NEW YORK, May 8, 2018 /PRNewswire/ --
According to data providedby Oristep Consulting, the global medical cannabis market in 2016 was valued at $12.67 billion and is projected to reach $33.41 billion by 2022 at a CAGR of 17.53% during the forecast period.
According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
Scythian Biosciences Corp (OTCQB: SCCYF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SCYB). Yesterday the company announced breaking news that, "has signed a letter agreement with Isodiol International Inc. to import and distribute Isodiol products to certain countries in the Caribbean, Central America and South America, including Argentina, Colombia and Jamaica. The term of the agreement shall be for an initial period of five years, with the ability of the parties to extend the five-year period upon mutually agreed-upon terms.
Scythian has also committed to invest $2-million into Isodiol in exchange for 2,739,726 units in Isodiol, with each unit consisting of one common share of Isodiol and one whole common share purchase warrant. Each warrant is exercisable for a period of three years from the issue date at a price of $1 per common share.
"Scythian shares Isodiol's commitment to developing the purest and most advanced medical cannabis products for patients in need," said Rob Reid, chief executive officer of Scythian. "On the heels of Isodiol's milestone approval by the United Kingdom's Medicines and Healthcare Products Regulatory Agency, we're proud to be able to tap into Isodiol's experienced, top-tier team of chemists, technicians and professors that yield the purest government-approved CBD [cannabidiol] oil available for the advancement of the industry's understanding and application of medical cannabis."
On April 26, 2018, Isoldiol's wholly owned subsidiary, BSPG Laboratories Ltd., received approval from the United Kingdom's Medicines and Healthcare Products Regulatory Agency (MHRA) for the manufacture of the active substance cannabidiol (CBD). Isodiol is now able to export the pure, natural CBD anywhere in the world, including Argentina, Colombia and Jamaica, subject to pharmaceutical regulations. This approval establishes Isodiol as a secure and reliable supplier positioned to serve the rapidly increasing demand for CBD research and drug development.
"Scythian and Isodiol share a common goal of providing alternative prevention and treatment methods to consumers around the globe," said Marcos Agramont, chief executive officer of Isodiol. "The Scythian management team has excelled in their pursuit of global expansion, and these additional distribution channels in the Caribbean, Central America and South America will not only allow Isodiol to enter additional marketplaces but also enables us to partner with a top research and development company in the sector."
As Scythian strives to complete its previously announced corporate acquisitions in Argentina, Colombia and Jamaica, the company continues to evaluate other strategic opportunities for additional products to deliver through the company's medical cannabis distribution channels. Scythian's venture to distribute Isodiol products to international markets is subject to approval from the TSX Venture Exchange."
GW Pharmaceuticals plc. (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. On April 19, 2018, the company announced that the Peripheral and Central Nervous System Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) unanimously recommended supporting the approval of the New Drug Application (NDA) for the investigational cannabidiol oral solution (CBD), also known as Epidiolex®, for the adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome in patients two years of age and older. If approved, Epidiolex would be the first pharmaceutical formulation of purified, plant-based CBD, a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs (AEDs). In the Phase 3 studies, Epidiolex added to other antiepileptic therapies significantly reduced the frequency of seizures in patients with LGS and Dravet syndrome. The company's development program represents the only well-controlled clinical evaluation of a cannabinoid medication for patients with LGS and Dravet syndrome.
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Recently, the company announced that it has acquired all of the issued and outstanding securities of 8611165 Canada Inc., an Access to Cannabis for Medical Purposes Regulations (ACMPR) Licensed Producer located in Saint-Eustache, Québec, and its affiliate 9353-8460 Québec Inc. Agro-Biotech's assets include a Health Canada cultivation license, land, and 75,000 sq. ft. purpose-built facility. The Acquisition enhances this local startup's resources to serve Québec consumers with high-quality cannabis products in the anticipated legalized adult-use market, and further strengthens Emerald's ability to market throughout eastern Canada and nationwide. This indoor hydroponic growing facility, which has access to very low-cost energy and water, will be capable of high-yielding production of Emerald's unique cannabis strains, several of which are currently being grown in Agro-Biotech's facility.
Organigram Holdings Inc. (OTCQB: OGRMF) is leading licensed producer of medical marijuana based in Moncton, New Brunswick. Last month, the company announced its financial results for the three and six-months ended February 28, 2018. The company posted record net sales and record sales of cannabis oil for both the three-month and six-months ended February 28, 2018. The Company opened its Phase 2 expansion filling six rooms by the end of the quarter with the remaining 17 filled subsequent to the quarter. Phase 3 expansion expected to be complete for the start of filling of rooms with first cannabis plants by June 1, 2018 bringing the Company's pro-forma run-rate capacity to 36,000 kg/yr. The company intends to launch its adult-recreational brand strategy on or about May 15, 2018 and expects to announce one or more strategic or international investments in the upcoming quarter.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. In April, the company announced that it closed on the acquisition of a property located at 2000 Rosanna Avenue in Scranton, Pennsylvania, which comprises approximately 89,000 square feet of industrial space. The purchase price for the property was approximately $5.8 million. A subsidiary of Vireo Health, Inc., the tenant at the property, is also expected to complete additional tenant improvements for the building, for which the Company has agreed to provide reimbursement of up to approximately $2.8 million. Assuming full reimbursement for the tenant improvements, the Company's total investment in the property will be $8.6 million. In addition to its cultivation and processing of medical-use cannabis in Pennsylvania at the property, Vireo Health operates one cultivation and processing facility and four registered medical-use cannabis dispensaries in Minnesota, and one cultivation and processing facility and four registered medical-use cannabis dispensaries in New York.
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