Consumers Spending on Legal Cannabis Products Projected to Grow

Thursday, June 15, 2017 Drug News
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NEW YORK, June 15, 2017 /PRNewswire/ --

According to a report by

New Frontier Data, medical cannabis sales in 2017 are forecast to grow to $5.3 billion, which is 67% of total cannabis sales. The report projects that by 2025, medical sales in current legal states are forecast to grow to $13.2 billion, which will account
for 55% of total cannabis sales. Adult use sales in 2017 are forecast to reach $2.6 billion, or rising to $10.9 billion by 2025. With visibility into the spending and consumption habits of cannabis consumers nationally, New Frontier Data has found that medical patient spending is outpacing adult-use consumer spending by a factor of three. In 2016 alone, adult-use consumers shopped once every 14 days and spent $49 per transaction; medical consumers, by contrast, shop once every 10 days and outspend the adult-use customer by more than three-to-one; spending $136 per transaction. Players Network (OTC: PNTV), GW Pharmaceuticals plc (NASDAQ: GWPH), Cara Therapeutics Inc. (NASDAQ: CARA), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), Insys Therapeutics Inc. (NASDAQ: INSY)

Data shows that cannabis stocks significantly outperformed major indexes in 2016, which is a result of speculative investment based on anticipated expansion of new legal markets. New Frontier reported that the Viridian Cannabis Stock Index gained 236.1% while outperforming such mainstream indexes as the Russell 2000 (up 19.5%), the Dow Jones Industrial Average (up 13.4%), the S&P 500 (up 9.5%), and the Nasdaq composite (up 7.5%). Examining the underlying sectors in the cannabis markets reveals particularly strong growth throughout 2016, both in businesses that touch the plant and in ancillary businesses. Consulting services have also seen strong growth as investors and businesses continually seek advice about how to navigate cannabis regulatory environments, to establish business operations, to shape regulatory policy, and to influence political support.

Players Network (OTCQB: PNTV) earlier today announced that, "it is strengthening its corporate governance, naming Nevada Assistant Controller Geoffrey Lawrence as the company's Chief Financial Officer and Chief Compliance Officer, effective July 1, 2017.

As an economist, accountant, and financial analyst with more than a decade of experience in the public and private sectors, Lawrence will contribute to PNTV his expertise in financial operations and strategy, compliance requirements, and application processes. Leveraging his immense experience managing large organizations, such as the State of Nevada, Lawrence will establish and manage the regulatory plan as PNTV expands its marijuana seed-to-sale operations in additional states and grows its license portfolio.  

In his role as the senior appointed position of Assistant State Controller for the State of Nevada, Lawrence oversaw external financial reporting on behalf of the State of Nevada, and led the development of major IT projects, including a statewide business intelligence reporting tool and Enterprise Resource Planning system."

"Geoffrey is a senior-level operator who will help us fulfil our commitment to our shareholders and the investment community insofar as our goals of increased transparency and stronger corporate governance," says PNTV CEO Mark Bradley. "As PNTV continues to grow it assets, it is necessary that we assemble a strong first class management team, and Geoffrey is a perfect fit, bringing to the table the necessary experience in financial administration and compliance necessary in dealing with an all cash business such as a marijuana."

GW Pharmaceuticals plc (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. Recently, the company and its U.S. subsidiary Greenwich Biosciences announced that The New England Journal of Medicine has published results from a Phase 3 study of Epidiolex®(cannabidiol) in children with Dravet syndrome. Epidiolex, GW's lead product candidate and the potential first in a new category of anti-epileptic drugs, is a liquid formulation of purified, plant-derived cannabidiol (CBD), a non-psychoactive cannabinoid, which is being studied for the treatment of a number of rare, severe pediatric-onset epilepsy disorders. In the study, Epidiolex significantly reduced monthly convulsive seizure frequency compared to placebo in highly treatment-resistant children when added to existing treatment.

Cara Therapeutics Inc. (NASDAQ: CARA) is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Peripheral CB receptor modulators will be initially developed as a novel therapeutic approach for neuropathic pain, a condition currently without consistently effective therapies. Cara's most advanced CB compound, CR701, is in preclinical development. Dr. Joseph Stauffer, CMO of Cara Therapeutics, said: "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain."

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. The company recently announced that it has met its enrollment target of 16 patients in its Phase 2 FAB-C (Treatment of Fragile X Syndrome Anxiety and Behavioral Challenges with CBD) clinical trial evaluating ZYN002 cannabidiol (CBD) gel in children with Fragile X syndrome (FXS). ZYN002 CBD gel is the first and only patent-protected, synthetic CBD that is formulated as a permeation-enhanced gel for transdermal delivery, and was awarded orphan drug designation by the U.S. Food and Drug Administration for the treatment for FXS.

Insys Therapeutics Inc. (NASDAQ: INSY) is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve the quality of life of patients. Recently, the company announced that the U.S. Food and Drug Administration ('FDA') has approved the final product label for Syndros™ (dronabinol) oral solution, CII, a liquid formulation of the pharmaceutical cannabinoid, dronabinol. Syndros is approved for use in treating anorexia associated with weight loss in patients with Acquired Immune Deficiency Syndrome ('AIDS') and nausea and vomiting associated with cancer chemotherapy in patients who have failed to respond adequately to conventional antiemetic treatments.

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