NEW YORK, November 30, 2017 /PRNewswire/ --
According to Hexa Research,the U.S. medical cannabis market size was valued at USD $5.44 Billion in 2016 and is expected to hit USD $19.48 billion by 2024. The industry is expected to witness rapid growth during the forecast
The report also indicated that the increasing demand for medical cannabis is due to the increasing ageing population. In 2016, rising number of patients diagnosed with chronic pain has resulted in increasing use of cannabis. The report estimated that the demand for medical cannabis for arthritis will grow at a CAGR of 17.8% over the projected period as it forecasted more adults and children will have arthritis. Cannabis infused edibles is also expected to grow at a CAGR of 17.8% over the forecast period.
Vanc Pharmaceuticals, Inc. (OTCQB: NUVPF) is also listed on the TSX Venture Exchange under the ticker symbol 'VANC'. Yesterday 1,666,6667 units of Vanc Pharmaceuticals were acquired by Emerald Health Therapeutics, Inc. (OTCQX: EMHTF). In a press release published on November 29th, Emerald Health Therapeutics announced that, "it acquired today 1,666,6667 units (the "Units") of Vanc Pharmaceuticals Inc. ("Vanc") of Suite 810 - 789 West Pender Street, Vancouver, British Columbia, V6C 1H2 at a price of $0.15 per Unit pursuant to a private placement offering (the "Transaction"). Each Unit consists of one common share of Vanc (a "Share") and one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional Share for a period of 60 months at an exercise price of $0.20.
Immediately before the Transaction, the Company had ownership of nil Shares. Following the Transaction, the Company held ownership of 1,666,667 Shares representing approximately 6.51% of the issued and outstanding Shares. The Company also holds 1,666,667 share purchase warrants for the purchase of an additional 1,666,667 Shares. Assuming the exercise of the warrants, the Company would own a total of 3,333,334 Shares, or approximately 12.23% of Vanc's then issued and outstanding share capital assuming no other Shares are issued.
Emerald acquired the Units for investment purposes. The Company may sell its Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by Emerald in connection with the acquisition of the Units is available on Vanc's SEDAR profile, and it can also be obtained directly from the Company."
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for patients with high unmet medical needs. 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, osteoarthritis and in adult epilepsy patients with focal seizures. ZYN002 is a clear, permeation-enhanced gel that is designed to provide controlled drug delivery transdermally with once- or twice-daily dosing. Recently, the company announced the acceptance and presentation details of a Late Breaking poster at the 2017 Annual Meeting of the American Epilepsy Society (AES) in Washington, DC, taking place December 1 through December 5, 2017. 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. Recently, the company announced that the U.S. Patent and Trademark Office ("USPTO") issued U.S. Patent No. 9,820,964 to the Company with claims covering the use of pharmaceutical compositions comprising anabasum for the treatment of multiple fibrotic diseases, including the Company's lead indications: systemic sclerosis, dermatomyositis, cystic fibrosis as well as others. The patent provides intellectual property protection in the United States for the use of anabasum through 2034.
22nd Century Group Inc. (NYSE: XXII) is a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in cannabis/hemp plants. The Company's primary mission in cannabis is to develop proprietary hemp/cannabis strains for important new medicines and agricultural crops. n September 2014, 22nd Century's wholly-owned subsidiary, Botanical Genetics, LLC, entered into a worldwide license agreement with Anandia Laboratories Inc. Under the terms of the agreement, our Company was granted an exclusive sublicense in the United States and a co-exclusive sublicense in the remainder of the world, excluding Canada, to patents and patent applications relating to the cannabis plant that are required for the production of cannabinoids, the major active ingredients in the cannabis plant. The Anandia sublicense continues through the life of the last to expire patent, which is expected to be 2035.
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