According to a report published by New Frontier Data, the legal cannabis market was valued at $6.6 billion in 2016 and is expected to grow to $24.1 billion by 2025 and at a compound annual growth rate of 16 percent. The market is growing rapidly due to accelerating pace of legalization for both recreational medical cannabis in the United States. On November 8, 2016, California has passed California Proposition 64 by a vote of 57.13% for and 42.87% against, allowing individuals in California to use and grow cannabis for personal use. According to another report from New Frontier Data, legal cannabis sales in California are projected to reach $2.8 billion in 2017 and $6.6 billion by 2025, with a compound annual growth rate of 12 percent during the forecast year. Cannabis Wheaton Income Corp. (OTC: CBWTF), Axim Biotechnologies, Inc. (OTC: AXIM), Vitality Biopharma, Inc. (OTC: VBIO), GW Pharmaceuticals Plc. (NASDAQ: GWPH), Kush Bottles, Inc. (OTC: KSHB)
The report also indicated that young adults between the ages of 18 and 34 account for 80 percent of cannabis e-commerce and delivery purchases in California. Giadha Aguirre de Carcer, New Frontier Data CEO, said: "Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state…As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."
Cannabis Wheaton Income Corp. (OTC: CBWTF) is also listed on the TSX Venture Exchange under the ticker symbol 'CBW'. Earlier this month the company announced breaking news that, "the closing of the acquisition (the "Acquisition") of all of the issued and outstanding shares of RockGarden Medicinals (2014) Inc. ("RockGarden") pursuant to the terms of a definitive share purchase agreement (the "Share Purchase Agreement") dated October 31, 2017 (the "Closing Date").
The Acquisition furthers the Company's streaming platform strategy by providing the Company additional resources and regulatory tools to help accelerate Wheaton Licensing Program participants' pathway to licensing under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). Located in Carleton Place, Ontario, RockGarden is a privately owned licensed producer of cannabis pursuant to the ACMPR. On August 25, 2017 RockGarden was granted a cultivation license (the "License")."
Hugo Alves, President of Wheaton Income commented, "When we set the strategy for Wheaton Income it was about building a dynamic platform that promoted sustainable growth for both the industry and our shareholders. The acquisition of RockGarden will act as a strategic tool to help us with on-going partnerships and opportunities, but most importantly the development and execution of our existing and prospective streaming relationships."
Chuck Rifici, Chief Executive Officer of Wheaton Income stated, "I couldn't be happier to work with RockGarden - whom I and the entire Wheaton Income team believe has tremendous pedigree well suited to succeed in a legal regulated environment. As much as this is a strategic acquisition, it is also a cultural acquisition for us. We pride ourselves on building valuable, ethical and long-standing relationships within the industry and are excited to welcome the incredible RockGarden team to the Wheaton Income family. It's a winning combination as the industry moves forward and becomes continually more competitive. This acquisition represents another way that the Wheaton Income platform drives Growth by Diversity."
"RockGarden management and shareholders are thrilled to join the Wheaton family. Cannabis Wheaton's all-star team has both industry-leading experience and financial acumen which are key requirements to becoming a national leader in the cannabis industry. We are proud to be an important part of that success," stated Deborah Hanscom, Chief Executive Officer of RockGarden.
Axim Biotechnologies, Inc. (OTCQB: AXIM) announced recently that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 14/982,610, a patent that claims the use of an ophthalmic solution comprising cannabinoids for the treatment of glaucoma and symptomatic relief of conjunctival inflammation. "As we move forward in our product development and clinical trials for glaucoma and dry eye, this patent approval by the USPTO is paramount for us to be successful in finding new and improved cannabinoid-based treatment options for these highly-prevalent ophthalmic diseases with significant unmet medical needs," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotech. "In 2016, global spending on glaucoma management was $6 billion, so we are excited about the opportunity that this new patent grants us to develop new treatments with novel mechanisms of action that will in turn reduce the risk of progression of visual field loss."
Vitality Biopharma, Inc. (OTCQB: VBIO) announced completion of pivotal manufacturing agreements that enable the production of clinical-grade cannabinoid pharmaceuticals at its R&D facilities in California. In early 2017, after receiving approval from the U.S. DEA for its cannabinoid pharmaceutical research, Vitality contracted with a research services provider to obtain new software and protocols to support its internal manufacturing team and to ensure GMP manufacturing compliance. The Company has implemented these protocols for initial production of cannabosides, the company's cannabinoid prodrugs that are designed to target the gastrointestinal tract and thereby avoid the intoxicating side effects of THC.
GW Pharmaceuticals Plc. (NASDAQ: GWPH) on October 30th announced that it has completed the rolling submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for Epidiolex® (cannabidiol) as adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome, two highly treatment-resistant forms of childhood-onset epilepsy. "The submission of the Epidiolex NDA is an important milestone for patients with LGS and Dravet syndrome in that a potential new treatment option is within sight for these very difficult to treat and devastating conditions," stated Justin Gover, CEO of GW Pharmaceuticals. "On behalf of all those patients, clinicians and GW employees who have supported the Epidiolex program, we are pleased to submit this promising therapy for FDA review and we look forward to working with the FDA throughout the review process."
Kush Bottles, Inc. (OTCQB: KSHB) announced on September 27th that it has created a new professional services program to develop unique, custom-formed child-resistant packaging systems. The company can now offer an entire range of packaging solutions, from certified child-resistant pop-tops and exit bags, to proprietary and exclusive shapes that create a one-of-a-kind look and feel. Nicholas Kovacevich, Chief Executive Officer of Kush Bottles, said the demand for custom packaging solutions continues to grow. "When you look at other product categories, you see the importance that unique packaging has to a product's success," Kovacevich commented. "From the unique Coca-Cola bottle, to the new Tide Laundry Detergent Pods, to the famous Tic Tac container, it is packaging that often sets a product apart from its competition, and helps it create a powerful brand and consumer following."
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