NEW YORK, June 21, 2018 /PRNewswire/ --
According to a recent reportpublished by Forbes, Brightfield Group projects that the global cannabis market was worth USD 7.7 Billion at the end of 2017, and is predicted to reach USD 31.4 Billion by 2021. The
Earlier this year, California began legal sales of cannabis products for recreational use and since then, further political changes have been planned. Meanwhile, states reap the benefits from the new growing market. Fortune reported that, "in order to collect USD 1 Billion a year in taxes, the state will need to reach a projected USD 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 USD 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."
WeedMD Inc. (OTC: WDDMF) also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Yesterday the company announced breaking news that, "it has entered into an agreement to become a medical cannabis supplier to Shoppers Drug Mart.
Subject to Health Canada's approval of Shoppers Drug Mart's application to be a licensed producer, under the terms of the agreement the Company will supply Shoppers Drug Mart with WeedMD and affiliate branded medical cannabis products. It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies.
'WeedMD's medical cannabis products have become a trusted source for the seniors' market and we are excited to expand accessibility to all medical cannabis patients through this strategic agreement with Canada's leading provider of pharmacy products and services,' said Michael Kraft, Chairman of WeedMD. 'As one of the most trusted names in pharmacy retailing and patient support services, we are pleased to be partnering with Shoppers Drug Mart as it looks to WeedMD for the supply of premium medical cannabis. Our strains directed at seniors' and women's' health will add a range of depth to Shoppers Drug Mart's anticipated medical cannabis product offerings.'
WeedMD's expansion into its recently licensed large-scale, fully-funded modern greenhouse will be the main supply source for its medical cannabis patients in addition to the future adult-use market.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and a second cultivation site at its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary senior care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays - including as it pertains to regulatory requirements, indications and potential side effects."
The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations to cultivate medical cannabis. The Company announced that, effective June 8th, its wholly-owned subsidiary, Medican Organic Inc. has received its Cultivation License from Health Canada for the Company's breeding facility in Salaberry-de-Valleyfield, Quebec. The commissioning of this facility will allow the Company to create proprietary, organically grown strains of cannabis and cannabis seeds. Located on a 72-acre property, the breeding building will house the cultivation of cannabis and the production of seeds and new strains. This building marks TGOD's first facility in Valleyfield, which will be followed by the addition of TGOD's flagship 820,000 square foot state-of-the-art hybrid grow facility, which, when complete, will bring TGOD's domestic production to 116,000 kgs of high-quality, premium organic cannabis annually. Breeding has many different applications and there are several reasons why TGOD plans to engage in a genetic breeding process while focusing on growing new cannabis strains specifically tailored for specific medical and commercial uses.
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). Studies on the effects of cannabis (marijuana) have led to the recent discovery of an endogenous system of ligands in humans involved in a number of physiological processes including pain and inflammation. 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.
iAnthus Capital Holdings Inc. (OTCQB: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus recently announced that Mayflower Medicinals, Inc. has signed a Host Community Agreement with the City of Lowell, Massachusetts, to operate a Medical Marijuana Treatment Center. Mayflower intends to diligently pursue a Special Permit at the site. If granted, the dispensary is expected to be one of only two operating dispensaries within the Lowell city limits. "The Commonwealth of Massachusetts and the City of Lowell have abided by high program standards that are firmly focused on patient care and regulatory compliance," said John Henderson, Chief Development Officer of iAnthus. "Mayflower is honored to have successfully completed its host community agreement with Lowell, which adds significant value to the project by documenting a supportive relationship between the City and the development of the Registered Marijuana Dispensary site."
MedReleaf Corp. (OTC: MEDFF) is a full-service Contract Research Organization specializing in the conduct of Phase I/IIa and Bioequivalence clinical trials for international pharmaceutical companies worldwide. The Company recently announced they have entered into an exclusive agreement to conduct clinical research for cannabis and cannabis-derived products. Under the agreement, BioPharma, will become an extension of MedReleaf's clinic development team. BioPharma is well positioned to accelerate MedReleaf's product development and clinical research programs through their international experience in running early phase clinical trials. MedReleaf and BioPharma will jointly provide scientific and regulatory guidance to clinical research studies supporting MedReleaf's product launches in the months to come. "This strategic alliance sets us apart in the clinical research and development space for cannabis and cannabis-derived products and will facilitate much needed cannabinoid therapies to assist in the treatment of pain, inflammatory conditions, mental health, palliative care and underserved therapeutic areas," said Angelo Fefekos, Senior Vice President Clinical Affairs and Quality Assurance at MedReleaf.
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