NEW YORK, April 9, 2018 /PRNewswire/ --
According to data providedby European investment bank Bryan, Garnier & Co. the legal global cannabis market is poised for growth of more than 1,000% over the next decade and could reach $140 billion dollars by 2027. Arcview Market indicated recently
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). Last month the company announced breaking news that, "It has received a strategic investment from WeedMD Inc. ("WeedMD"), a publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario and is awaiting its second-site cultivation license for its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, Ontario. WeedMD is focused on providing medical cannabis to the seniors' market in Canada through its proprietary program. WeedMD and Snipp are entering into an agreement where WeedMD will use Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other initiatives. WeedMD has also signed up for the Company's recently launched Cannabis Resource Marketing Centre ("CMRC"), which leverages Snipp's experience in similar regulated industries like Alcohol, Pharmaceuticals and Tobacco. For interested companies, a free and simple application process can be accessed at http://www.snipp.com/CMRC.
"Snipp provides companies with a complete technology suite to manage their promotions and implement cross channel loyalty programs. When we were looking for technology vendors to enhance our marketing and sales programs, no one understood our goals and objectives more than the team at Snipp," said Bruce Dawson-Sully, CEO of WeedMD. "Given their deep experience in regulated industries, we're looking forward to working with them to help launch sophisticated, compliant and responsible campaigns to increase market awareness along with acquisition and retention of medical patients, and eventually for both retailers and consumers as the adult use market emerges."
"We are extremely excited to announce our first client in the cannabis space. Companies like WeedMD that make the initial investments today in the infrastructure and programs required to succeed in an increasingly competitive market are better positioned to gain and retain market share," said Atul Sabharwal, CEO of Snipp. "The cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. As we did in the alcohol and pharma space, we are positioning ourselves to be the leading technology solutions provider for this emerging market. We believe our solutions are industry-leading given their proven security, scalability and flexibility to adapt not only to the myriad regulatory frameworks in place, but for future regulations that will affect the industry as it matures. Given our rich history and experience with multiple clients in the alcohol and pharma industries, we have no doubt that we are best positioned to help advance and accelerate the unique marketing objectives for any company in the cannabis space from seed to sale and beyond."
"We also welcome WeedMD to our CMRC. Since the launch of the CMRC we have been receiving interest from leading Cannabis companies and we look forward to sharing more about our solutions and services." Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.""
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company announced the pending formation of a wholly-owned Canadian subsidiary, Vitality Genetics, Ltd., which will focus on and enable the performance of a wide variety of cannabinoid genetics research and development programs. Vitality Biopharma's current operations are in California where it develops cannabinoid pharmaceuticals in a federally-compliant manner, after having received approvals from the California Dept. of Justice and the Drug Enforcement Administration. The Company is now planning limited operations in Canada in order to benefit from Health Canada regulations regarding medical cannabis and the federal commitment to nationwide approval for adult use of cannabis. In addition, the Company plans to utilize the new subsidiary to conduct research relevant to Vitality's ongoing therapeutics development programs in collaboration with leading Canadian researchers and companies, which will be streamlined due to clear regulations in place at the federal level by Health Canada.
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. Last month, 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. 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. CRD focuses on genetic restoration, cannabinoid isolation techniques, scientific research, educational programs, and promotes domestic job opportunities.
Surna Inc. (OTCQB: SRNA) designs, engineers and manufactures application-specific environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities in the U.S. and Canada. Recently, the company announced operating and financial results for the three and twelve months ended December 31, 2017. Revenue for the three months ended December 31, 2017 was $2,309,000, an increase of $743,000, or 47%, compared to the three months ended September 30, 2017, and an increase of $290,000, or 14%, compared to the three months ended December 31, 2016. For 2018, the company intends to pursue customers seeking to build indoor cannabis cultivation facilities in all regulated markets, with special focus in California and Canada.
Namaste Technologies Inc. (OTCQB: NXTTF) is the largest online retailer for medical cannabis delivery systems globally. Recently, the company announce that it has initiated Canada's first large-scale prospective study on a national platform called the Cannabis for Anxiety Reduction study, to determine the effectiveness of cannabis in reducing anxiety in study participants. One in four Canadians suffer from anxiety and the Company through this study will seek to gain valuable information from study participants on the impact of medical cannabis use in relation to their anxiety. Namaste is also interested in determining the safety profile of patients using medical cannabis, and whether strain and dose of medical cannabis may impact patient reductions in anxiety ratings.
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