NEW YORK, December 22, 2017 /PRNewswire/ --
According to a reportby Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 and culminating to $63.5 billion
There have been healthy signs of demand in states where sales of cannabis products are legal and where the industry was allowed to mature. According to a Marijuana Business Daily survey of business owners in the industry, "business owners intending to expand, the vast majority have identified opportunities in both the medical and recreational markets. With sales continuing to grow rapidly in mature recreational cannabis industries like Colorado and Washington state - and promising new medical markets such as Maryland, Ohio and Pennsylvania set to come online in the near future - it's perhaps not surprising that many entrepreneurs are looking to expand into both medical and adult-use markets."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also just listed this week on the Canadian Stock Exchange under the Ticker 'PVOT'. Just announced breaking news that, "its wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), are pleased to announce that Pivot has signed a binding letter of intent to establish a California-based entity ("PGS-California") in order to accelerate the monetization of the Ready To Infuse Cannabis ("RTIC") technology as previously announced on December 20, 2017. Pivot plans to build manufacturing facilities in legal cannabis markets throughout North America and Europe, obtain the necessary licensures, and launch products using RTIC technology which transforms cannabis oil into powder for infusion. The letter of intent is subject to customary conditions including regulatory approval, the negotiation of a definitive agreement and satisfactory completion of due diligence.
Pivot seeks to gain market share in the food and beverage segment of the cannabis industry in legal markets in the near term through in-house brand development and by providing co-packing services for other edible brands through strategic partnerships. Co-packing services are an underserved, high-demand segment of the cannabis industry on the B2B side and will help further the awareness and visibility of the "Made with Instant THC" & "Made with Instant CBD" brands.
Pivot will appoint Ross Franklin and Patrick Rolfes to executive leadership roles within PGS-California to help execute its business strategy of conducting research, development and commercialization of cannabinoid-based products. Mr. Rolfes states that "Pat and I look forward to working with Pivot to monetize the RTIC patents. Our facilities will be able to produce a variety of food and beverage products such as capsules, K-Cups, stick packs, baked mixes, liquid shots, protein shakes, topicals, lotions, and bottle beverages."
Dr. Patrick Frankham, CEO of Pivot Pharmaceuticals stated that "Pivot continues to execute on its business strategy to upscale cannabis oils into premium healthcare and nutritional products. The California cannabis market is estimated to be worth $7B annually making it an attractive territory for Pivot's pipeline of products and technologies. We are also delighted to announce that Ross Franklin will join our Scientific Advisory Board. His extensive cannabis product development and commercial expertise will be a great asset to Pivot as we enter the US market."
Following the passing of Adult Use of Marijuana Act (Prop. 64), cannabis will be legal in California beginning January 1, 2018. California's main regulatory agencies are the Bureau of Cannabis Control (BCC), Department of Food and Agriculture, Department of Public Health and Cannabis Regulatory Authority (CRA). PGS-California will apply for all necessary licenses with the appropriate agencies.
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. On December 14, 2017, the company announced that Jamaica's Ministry of Health has approved its patent-protected Prana Medicinal Sublinguals and Prana Medicinal Transdermals for use by registered medicinal cannabis patients. The Prana Collection is the foundation of the Company's cannabis-centric formulations, which patients have found effective in providing relief from the symptoms of arthritis, neuropathy, acute pain, joint aches, muscle tension, muscle spasms, muscle recovery, migraines, and various skin conditions. The products will be manufactured and distributed by the Company's Jamaican subsidiary, Cannabinoid Research & Development Limited (''CRD''). CRD is currently making preparations to produce the complete line of Prana products in Jamaica in anticipation of receiving a license from the Cannabis Licensing Authority. AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. On November 21, 2017, the company announced clinical trial results from its first phase II pilot trial for the treatment of irritable bowel syndrome (IBS) with the company's CanChew +® CBD (cannabidiol) functional, controlled release chewing gum. Study results indicate that CanChew+® was well tolerated by the IBS patients and no significant adverse side effects were observed by any participants of the trial. All patients who participated in the study experienced decrease in their levels of pain score. On top of the overall reduction, the trend curve suggests 50% higher pain reduction when patients were on CanChew+® compared to the active placebo, which suggests that CBD content did lend to a decrease in pain score. Lexaria Bioscience Corp. (OTCQB: LXRP) has developed and out-licenses its disruptive and cost-effective DehydraTECH™ technology that promotes healthier administration methods, lower overall dosing and higher effectiveness of ingestible drugs and other beneficial molecules. On December 13, 2017, the company announced the United States Patent and Trademark Office ("USPTO") has granted patent number 9,839,612 B2 for the use of DehydraTECHTM technology as a delivery platform for a wide variety of Active Pharmaceutical Ingredients including all cannabinoids including THC; fat soluble vitamins; non-steroidal anti-inflammatory pain medications ("NSAIDs"); and nicotine. Lexaria also continues to advance all of its additional patent applications in various countries as it levers patent success in the USA. For example, some of the Company's patent applications have recently entered the active patent investigation phase in China, the European Union, and in Canada. 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.
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