NEW YORK, March 8, 2018 /PRNewswire/ --
According to Hexa Research,the U.S. medical cannabis market was esteemed to be valued at USD 5.44 billion in 2016 and is anticipated to be valued at USD 19.48 billion by 2024. The projected growth is a direct effect of
California's new recreational cannabis laws went into effect on January 1st, 2018. A report by Fortune indicates 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."
WeedMD Inc (OTC: WDDMF) is also listed on the TSX Venture Exchange under the ticker symbol 'WMD'. Just announced breaking news this morning that, "to announce the signing of a letter of intent ("LOI") to form a joint venture focused on cannabis-infused beverages. The new joint venture company, Cannabis Beverages Inc. ("CanBev"), plans to develop a production facility at WeedMD's state-of-the-art greenhouse in Strathroy, Ontario. CanBev will operate one of the first cannabis-infused beverage production facilities in Canada. The joint venture partnership will focus on manufacturing, marketing and distribution of cannabinoid-infused beverages for the medical and future adult-use cannabis markets.
WeedMD will be the exclusive cannabis supplier and distributor for CanBev cannabis-infused beverages and will designate production space at its 610,000 sq. ft. state-of-the-art facility in Strathroy for CanBev's operation. As an emerging cGMP certified food grade production plant, WeedMD's Strathroy facility will equip CanBev with extensive production infrastructure, including 25,000 sq. ft. of packaging area and cold storage, as well as adequate space to expand for future growth.
"As WeedMD builds out its production footprint, we will focus on product innovation, extending our product line and building new brands. Canadian medical consumers, especially those in seniors' care, are interested in functional beverages as they integrate cannabis into their medical treatment plans," said Michael Kraft, Chairman of WeedMD. "We are eager to work alongside Phivida's world-class management team to develop cannabinoid-infused beverages and brands for both the medical and adult-use markets."
Phivida will be responsible for product innovation, research and development, formulation and branding. Phivida will also sublicense encapsulation technologies to CanBev for enhanced bioavailability and solubility and create new consumer brands to serve target consumer segments in the pending adult-use market.
"Phivida is pleased to partner with an industry leader and build towards a leadership share of the global cannabis-infused beverage market," said John-David A. Belfontaine, President and Chairman of Phivida. "WeedMD is the ideal partner for Phivida, as they will provide CanBev with the ability to distribute into the federally legal medicinal cannabis market in Canada and apply for a license for cultivation and sales under the ACMPR. WeedMD provides CanBev with solid infrastructure, strong management, world class genetics and proven success in the Canadian health care market. Phivida provides CanBev with the opportunity to bring our premium cannabinoid-infused beverages to patients and consumers across Canada and bring federally legal cannabis-infused consumer packaged goods and brands to the Canadian market for the first time in the history of the industry."
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. On March 6, 2018, the company announced it has been selected by FunkSac, LLC to be the exclusive distributor for its line of flagship FunkGuard products. FunkSac® which was named by Entrepreneur Magazine as one of "10 Cannabis Startups You Need to Watch," was funded in part by Snoop Dogg's Casa Verde Capital. The company is veteran-owned, based in Denver, CO and provides compliant packaging solutions used in both medical and recreational markets. Under the terms of the agreement, Kush Bottles will distribute the line of FunkGuard products to FunkSac's existing customer base, as well as across Kush Bottles' national platform. FunkSac® will continue to implement its own sales and marketing initiatives in conjunction with the additional support from Kush Bottles.
Cannabis Sativa, Inc. (OTCQB: CBDS) is engaged in the licensing of cannabis related intellectual property, marketing and branding for cannabis-based products and services, operation of cannabis related technology services, and ancillary business activities. On January 16, 2018, the company announced that its subsidiary, PrestoDoctor, is expanding its online medical marijuana recommendation services into New York. PrestoDoctor currently serves patients via both their online platform and with dispensary kiosks operating in California and Nevada and will now extend their online services to patients located in the State of New York. To use PrestoDoctor's online services, interested patients must sign up for an account and complete a profile. They are then eligible to choose an appointment time and video chat with one of PrestoDoctor's licensed physicians. Patients can immediately receive a digital recommendation and an official copy will arrive in the mail a few days later.
Phivida Holdings Inc. (OTC: PHVAF) is a premier brand of cannabidiol (CBD) products. Phivida's Nano-CBD™ is infused into functional beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. Just earlier today with WeedMD Inc. the company announced an LOI to form a joint venture focused on cannabis-infused beverages. "Phivida is pleased to partner with an industry leader and build towards a leadership share of the global cannabis-infused beverage market," said John-David A. Belfontaine, President and Chairman of Phivida. "WeedMD is the ideal partner for Phivida, as they will provide CanBev with the ability to distribute into the federally legal medicinal cannabis market in Canada and apply for a license for cultivation and sales under the ACMPR. WeedMD provides CanBev with solid infrastructure, strong management, world class genetics and proven success in the Canadian health care market. Phivida provides CanBev with the opportunity to bring our premium cannabinoid-infused beverages to patients and consumers across Canada and bring federally legal cannabis-infused consumer packaged goods and brands to the Canadian market for the first time in the history of the industry."
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabinoid-based pharmaceutical, nutraceutical and cosmetic products. On February 6, 2018, the company announced that it has entered into a binding distribution agreement for its proprietary cannabinoid-based nutraceutical chewing gum product CanChew+® to be distributed throughout the country of Thailand. The non-exclusive agreement, which was reached on January 24, 2018, and will remain in effect for one year, retains AXIM as the sole owner and manufacturer of the product while assigning trademark and likeness rights to the distributor specifically for the country of Thailand. The agreement sets clear financial obligations for the distributor including a minimum purchase and upfront production costs. Thailand, with an estimated population of more than 68 million, has been pushing toward access to cannabinoid-based products. As the Company continues its clinical development program on cannabinoid-based pharmaceutical treatments, it will make acceptance of the benefits of these nutraceutical products more possible.
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