NEW YORK, July 16, 2018 /PRNewswire/ --
According to the data providedby Energias Market Research, the global medical cannabis market is expected to increase from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024, and at a CAGR of 19.1% from 2018 to 2024.
A report by CNBC quotes MedMen CEO and Co-Founder, Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana… The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play. Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier this month, the company announced news that, "it has entered into an agreement with the Alberta Gaming, Liquor & Cannabis Commission ("AGLC") to supply the province with high-quality, branded cannabis products for sale in Alberta's adult-use market.
'We're proud that the AGLC has selected WeedMD as a cannabis supplier to join its network as it looks to establish a cannabis framework for its adult-use markets,' said Keith Merker, Chief Financial Officer of WeedMD. 'This represents a strategic partnership as we look to expand our product reach across the country to support Canada's legal adult-use market. Alberta's high standards align with the highly-regarded quality of our cultivation standards, product portfolio, and commercial practices as we look to meet the expected demand of this new market.'
WeedMD will supply the Alberta market with cannabis products starting the first day of legal sales. This agreement represents a key milestone in WeedMD's strategic plan to develop a national distribution platform for the Company's medical and adult-use products, building upon the recent announcement of WeedMD's supply agreement with Shoppers Drug Mart. WeedMD is actively working with provincial distributors, regulators, and retailers to expand its adult-use distribution program, particularly as the Company completes the final stages of its 220,000 sq. ft. greenhouse retrofit within its 610,000 sq. ft. greenhouse facility in Strathroy, Ontario."
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The Company recently announced its new open-label clinical data in an oral presentation at the 16th NFXF International Fragile X Conference. In a podium presentation entitled, "Transdermal Cannabidiol (CBD) Gel for the Treatment of Fragile X Syndrome (FXS)," Liza A. Squires, M.D., Zynerba's Chief Medical Officer, will present new 12 and 38-week data describing significant and sustained improvements in behavioral symptoms with continued use of ZYN002 in children and adolescents with FXS. The presentation includes data through 38 weeks of treatment with ZYN002 in the open-label Phase 2 FAB-C (Treatment of Fragile X Syndrome Anxiety and Behavioral Challenges with CBD) trial. "These data are consistent and compelling and suggest that ZYN002 may have a clinically meaningful and durable effect on the most common observable behaviors associated with childhood and adolescent Fragile X syndrome," said Honey Heussler, FRACP, DM, Associate Professor, University of Queensland and Medical Director Child Development, Children's Health Queensland, and lead investigator in the FAB-C study. "The goal of an ideal therapeutic intervention is to reduce the severity and impact of these core symptoms, and thus improve the child's ability to engage with the world around them, including with their parents, caregivers, teachers and peers"
Aphria Inc. (OTCQB: APHQF) is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Aphria recently announced that it has signed a Memorandum of Understanding with the British Columbia Liquor Distribution Branch ("BCLDB") to provide a portfolio of high-quality, branded cannabis and cannabis derivative products for sale in BC's adult-use market. Under the terms of the MOU, Aphria will supply more than 5,000 kg of high-quality cannabis in the first year of the agreement, which will be made available for sale online and at licensed retailers across the province. Adult-use consumers will be able to choose from a wide-ranging selection of Ontario and BC dried flower, pre-rolls and cannabis oils from the Company's portfolio of adult-use brands. "We're incredibly proud that the BCLDB has selected our fantastic range of products and brands to be sold at the province's licensed retailers starting on October 17," said Jakob Ripshtein, Chief Commercial Officer at Aphria. "Both long-time enthusiasts and newcomers to cannabis will find that our adult-use brands and products, which include locally-grown and celebrated BC-bud from Broken Coast Cannabis, have been thoughtfully developed to meet distinct consumer needs and interests. We are thrilled to provide adult-use consumers in B.C. the opportunity to discover our brands, and to help ensure that there is an adequate supply to meet the anticipated demand in the province."
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 including cannabidiol manufacturers. The Company recently reported the financial results for its third quarter of 2018, for the period ended May 31st, 2018. Revenue was up 173% Year-over-Year to USD 12.9 Million. Gross margins were 28.3%, compared with 35.5% in the prior year period, which is attributed to increased business in the lower margin vaporizer and cartridge product segment(s). Net loss, including USD 258,837 in depreciation and amortization expense, USD 5.0 Million in SG&A and USD 495,897 in stock compensation expense, was approximately USD 2.16 million compared to net income of USD 6,119 in the fiscal third quarter of 2017. Nick Kovacevich, Chairman and Chief Executive Officer of Kush Bottles, commented, "We reported strong revenue growth of 173%, reaching USD 12.9 Million in the third fiscal quarter of 2018, up from approximately USD 4.7 Million in the same period of last year. This was driven by organic growth across all our major markets and product lines as well as the inclusion of our new operating Company Summit Innovation… In addition, we recently acquired a leading digital creative agency, The Hybrid Creative, which has an extensive client roster both in the cannabis market and in traditional industries."
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Recently, Terra Tech announced that it has agreed to sell 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of USD 6,250,000. Located adjacent to the Las Vegas Strip, the 3,900 sq. ft. facility for the Western Avenue dispensary was initially opened by Terra Tech in April of 2015. Terra Tech is confident that a sale is the best way to realize value for shareholders, given the significant increase in value the property has seen since it was purchased by the Company. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "The valuation of the Blüm Western Avenue location has increased significantly since the store opened, driven primarily by our ability to secure a business license that enables it to operate as a cannabis dispensary. We are pleased to monetize this asset and lock in these gains as the revenues generated from this property are immaterial to our overall business. Since Nevada's legislation state that only existing medical cannabis establishment certificate holders can apply for a retail cannabis license, we have the option to apply for the further business licenses in Nevada if we want."
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