Legalization Boost Sales in Cannabis Products
NEW YORK, January 12, 2018 /PRNewswire/ --
A report published by Ameri Research Inc. indicates that the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $63.5 billion. According to Ameri, the legal cannabis market is witnessing robust growth due to the increasing decriminalization of cannabis products across North America and Europe. The rising demand of cannabis for both medical and recreational use is a key factor driving the growth. In addition, it is estimated that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not realized. The states of California, where sales of reactional cannabis products have officially become legal this month, is expected to greatly contribute to the industry. Pivot Pharmaceuticals Inc. (OTC: PVOTF), Cronos Group Inc. (OTC: PRMCF), Cronos Group Inc. (OTC: PRMCF), Zynerba Pharmaceuticals (NASDAQ: ZYNE), GW Pharmaceuticals plc (NASDAQ: GWPH)
A report published by New Frontier Data indicates 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."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. On January 9th the company announced breaking news that, "the Company has signed a Service Agreement with SoluBest Ltd., an Israeli-based research organization that specializes in the development of client tailored formulation and pilot production services and scale-up. SoluBest, located at the prestigious Weizmann Institute of Science campus, has been selected to develop Pivot's topical bio-cannabis pipeline of products.
Pivot also wishes to announce that pursuant to its previously announced Binding Letter of Intent to license Thrudermic LLC's transdermal nanotechnology, Dr. Joseph Borovsky and Dr. Leonid Lurya have agreed to lead the development of Pivot's topical bio-cannabis programs at SoluBest. These programs include BiPhasix semi-solid topical cream and Thrudermic's transdermal technology for the delivery of cannabis through the skin barrier.
Dr. Joseph Borovsky, Thrudermic's Chief Executive Officer, indicated that "Thrudermic expects to provide Pivot with product for market launch by Q2 2018. Working in SoluBest's state-of-the-art facility using Thrudermic's formulation know-how will afford Pivot the opportunity to accelerate the development, testing and introduction of new products to the market."
Dr. Patrick Frankham, Pivot Pharmaceuticals' Chief Executive Officer, states that "we are delighted to be moving ahead with our plan to develop best-in-class topical bio-cannabis products led by Dr. Borovsky and Dr. Lurya from Thrudermic. We are equally happy to report that we have found a very qualified laboratory and development partner for our topical development programs for our BiPhasix and Thrudermic technologies in Israel. This announcement accelerates our product development and confirms that we will be ready to introduce several bio-cannabis based products to the market in 2018. The potential to recognize revenue from quality products will help patients and caregivers better manage their health conditions."
Cronos Group Inc. (OTC: PRMCF) is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations and holds a portfolio of minority investments in other Licensed Producers. On December 27, 2017, the company announced that its first shipment to G. Pohl-Boskamp GmbH & Co. KG of Peace Naturals branded products is now available for sale across retail locations throughout Germany. Peace is a wholly-owned licensed producer operated by Cronos, and Pohl-Boskamp is an international pharmaceutical manufacturer with distribution into over 12,000 pharmacies in Germany. With over 82 million people, Germany is the largest federally legal cannabis market in the world, and Pohl-Boskamp's distribution network provides Cronos access to patients with insurance coverage for medicinal cannabis.
Zynerba Pharmaceuticals (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 diseases with high unmet medical needs. On January 3, 2018, the company announced that it will concentrate its focus on rare (meeting the US FDA designation of an orphan disease, affecting fewer than 200,000 people in the U.S.) and near-rare (affecting fewer than one million people in the U.S.) neurological and psychiatric disorders with high unmet medical needs. In 2018, the Company intends to develop ZYN002 in a pivotal Phase 2/3 program in Fragile X syndrome (FXS) and in Phase 2 programs in refractory epilepsies, including adult refractory focal epilepsy and developmental and epileptic encephalopathies (DEE) in pediatric and adolescent patients. Zynerba is currently developing ZYN002, the first and only patent-protected, pharmaceutically-produced CBD that is formulated as a permeation-enhanced gel for transdermal delivery.
GW Pharmaceuticals plc (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. On December 29, 2017, the company announced it has submitted its Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for Epidiolex(R) (cannabidiol or CBD) as adjunctive treatment for seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome, two highly treatment-resistant forms of childhood-onset epilepsy. GW has received Orphan Designations from the EMA for Epidiolex for the treatment of LGS, Dravet syndrome, and recently, West syndrome and Tuberous Sclerosis Complex. In October 2017, GW completed the submission of its rolling Epidiolex New Drug Application (NDA) to the United States Food and Drug Administration (FDA), also for seizures associated with LGS and Dravet syndrome. This NDA has been accepted by the FDA for Priority Review.
Cara Therapeutics Inc (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors (KORs). Cara is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Cara's most advanced CB compound, CR701, is in preclinical development. "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain." Cara Therapeutics CMO Joseph Stauffer said.
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