NEW YORK, December 20, 2017 /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. Numerous medical benefits of cannabis deal with cancer, chronic
The report also indicated that California is the largest market in the United States. In 2016, California accounted for 45.4 percent of the market shares. Michigan is expected to experience tremendous growth during the forecast years, with a compound annual growth rate of over 17 percent. Segmenting by consumption, cannabis infused solid edibles segment generated revenues worth USD 2.47 billion in 2016 and is expected to continue its domination in the industry over the forecast period. While liquid edibles are expected to grow at the fastest pace over the projected period.
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also just listed this week on the Canadian Stock Exchange under the Ticker 'PVOT'. The company earlier today announced breaking news that, "the Company has signed a Binding Letter of Intent to acquire ERS Holdings, LLC ("ERS"), a privately-held California company. ERS has developed a patented technology called "RTIC" - Ready To Infuse Cannabis ("the Patent"), and has also filed several continuation patents relating to the transformation of cannabis oil into powder for infusion into a variety of food and beverage products such as capsules, K-Cups, stick packs, baked mixes, liquid shots, protein shakes, topicals, lotions, and bottled beverages.
In exchange for 100% of ERS Holdings, LLC (Patent Portfolio and Trademarks for "Instant THC™" and "Instant CBD™") Pivot will pay ERS Holdings USD $1,000,000 and 5,000,000 Common Shares ("The Shares") of Pivot Pharmaceuticals Inc. The Shares will be subject to a six (6) month restriction with the first 25% of the total number of Shares to be released six (6) months following the closing date, with 25% to be released every quarter thereafter, as per the escrow agreement to be executed at the same time as the Definitive Agreement. Completion of the acquisition is subject to regulatory approval and standard closing conditions.
Current cannabis product formulations are either poorly absorbed topicals and orals or inhaled and smoked carcinogens. Health conscious adults who seek the therapeutic benefits of cannabis without the negative health effects represent a large untapped demographic. This demographic is also inundated with edible product choices that are high in sugar, such as candy or confectionary. Health seeking consumers who use cannabis daily represent a large market opportunity for Pivot. The acquisition of ERS allows Pivot to add to its growing pipeline of cannabis based products.
Invented by Ross Franklin and Ed Rosenthal, the invention "relates generally to methods and compositions of matter for enabling concentrated cannabis oil to be stable, emulsifiable and flavorless for use in hot beverages or food by combining cannabis oil with a starch powder or starch-derived powder. Embodiments also relate to a variety of culinary uses for the stabilized, emulsified, flavorless concentrated cannabis oil powder."
Mr. Franklin, ERS' CEO, said that "after being courted by some of Canada's largest cannabis companies, we selected the Pivot team to help monetize our patent. Their management team has extensive pharmaceutical and nutraceutical industry experience and an impressive track record of bringing products to market. In addition to the food and beverage markets, we also look forward to integrating "RTIC" into Pivot's current topical, oral and nanoparticulate pipeline."
Dr. Patrick Frankham, CEO of Pivot Pharmaceuticals stated that "Pivot believes that the anticipated changes in cannabis regulation in Canada and California will provide an opportunity to launch multiple products into the healthcare and recreational markets in 2018. We are delighted that Ross Franklin and Pat Rolfes from ERS have chosen Pivot to help transform their patents and processes into therapeutic consumer goods. Pivot is in ongoing discussions with several Canadian Licensed Producers and Licensed Dealers in order to accelerate commercialization of our large pipeline of technology driven products. If a suitable joint venture partner is not identified by January 2018 Pivot will seek a Licensed Dealer designation from Health Canada and commence construction of its own production facility. As a result, Pivot has engaged CBRE, the world's largest commercial real estate firm, to help facilitate the site selection process."
Cannabis Sativa, Inc. (OTCQB: CBDS) announced recently that announce that its subsidiary, PrestoDoctor, is expanding its online medical marijuana recommendation services into New York. PrestoDoctor currently serves patients via both their online platform and with dispensary kiosks operating in California and Nevada and will now extend their online services to patients located in the State of New York. "New York is a heavily populated area and has a high opiate addiction," said Robert Tankson, Co-Founder and COO of PrestoDoctor. "Through PrestoDoctor we want to bring a safer option to the New York area for pain treatment as well as treatment of other medical conditions."
GW Pharmaceuticals plc (NASDAQ: GWPH) is the global leader in developing cannabinoid-based medicines. On December 13, 2017, the company announced the termination of its previous license agreement with Otsuka Pharmaceutical Co., Ltd. in relation to Sativex® (nabiximols) in the U.S. As a result, GW has now reacquired full ownership of the development and commercialization rights to the product in the U.S. market without making any upfront payment to Otsuka. Sativex is an oromucosal spray of a formulated extract that contains the principal cannabinoids cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC) in a 1:1 ratio. Sativex is currently approved in 29 countries outside the U.S. for the treatment of spasticity in patients with multiple sclerosis.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is dedicated to improving the lives of people with severe health conditions where there is a high unmet medical need by developing and commercializing pharmaceutically-produced transdermal cannabinoid medicines designed to meet the rigorous efficacy and safety standards established by global regulatory agencies. On December 3, 2017, the company reported new clinical data presented at the 2017 Annual Meeting of the American Epilepsy Society (AES) in Washington, DC. The key findings include that clinically meaningful responses to ZYN002, as measured by reductions in focal seizures from the baseline period of STAR 1, are correlated with continued treatment with ZYN002. Zynerba's ZYN002 CBD gel is the first and only pharmaceutically-produced CBD formulated as a patent-protected permeation-enhanced gel and is being studied in children with Fragile X Syndrome, adult epilepsy patients with focal seizures and osteoarthritis.
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. On December 14, 2017, the company announced that it has initiated the Company's Phase 3 study to test the efficacy and safety of anabasum in the treatment of diffuse cutaneous systemic sclerosis. Anabasum is a synthetic oral, small molecule selective cannabinoid receptor type 2 (CB2) agonist that preferentially binds to CB2 expressed on activated immune cells and fibroblasts. The international multicenter Phase 3 RESOLVE-1 study is a double-blind, randomized, placebo-controlled study assessing the efficacy and safety of anabasum for the treatment of systemic sclerosis. The study will enroll approximately 354 subjects at 70 sites in North America, Europe, Israel, Japan, South Korea, and Australia.
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