NEW YORK, July 10, 2018 /PRNewswire/ --
According to a report publishedby the research firm Cowen & Co., the U.S. legal cannabis industry is expected to reach USD 75 Billion in sales by 2030. The research clarifies that the increasing consumer backing of legal cannabis, and its wider access,
So far in 2018, Canada has legalized cannabis on a national level, and the state of California has legalized sales of cannabis products for recreational use. These recent developments are expected to have significant financial and economic implications. A report by Fortune indicates that, "In order to collect USD 1 Billion a year in taxes, the state will need to reach a projected USD 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 USD 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."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier last week, the Company announced breaking 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'sadult-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." For more information, access our investor presentation here and corporate video here."
Invictus MD Strategies Corp. (OTC: IVITF) owns and operates two cannabis production facilities, both with sales licenses, under the ACMPR in Canada, with the vision of producing a variety of high quality and low-cost cannabis products to the global market, as regulations permit. Last month, the Company announced that it has signed a non-binding Letter of Intent to sell dried cannabis to a German importer and distributor of medical cannabis. The Company will initially commit to selling 1,000 kgs of dried cannabis flower per annum at a price of USD 6.50 per gram. The volumes and respective prices of dried cannabis flower for the second and consecutive years will be defined in a Definitive Offtake Agreement. The Importer, whose name will remain undisclosed until execution of the Offtake Agreement, combines a highly competitive business model with a vast distribution network of 20,000 pharmacies and a clear focus on product marketing and professional education.
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 CBD manufacturers. On June 28, 2018, the Company announced that it has launched new labeling, printing and in-house application capabilities that will shorten the turnaround time on production, eliminate the need for customers to work with multiple vendors and further reinforce The Companies commitment to being a fully integrated partner for clients. With the new capabilities, Kush Bottles will now have all its own equipment, tooling and materials necessary to process its customers' customized packaging needs. The Company also announced that is has hired packaging industry veteran Mike Alejos as Director of Production to oversee the new labeling capabilities.
Aurora Cannabis Inc. (OTCQX: ACBFF) is one of the world's largest cannabis companies, with funded capacity in excess of 430,000 kg per year and operations across Canada and in Europe. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility design and engineering to cannabis breeding and genetics research, cannabis and hemp production, extraction and high value-add product development, home cultivation and wholesale and retail distribution. Earlier this month, the Company announced that the Canadian Competition Bureau has issued a no-action letter under the Competition Act indicating that it does not intend to challenge the proposed arrangement between Aurora and MedReleaf, whereby Aurora intends to acquire all of the issued and outstanding common shares of MedReleaf.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Recently, the Company announced the initiation of a multi-national, randomized, double blind placebo controlled Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X (CONNECT-FX). The CONNECT-FX trial will evaluate the efficacy and safety of ZYN002 (CBD Gel) in children ages three to 17 with full mutation Fragile X syndrome (FXS). FXS is a genetic condition that causes intellectual disability, behavioral and learning challenges and is the most common known single gene cause of autism spectrum disorder. Top line results are expected in the second half of 2019. Zynerba's ZYN002 CBD gel is the first and only pharmaceutically-produced CBD formulated as a patent-protected permeation-enhanced transdermal gel and is being studied in children and adolescents with Fragile X syndrome and developmental and epileptic encephalopathies, and in adult epilepsy patients with focal seizures.
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