Legal Cannabis Sales on the Rise

Friday, February 2, 2018 Drug News
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NEW YORK, February 2, 2018 /PRNewswire/ --

According to a report

from New Frontier Data, the legal cannabis market was valued an estimated $6.6 billion in 2016 and is expected to reach more than $24 billion by 2025, at a compound annual growth rate of 16
percent during the forecast years. Accelerating pace of legalization for both medical and recreational cannabis in the U.S. is the main factor that drives the growth of the market. On January 1st, recreational cannabis products have become legal in California, the world's sixth-largest economy. New Frontier data projected legal cannabis sales in California to reach $2.8 billion in 2017 and $6.6 billion by 2025. Pivot Pharmaceuticals Inc. (OTC: PVOTF), Lexaria Bioscience Corp. (OTC: LXRP), Kush Bottles, Inc. (OTC: KSHB), Namaste Technologies Inc. (OTC: NXTTF), Liberty Health Sciences Inc. (OTC: LHSIF). Data also shows that support for cannabis legalization continues to rise. According to Gallup's latest poll in October, 64 percent of Americans support for legalizing cannabis, the highest level in nearly a half-century. The survey is based on a random sample of 1,028 adults, aged 18 and older. According to another poll from NBC News and The Wall Street Journal, 60 percent of respondents now supported legalizing cannabis for personal use, up from 55 percent in 2014.

Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. Yesterday the company announced breaking news that, "it has filed three provisional patents with the United States Patent and Trademark Office ("USPTO") related to the delivery of cannabinoid-based products. The applications cover the following areas:

  1. Transdermal nanotechnology delivery system of cannabis using patches and creams;
  2. Mucus topical cannabis delivery system through buccal, nasal, vaginal and anal areas of entry using a gel, suppository or mouthwash;
  3. Inhalation delivery system of cannabis for topical or systemic.

Pivot continues to build a world-class Intellectual Property ("IP") portfolio of pharmaceutical-grade formulations as the Company prepares to commercialize an industry leading pipeline of cannabinoid-based consumer healthcare products. In addition to the latest filing of provisional patents described above, Pivot has previously secured worldwide rights to topical, oral, transdermal and food and beverage patented technologies. Pivot's scientific advisors, Dr. Leonid Lurya and Dr. Joseph Borovsky, are the patent inventors and will facilitate the scale-up of products from these technologies. 

Dr. Patrick Frankham, Pivot's CEO states "Pivot's key competitive advantages include cannabis formulation and delivery technologies, scientific and regulatory expertise, product sales and distribution experience, and our ability to work with best-in-class global partners. The patent filings announced today demonstrate that our research and development program continues to generate valuable IP for our robust pipeline of health and wellness products. We continue to create shareholder value by building a sustainable, long-term company that is well positioned in the fast-changing cannabis industry."

The international market for cannabis is projected to hit $31.4 billion by 2021, according to a new report from the Brightfield Group, a cannabis market research firm. Currently, the global market is estimated to be worth $7.7 billion and will see a compound annual growth rate of 60 percent as other countries liberalize their marijuana laws."

Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. On January 25, 2018, the company announced it has entered a definitive technology licensing agreement with Cannfections Group Inc. whereby Lexaria is providing its patented DehydraTECH™ technology to empower next-generation performance in cannabis infused chocolates and candies to be developed and sold in Canada and internationally. Cannfections Group Inc. is an infused chocolate and gummies contract manufacturer that has been newly established by one of Canada's leading chocolate companies with over eighty-five years of experience in producing high quality chocolate and confectionary products that meet the industry's strictest quality requirements, as a pending entrant into the Licensed Producer program for cannabis infused products. The founders of Cannfections currently manufacture chocolate retail products for several leading international and domestic chocolate brands.

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. On January 16, 2018, 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.

Namaste Technologies Inc. (OTCQB: NXTTF) is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Recently, the company and Emerald Health Therapeutics Inc. have signed a Letter of Intent whereby Namaste and Emerald propose to enter into a definitive agreement to collaborate on strategic business opportunities worldwide and develop a fully-integrated e-commerce platform to serve as a retail channel for Emerald's patients. Under the terms of the Proposed Agreement, the companies would leverage Namaste's existing consumer databases, site traffic and e-commerce technology for marketing purposes along with Emerald's pharmaceutical and biotech expertise to develop medical cannabis downstream products tailored to specific markets and patients.The e-commerce platform will be developed using Namaste's technology, including machine learning algorithms and advanced on-site optimization techniques, and is planned to be available on desktop and mobile devices. Through the Platform Namaste would make available its full product catalog of over 1000+ cannabis delivery devices to Emerald for sale to its patients. This e-commerce platform is planned to connect to Namaste's inventory management system and be compliant with Canada's Access to Cannabis for Medical Purposes regulations.

Liberty Health Sciences Inc. (OTCQX: LHSIF) is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Recently, the company announced that it has entered into a definitive share purchase agreement with 242 Cannabis Canada Ltd. to acquire all of the issued and outstanding shares of its wholly-owned subsidiary, 242 Cannabis, LLC, a Florida limited liability company, which includes a 387-acre parcel of land in Gainesville, Florida which was previously owned by Alico Citrus Nursery, LLC, a Florida limited liability company. The Property includes over 200,000 square feet of state-of-art greenhouses, head houses, tissue culture lab and processing facilities. Liberty plans to retrofit the facilities over the coming months to include a 16,000-square-foot processing area that will be used for extraction and refining of cannabis oils.

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