NEW YORK, Feb. 12, 2018 /PRNewswire/ -- According to Hexa Research, the U.S.medical cannabis market was valued at USD 5.44 billion in 2016 and is expected to be valued at USD 19.48 billion by 2024. The expected growth is driven by the growing acceptance of medical advantages
California's new recreational cannabis laws went into effect on January 1st, 2018. A report by Fortune indicates that, "In order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country's largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. The company just announced breaking news this morning that it, "is pleased to provide its shareholders with the following Corporate Update. Pivot has had a very active start to 2018 as the management team continues to build a "differentiated" company in the cannabis sector, focusing on improving the cannabis consumer experience with scientifically derived products. Pivot's world-class patent portfolio and industry leading pipeline, supplemented by experienced scientists and developers, will allow the Company to flourish as it continues to produce effective, stable and dosable products for health-conscious consumers.
Dr. Patrick Frankham, Pivot's CEO states: "I am extremely proud of the entire Pivot team as we continue to execute our business plan. We are overwhelmed by interested companies who now understand that derivatives and superior formulations will improve cannabis product experience and healthy outcomes. We continue to believe that sustainable cannabis companies will have pipelines of products to meet the needs of consumers seeking wellness and healthy lifestyles."
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 announced that the European Medicines Agency (EMA) has accepted for review the Marketing Authorization Application (MAA) for Epidiolex® (cannabidiol) for adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome. This acceptance follows submission of the MAA in December 2017. The outcome of the MAA review by the EMA is expected in Q1 2019. In preparation for the commercialization of Epidiolex in Europe, GW continues to hire staff in the areas of medical affairs, market access and marketing, all with strong epilepsy or specialist disease experience. Significant progress has been made in hiring country leadership and local medical staff in the five major European markets. This European commercial effort is being led by Chief Operating Officer Chris Tovey, who has significant experience commercializing and launching pharmaceutical products, including within the field of epilepsy.Cara Therapeutics Inc. (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting peripheral kappa opioid receptors (KORs). 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.Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. On January 25, 2018, the company announced that it has closed the previously announced acquisition of assets and intellectual property from Green Hemp Industrie Ltd. and has welcomed Green's Principal and Founder, Jason Green to the Canopy Growth family. Canopy Growth will combine its own expertise in large-scale cannabinoid extraction processes with Green's unique whole-plant hemp harvesting knowledge and library of stable CBD-rich hemp genetics to position the Company as a global leader in low-cost, high yield CBD production.Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. On February 2, 2018, the company and Liberty Health Sciences Inc. jointly announced that they have entered into a definitive agreement with respect to the sale of Aphria's subsidiary Aphria (Arizona) Inc. and its sole holdings being the minority membership interests in Copperstate Farms, LLC and Copperstate Farms Investors, LLC to Liberty for a purchase price of $20 million. Copperstate owns approximately 1.7 million square feet of greenhouses in Snowflake, Arizona of which approximately 348,000 square feet are in production of medical cannabis. The Transaction is subject to customary conditions of closing, including the satisfaction or waiver of a right of first offer in favour of existing Copperstate investors. The Transaction is expected to close in the second quarter.
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