NEW YORK, January 18, 2018 /PRNewswire/ --
According to recent dataprovided by Arcview Market Research, in partnership with BDS Analytics, the total economic output from legal cannabis will grow 150% from $16 billion in 2017 to $40 billion by 2021. The report
Beginning this month businesses can begin operating in California's newly-legal commercial cannabis market, as the new recreational cannabis laws went into effect. Bureau of Cannabis Control Chief Lori Ajax said, "This is an historic day for the state of California… It marks the beginning of a legal cannabis marketplace that will be well regulated in order to protect consumers and maintain a level playing field for cannabis-related businesses. We are hopeful that we have put forth a model that other states will look to as an example when they head down the path to legalization."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. Yesterday, together with its wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), Pivot Pharmaceuticals provided its shareholders with a Corporate Update: "Since Pivot's entry into the cannabis industry, we have accumulated the following four patented or proprietary technologies to deliver cannabinoids into the human body that avoid exposure to carcinogens from smoking:
Each of Pivot's technologies will allow the Company to develop and monetize dozens of products in various strengths and concentrations (with or without THC) addressing many unmet medical needs and favouring a healthy lifestyle. The pipeline that Pivot is developing will enable it to deliver meaningful doses (e.g. better bioavailability) of cannabinoids, unlike current products marketed today.
Pivot's products will have a shelf-life that will enable them to remain fresh and stable and have clinical data to support efficacy and safety claims in order to be used to manage a particular health condition. As well, each of our technologies allow for the smell and taste of cannabinoids to be greatly improved. Lastly, our products will be manufactured in a world class facility of pharmaceutical grade using only the purest of cannabis extracts.
Pivot will develop its products in markets where cannabinoids can be sourced and formulated without restriction. The Company recently announced that it will develop its cutting-edge cannabis products in Israel and in Germany, working with world class scientists to bring our impressive pipeline of products to market in 2018.
Dr. Patrick Frankham, Pivot's CEO, states that "we are proud of the progress that the Company has made during the past few months. As the market prepares for legalization, it is Pivot's belief that only products that are doseable and have high bio-availability will differentiate themselves from those delivered using simple tropical or vegetable based oils. Our intellectual property portfolio easily distinguishes us from our competitors."
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. Recently, the company reported financial results for its first fiscal quarter of 2018, for the period ended November 30, 2017. Revenue was up 258% Year-over-Year to $8.85 million. Cash balance was $5.5 million as of November 30, 2017 compared to $0.9 million at August 31, 2017. Working capital was $8.6 million as of November 30, 2017 compared to $3.4 million at August 31, 2017.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. On December 18, 2017, the company announced that it closed on the previously announced acquisition of the property located at 5900 West Greenhouse Drive in Willcox, Arizona, which comprises approximately 358,000 square feet of greenhouse and industrial space. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with a subsidiary of The Pharm, which intends to continue to operate the property as a medical-use cannabis cultivation and processing facility in accordance with Arizona medical-use cannabis regulations. The initial term of the lease is 15 years, with two options to extend the term for two additional five-year periods.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) is a Phase 3 clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company's lead product candidate, anabasum, is a novel synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes. On December 22, 2017, the company announced the initiation of a Phase 2 clinical study of anabasum for the treatment of systemic lupus erythematosus. SLE is an uncommon autoimmune disease associated with significant morbidity, reduction in quality of life and a 2.4-fold increase in standard mortality rate. The disease affects primarily women of child-bearing age, with increased prevalence and morbidity among African Americans and other minority populations.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. The company's flagship products include CanChew+®, a CBD-based controlled release chewing gum, CanChew+ 50®, containing 50 mg of CBD undergoing clinical trials in patients with IBS and MedChew Rx®, a combination CBD/THC gum that will undergo clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. On December 12, 2017, the company announced that it has successfully completed a pre-investigational New Drug Application (pre-IND) meeting with the U.S. Food and Drug Administration (FDA) for a dronabinol-based functional, controlled-release chewing gum product it's developing to help treat patients with chemotherapy-induced nausea and vomiting and HIV/AIDS patients experiencing appetite and weight loss. AXIM will now begin preparing its IND filing to the FDA for this new chewing gum product, referencing Marinol®, one of the FDA-approved, dronabinol-based drugs available in the U.S.
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