The Growth of Legal Cannabis Industry Sales

Friday, March 31, 2017 Drug News
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NEW YORK, March 31, 2017 /PRNewswire/ --

FinancialBuzz.com News Commentary  

The legal cannabis market

is growing rapidly as recent legalization in certain states contributed to the accelerated growth in the United States. According to a report from Arcview Market Research, regulated cannabis sales in North
America
were $6.9 billion in 2016, a 30 percent increase from 2015. Sales are projected to reach $21.6 billion by the year 2021, representing a 26 percent compound annual growth rate. In November, California state with 38 million U.S. citizens, legalized cannabis for recreational use and is expected to further boost the legal cannabis market. Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN), Insys Therapeutics Inc. (NASDAQ: INSY), AbbVie Inc. (NYSE:ABBV), Cara Therapeutics Inc. (NASDAQ: CARA), Canopy Growth Corporation (OTC: TWMJF).

Colorado was the first state to legalize cannabis in U.S. and last year sold $1.3 billion of legal cannabis. In 2015, the total sold was $996 million and $699.2 million in 2014, this according to the Colorado Department of Revenue tax data. Cannabis is now legal in 28 states for either medical or recreational use. Troy Dayton, CEO of Arcview Market Research, said, "The cannabis industry doesn't need to create demand for a new product or innovation - it just needs to move demand for an already widely-popular product into legal channels."

Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN) just earlier this morning announced that, 'its common shares will be delisted from the Canadian Securities Exchange after the close of trading on March 30, 2017 and will be listed on the TSX Venture Exchange ("TSXV") commencing at the open of trading on March 31, 2017. There will be no interruption in trading and the Company's trading symbol "IMH" will remain the same.'

Invictus MD's move from the CSE to the TSXV follows a year of significant achievements. We now have 250 acres of cultivation space that stretches from Alberta to Ontario. Invictus MD's option to now acquire 100% of Acreage Pharms Ltd. in Alberta, the site of our licensed producer facility which has low cost of production as a result of low energy and water costs. The property is friendly to building as many square feet as required based on the significant demand. The CEO of Acreage Pharms is a serial entrepreneur and has been successful in previous ventures.

"As one of the few cannabis producing companies in North America listed on a major exchange such as the TSX-V, this move will enable us to engage a wider investor audience," said Dan Kriznic, Chairman and CEO, Invictus MD. "The TSX-V is the stock exchange for many of Canada's publicly traded Licensed Producers, and we hope that the addition of Invictus MD helps to continue to signal that the view of cannabis has changed," added Kriznic. "This is a significant day for our Company, our sector and investors. We are strongly focused on building our shareholder value, and will continue the disciplined but agile execution of our business strategy to solidly and expand our position as Canada's Cannabis Company."

Yesterday, Invictus MD Strategies announced that OptionCo has received its license to cultivate under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") as Acreage Pharms Ltd. "This is a historic day for our Company, our sector and investors," said Dan Kriznic, Chairman and CEO, Invictus MD. "We are Canada's Cannabis Company. We now have 250 acres of cultivation space that stretches from Alberta to Ontario. Alberta has low cost of production as a result of low energy and water costs. The property is friendly to building as many square feet as required based on the significant demand."

Commercial-stage specialty pharmaceutical company, Insys Therapeutics Inc. (NASDAQ: INSY) develops and commercializes supportive care products. The company markets Subsys, a sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant cancer patients in the United States. Its lead product candidate is Syndros, an orally administered liquid formulation of dronabinol. The company is also developing Cannabidiol Oral Solution, a synthetic cannabidiol for childhood catastrophic epilepsy syndromes; and other product candidates, including other dronabinol line extensions and sublingual spray product candidates.

Research-based biopharmaceutical company, AbbVie Inc. (NYSE:ABBV) currently markets Food and Drug Administration approved cannabis-drug product, MarinolŪ, that is used to treat loss of appetite that causes weight loss in people with AIDS. The drug is also used to treat severe nausea and vomiting caused by cancer chemotherapy. Marinol is for use only when other medications have been unable to control the nausea and vomiting. AbbVie believes that research and innovation are the cornerstones of its business. They focus on discovering, developing and delivering drugs in therapeutic areas, such as Immunology, Oncology, Neuroscience and Virology.

Cara Therapeutics Inc. (NASDAQ: CARA) is a clinical-stage biotechnology company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors. Cara announced recent positive top-line results from Part A of its Phase-2/3 trial, for its most advanced compound, CR845. The trial demonstrated that I.V. CR845 met both primary and secondary endpoints for efficacy in patients with uremic pruritus. According to the results, the primary endpoint was the change from baseline of the mean worst itching score for week eight based on a validated 0-10 Numeric Rating Scale. Patients receiving I.V. CR845 experienced a 68 percent greater reduction from baseline in worst itch scores than those receiving placebo. The secondary endpoint focused on quality of life measures associated with pruritus using the Skindex-10 score, a validated self-assessment scale with higher scores indicating worse quality of life. Patients receiving I.V. CR845 experienced a 100% greater reduction from baseline in the average total Skindex-10 score at week eight than those receiving placebo. The total average Skindex-10 score reflected statistically significant reductions in each of the three Skindex-10 domains.

Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis company with a collection of brands and curated strain variety, supported by over half a million square feet of indoor and greenhouse production capacity, partnered with some of the leading names of the sector. Its subsidiary, Bedrocan, is the epitome of medical-grade cannabis. Bedrocan BV pioneered medical cannabis in Holland through decades of selection and refinement, leading to standardized, whole bud cannabis strains that patients can count on. Bedrocan Canada supplies the same standardized strains to the Canadian market through exclusive licensing rights to the American continents. Due to its consistency over time, Bedrocan's strains have been used in clinical research in seven European countries. That commitment to research didn't stay on the east side of the Atlantic - Bedrocan Canada recently launched one of the largest clinical cannabis studies in the world, the EQUAL Study, to evaluate quality of life before and after medical cannabis use.

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