NEW YORK, May 9, 2018 /PRNewswire/ --
According to report publishedby 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 projected to witness rapid
In the U.S., the potential financial benefits from legalization are important economically and politically. Fortune reported that, "in order to collect $1 billion a year in taxes, the state will need to reach a projected $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 $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."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Just earlier the company announced breaking news that it, "has incorporated a 100% owned subsidiary in the United States to facilitate it to do business with Cannabis companies based in the United States. The reason the Company chose to incorporate this subsidiary is twofold. The first is to enable the Company to be able to leverage its software platforms to service Cannabis businesses with creative business models that could include equity based and performance compensation partnerships and secondly to isolate its core business given that at the U.S Federal Level Cannabis is still a Schedule 1 controlled substance.
"Since the launch of the Cannabis Marketing Resource Center we have received a lot of interest and had many discussions with multiple players in the US and Canadian market. Some of these discussions have led to recommendations that have included working in a more partnership type structure that could involve an equity component as part of the payment mix for the use of our platform and services by these potential clients. As a Company we are open to working with companies to design programs that enable our shareholders to enjoy the upside of this nascent but fast growing industry and creating a separate legal entity to enable that therefore makes a lot of sense", said Atul Sabharwal, Founder & CEO of Snipp." The Cannabis space is rapidly evolving and we have seen a few US based companies dual listing on the Canadian exchanges. A great example is a company like iAnthus, A CMRC member, who pioneered listing in both markets. They have set the stage for a whole new crop of companies based in the US to list in Canada many of whom have not only joined our Cannabis Marketing Resource Center but some of whom are also in deep discussions with us on signing a Managed Service Agreement which allows Snipp to become an approved vendor of theirs locking in these clients for the future as their marketing needs evolve. We look forward to sharing some of progress we are making in converting our CMRC members to paying clients over the next few quarters" Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs."
iAnthus Capital Holdings Inc. (OTCQB: ITHUF) on April 17th, 2018 the company announced that, "the completion of its acquisition of the remaining 20% of Pilgrim Rock Management, LLC ("Pilgrim Rock"), the affiliated management and services company that provides intellectual property licensing, professional and management services, real estate and equipment leasing, and certain other services to Mayflower Medicinals, Inc. ("Mayflower"). Mayflower, a non-profit Massachusetts corporation affiliated with Pilgrim Rock, has received two provisional licenses to operate Registered Marijuana Dispensaries ("RMDs") in Massachusetts, with a third RMD application pending before the Massachusetts Department of Public Health ("DPH"). Following the acquisition, iAnthus now owns 100% of Pilgrim Rock."
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. Last month, the company announced a major new licensing agreement with Nuka Enterprises LLC, maker of 1906 brand cannabis chocolates and other edible products. The deal renews Nuka's DehydraTECHTM license rights for use in its 1906 brand of cannabis chocolates, recognized for their fast onset times, efficacy, amazing taste and unique formulations. Nuka has been utilizing Lexaria's technology within its award-winning 1906 brand chocolates for nearly two years, during which time 1906 entered the cannabis market; advanced from a start-up to Colorado's number-three cannabis chocolate brand available in over 150 locations; and touted by media, industry watchers and consumers as one of the most innovative brands in the cannabis space. United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. In March, the company announced that Jamaica's University of the West Indies' Ethics Committee has reviewed and approved its proposal to conduct clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain. The study, titled, "An Open-Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," will be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University Of West Indies, Mona Campus, in Jamaica. Cannabinoid Research & Development (CRD), a subsidiary of United Cannabis, is a Jamaican based corporation pursuing local licensing to advance the use of medical cannabis therapies through biomedical research and development for the nutraceutical industry.
MPX Bioceutical Corp. (OTCQB: MPXEF) is a multinational diversified cannabis company focused on the medical and adult use cannabis markets. MPX continues to expand its U.S. footprint, and is providing operational and other management services to three dispensaries and one production license in Maryland. The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business. On April 3, 2018, the company reported that its managed Arizona assets have recorded their best revenue month in March with sales of cannabis and cannabis concentrates hitting the US$4.0 (CDN$5.2) million mark for the first time.
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