Data Compiled by Energias Market Research indicates that the global medical cannabis market is projected to grow significantly 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. There are several factors driving the growth of the medical cannabis market, including increasing appreciation of medical benefits, stronger demand for cannabis in the treatment of numerous diseases, and rising number of research and development activities. Sales of cannabis products for adult-use (recreational) are also expected to increase, as California's new cannabis laws went into effect earlier this year. While California is the largest market, Canada is projected to show strong sales as well. Deloitte's report projects the Canadian market will be worth at least $5B in sales in 2018. Khiron Life Sciences Corp. (OTC: KHRNF), Emerald Health Therapeutics, Inc. (OTC: EMHTF), Organigram Holdings Inc. (OTC: OGRMF), Vitality Biopharma, Inc. (OTC: VBIO), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE)
Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."
Khiron Life Sciences Corp. (OTC: KHRNF) also listed on the TSX Venture Exchange under the ticker (TSX-V: KHRN). Yesterday the company announced breaking news that, "the Colombia National Food and Drug Surveillance Institute ("INVIMA"), a level four World Health Organization ("WHO") agency, has granted Khiron authorization for the production, sale and export of four cannabidiol ("CBD") based products. This development positions Khiron as the first fully licensed medical cannabis company to receive an approval from INVIMA for cannabinoid-based products, and further solidifies the Company's first mover advantage in Colombia and Latin America.
The CBD based products approved by INVIMA will form part of Khiron's wellness business unit and will be specifically branded for consumers seeking innovative and premium products from natural sources. The Company's wellness business offers attractive margins and is focused on addressing the skin care needs of individuals. The Colombian domestic market potential for these products is currently estimated at $530 million annually. The market has grown at 6% annually over the last five years. (Source: Euromonitor International)
Khiron has completed the formulation work for these products and anticipates the products will be available for sale in the fourth quarter of 2018. In addition, due to INVIMA's status as a level four WHO agency, Khiron anticipates being able to expedite the product approval process for countries outside Colombia. INVIMA has the same level of WHO status as Canada and the United States.
"At Khiron, we are focused on bringing the benefits of medical cannabis to patients and consumers across several market verticals. Our cosmetics brand will complement our medical product offerings and generate further access to various distribution channels, which broadens the addressable market potential for Khiron's product portfolio. Khiron continues to focus on finalizing distribution agreements within Colombia and abroad for these recently approved products and developing new product offerings for INVIMA approval. I would like to thank all members of our team as well as external stakeholders involved in achieving this important milestone," commented Andrés Galofre, VP, Marketing and Sales at Khiron.
"Khiron continues to solidify its first mover advantage and has again set the pace of corporate development by securing the first approvals from INVIMA of any fully licensed cannabis company in Colombia. As one of the first companies to be fully licensed, the first to list on a global stock exchange, and now the first with INVIMA approvals in Colombia, we believe we will continue to demonstrate the effectiveness of our team in achieving significant milestones, and the viability of our business model in addressing market needs," commented Alvaro Torres, President and CEO of Khiron."
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Recently, the company announced it has filed its financial statements and management discussion and analysis for the fiscal quarter ended March 31, 2018. The Company's joint venture, Pure Sunfarms, continues to make great strides towards achieving its goal of large-scale, high-quality, low-cost cannabis production. On March 2, 2018, Pure Sunfarms received its cannabis cultivation licence from Health Canada. It completed its first harvests in May 2018 and has submitted to Health Canada its amendment package to attain its sales licence. Pure Sunfarms is now scaling commercial cultivation. Pure Sunfarms continues to advance the development of the 1.1-million-square foot (25-acre) greenhouse facility located on a 50-acre parcel of land in Delta, British Columbia, with the entire 1.1-million square foot Delta 3 site expected to be in production in 2019.
Organigram Holdings Inc. (OTCQB: OGRMF) is a leading licensed producer of medical marijuana based in Moncton, New Brunswick. Recently, the company announced that it has entered into a letter of intent with Hyasynth Biologicals, Inc. whereby Organigram proposes to make a strategic investment in Hyasynth. Additionally, the non-binding letter of intent contemplates Organigram entering into an off-take agreement with Hyasynth whereby Organigram can purchase a pre-defined quantity of a range of cannabinoids or cannabinoid related production from Hyasynth on terms set forth in such agreement. Hyasynth, a biotechnology company based in Montreal, is a leader in the field of phytocannabinoid science and biosynthesis. Their patent-pending technology makes it possible to produce phytocannabinoids using genetically engineered strains of yeast. Fermentation is a well-established and scalable production method for many nutritional products and pharmaceuticals. Hyasynth's proprietary enzymes and yeast strains allow them to apply this efficient manufacturing platform to CBG, CBD and THC for novel and specialized products, and as pharmaceutical ingredients.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Earlier this month, the company announced the discovery of new antimicrobial activity of cannabinoids and its application for treatment of C. difficile-associated diarrhea and colitis. In experiments executed according to guidance by the Clinical Laboratory and Standards Institute (CLSI), Vitality determined that cannabinoids including THC are effective antibiotics for C. diff, VRE, and a variety of additional pathogens. On May 9th, 2018, Vitality filed a non-provisional international patent application pursuant to the Patent Cooperation Treaty (Appl. No. PCT/US2018/031727) titled "Antimicrobial Compositions Comprising Cannabinoids and Methods of Using the Same." Vitality intends to prosecute this intellectual property globally, and VBX-100, a proprietary GI-targeted THC compound that avoids psychoactivity, will be investigated by the company for treatment of C. diff-associated diarrhea and colitis.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty neuropsychiatric pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric disorders with high unmet medical needs. Earlier this month, the company reported financial results for the first quarter ended March 31, 2018 and provided an overview of recent operational highlights. As of March 31, 2018, cash and cash equivalents were $52.1 million, compared to $62.5 million as of December 31, 2017. Research and development expenses for the first quarter of 2018 were $9.0 million, including stock-based compensation of $0.7 million. The Company expects to enroll approximately 200 pediatric and adolescent patients in the U.S., Australia and New Zealand into a single pivotal study to support an NDA for ZYN002 in FXS.
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