Founded in 2010 as a packaging and supplies company for dispensaries and growers, Kush Bottles has sold more than 100 million units and now regularly services more than 4,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. The company has facilities in the three largest U.S. cannabis markets and a local sales presence in every major U.S. cannabis market. On November 28, 2017, the company reported financial results for its fiscal year ended August 31, 2017. Revenue was up 129% Year-over-Year to $18.8 million; revenues included four months of sales from CMP Wellness which was acquired on May 1, 2017. Gross margins held steady at 33%, in line with the prior year period.
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