NEW YORK, November 8, 2018 /PRNewswire/ --
According to data compiledby Global Market Insights, the global medical cannabis market was valued at USD 7.0 Billion in 2017 and is projected grow at a CAGR of 36% during the forecast period, from 2018 to 2024. The medical segment is growing rapidly
Medical cannabis accounted for the majority of the cannabis market last year, with the pain management sub-segment holding around 75% of the medical market valuation, or USD 5.48 Million. With research and technology rapidly evolving in the medical cannabis market, it is causing regulators to tone down restrictions. Now, after Utah and Missouri have moved to legalize medical cannabis, the move highlights the widespread appeal of cannabis. "The prospects for moving cannabis legislation are better if the House can pass bills," Vivien Azer, a Cowen analyst covering the cannabis industry, told CNBC before the midterm results. "Given popular support for cannabis legislation and a preference by many Senate Republicans to respect state's rights, a GOP Senate could advance a cannabis bill."
Chemesis International Inc. (OTC: CADMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: CSI). Yesterday, Chemesis International Inc. and Rapid Dose Therapeutics Inc. ("RDT"), a Canadian bio-technology company which provides disruptive proprietary drug delivery technologies designed to improve patient outcomes, announced that, "they have signed an additional definitive agreement to bring QuickStrip™ Oral Thin Strips to Puerto Rico. The Company previously announced on October 12, 2018 a definitive agreement to produce QuickStrips™ for the state of California.
Under the terms of the agreement, Chemesis will receive rights to produce, distribute and sell QuickStrip products, with exclusive rights for the cannabis market in Puerto Rico. This partnership allows Chemesis to further strengthen its position in Puerto Rico by allowing the Company to use a convenient drug delivery system that can target a variety of consumers and also allow them to use cannabis products in a new way. The Company will continue to position itself to capitalize in this growing market with innovative and effective products."
"We are pleased to bring RDT and their QuickStrip™ Oral Thin Strips to another growing cannabis market, and we believe this will allow the Company to further increase its market position in Puerto Rico," said CEO of Chemesis, Edgar Montero. "With RDT recently announcing Aphria as a partner in select global markets, we feel our partnership will add tremendous value to our shareholders."
"RDT is excited to continue to partner with Chemesis to offer cannabis consumers in Puerto Rico a smoke-free delivery method that is consistent and precise," explains Mark Upsdell, CEO of RDT. "With Chemesis' worldwide reach and exclusive partnerships, the QuickStrip™ brand will have the opportunity to establish and grow new markets around the globe."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Auxly recently announced that the Company has entered into a binding interim agreement with Atlantic Cultivation Inc., an applicant under the Access to Cannabis for Medical Purposes Regulations pursuant to which the parties will collaborate on the development of a 110,000 sq..ft. indoor cultivation facility in St. John's, Newfoundland and Labrador and on the development of retail locations in the province. Pursuant to the Agreement, Auxly will invest USD 2,500,000 into Atlantic in exchange for a 50% equity stake in Atlantic and a long term right to purchase up to 30% of dried cannabis and cannabis trim produced at the Facility. Auxly will also provide strategic regulatory, infrastructure, design and cultivation support to assist Atlantic in obtaining its licence under the Cannabis Act and in opening retail locations in the province.
iAnthus Capital Holdings, Inc. (OTCQX: 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 Capital Holdings, Inc., and MPX Bioceutical Corporation recently announced that both companies have signed an arrangement agreement pursuant to which iAnthus will combine with MPX in an all-stock transaction with offered equity consideration to MPX shareholders valued at USD 835 Million before giving effect to MPX International and assuming all of MPX's dilutive securities are exercised prior to the completion of the transaction. The Agreement represents the first public to public merger transaction in U.S. cannabis history. MPX is a vertically integrated, multi-state cannabis operation which provides management, staffing, procurement, advisory, financial, real estate rental, logistics, and administrative services to medicinal cannabis enterprises across its holdings in five states. "This is a watershed moment for iAnthus, as we nearly double the size of our national footprint in the United States. iAnthus will be uniquely positioned for success on the U.S. East Coast, while solidifying our cultivation and retail presence with the additions of California, Nevada, Maryland and Arizona," said Hadley Ford, Chief Executive Officer of iAnthus. "Since its inception, iAnthus has been strategically focused on building scale, and this announcement crystallizes our positioning as one of the largest multi-state operators in North America."
Charlotte's Web Holdings, Inc. (OTCQX: CWBHF) is the market leader in the production and distribution of innovative hemp-based cannabidiol ("CBD") wellness products. Charlotte's Web Holdings, Inc. recently announced that it has surpassed 3000 retail locations across the United States. At the end of 2017, Charlotte's Web products were sold in approximately 2,000 locations. The Company recently disclosed that it surpassed its 2018 year-end goal of 3,000 locations during the 3rd quarter. With CBD gaining mainstream market momentum, Charlotte's Web, the industry pioneer and category leader in hemp-based CBD, has expanded its suite of product offerings across a wider variety of retailers, from small specialty health food stores to now including regional pharmacy and grocery chains. The Company also recently added more than 40 Bartell drug stores in the North West. "Firstly, I would like to commend our incredible and committed staff who worked tirelessly to achieve this milestone," stated Charlotte's Web Chief Executive Officer Hess Moallem. "I would also like to thank our dedicated retail partners for their continued support of our mission and for valuing the trust that is closely associated with our brand name."
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that it signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd., a cannabis company with cultivation, production and retail operations built around recognized brands, on November 2nd, 2018. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "As new participants enter the cannabis industry the market is undergoing rapid consolidation. The companies that are vertically integrated with strong brands and multi-jurisdictional operations are best situated to achieve scale and retain market-leading positions. We are planning to merge with Golden Leaf's operations because its seed-to-sale business model is complementary to ours, encompassing both the Oregon and Canadian market which represent new markets for us, and touching Nevada where we are focused on gaining market share. Its 'Chalice Farms' retail dispensaries are well known and have an excellent reputation in Oregon, and the wholesale side of the business offers diverse, high quality cannabis products for all demographics, which are complementary to our existing wholesale product lines. This transaction, if completed, will create a combined company that will control 41 permits across cultivation, manufacturing, distribution and retail spanning Oregon, California and Nevada, in addition to 21 pending permit applications in multiple jurisdictions throughout the U.S."
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