Recent 2018 Developments in the Legal and Medical Cannabis Markets
NEW YORK, March 20, 2018 /PRNewswire/ --
According to a recent report published by Forbes, Brightfield Group projects that the global cannabis market was worth $7.7 billion in the end of 2017, and is expected to reach $31.4 billion by 2021. The United States accounts for about 90 percent of the whole market. But the U.S. domination of the market is likely to decrease to approximately 57 percent due to legalization of cannabis products in other nations. California's new recreational cannabis laws went into effect on January 1st, 2018. While California is the largest market, Canada is projected to show strong sales as well. Deloitte's report estimates the Canadian market will be worth at least $5B in sales in 2018. Snipp Interactive Inc. (OTC: SNIPF), WeedMD Inc. (OTC: WDDMF), Aphria Inc. (OTC: APHQF), United Cannabis Corporation (OTC: CNAB), Aurora Cannabis Inc. (OTC: ACBFF)
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."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Earlier today the company announced breaking news titled, "Snipp Announces a Successful Initial Launch of the Cannabis Marketing Resource Center as Industry Leaders Like Aphria Inc., WeedMd and Others Become Members". The breaking news announced that the company, "has received broad interest from a variety of Cannabis companies from across the spectrum of the industry including industry leaders like Aphria Inc., WeedMD and others. Over 10 companies have signed up for the center since launching just last week.
The Company recently launched the Cannabis Resource Marketing Centre ("CMRC"), which brings together all of the accumulated knowledge that Snipp has acquired in designing and launching marketing programs in regulated industries, namely:
1) Alcohol - Beer, Wine, Spirits
2) Pharmaceuticals - Over the Counter (OTC) and Prescription Dru
3) Tobacco - Cigars, Cigarettes, Tobacco
4) Arms & Ammunition - Small Arms, Guns, Bullets
5) 3-Tier Tax Systems - Manufacturer to Distributor to Retailer
The goal of the CMRC is to also help Cannabis marketers hit the ground running and take advantage of the deep expertise and flexible technology platforms engineered by Snipp for these regulated industries, thereby enabling cannabis-related companies to more easily launch sophisticated solutions that are legally-compliant. To sign up and qualify the company has made available a simple application process that can be accessed at http://www.snipp.com/CMRC.
"We are extremely excited to see so many quality companies like Aphria Inc. sign up to our CMRC and learn the tactics that their counterparts in the Alcohol, Tobacco and Pharma companies have used for decades to drive awareness, trial, market share and retention. To succeed in what is going to be a highly competitive future, it is vital for companies in the Cannabis space to adopt and build on these best practices and not re-invent the wheel, " said Atul Sabharwal, CEO of Snipp. "Given our rich history in and knowledge acquired supporting multiple leading companies in such historically regulated industries like Alcohol and Pharma, I am sure companies signing up for the CMRC will see immediate value in their membership and begin exploring deeper relationships with Snipp to enable their marketing objectives. Today we service multiple leaders including many Fortune 500 brands in Alcohol, Tobacco and Pharma because of our secure, flexible and scalable technology platform that enables a multitude of program types to solve a diverse set of problems for these clients. We welcome qualified companies to join and explore our resource center and engage with us in a deeper conversation to help drive their business objectives."
Visit the Snipp website at http://www.snipp.com for Snipp's full suite of solutions and examples of Snipp programs.
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners. Snipp is headquartered in Toronto, Canada with offices across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the OTCQB, of the OTC market in the United States of America, and on the Toronto Stock Venture Exchange (TSX) in Canada. Snipp was selected to the TSX Venture 50(R), an annual ranking of the strongest performing companies on the TSX Venture Exchange, in 2015 and 2016. Snipp is Ranked Amongst The Top 500 Fastest Growing Companies in North America On Deloitte's 2017 Technology Fast 500(TM) List, for the second year in a row."
WeedMD Inc. (OTC: WDDMF) is a Licensed Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations. Recently, the company announced that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. WeedMD will be amongst the first federally-licensed producers to initiate the integration of blockchain technology into its ecosystem. Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership. Blockstrain has developed a comprehensive cannabis genetics archiving platform. The platform aims to transform the way global cannabis business transactions and operations are conducted by providing an incorruptible environment that automates, accelerates and encodes transactions while ensuring privacy and security for all involved parties.
Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Recently, the company announced it has received third-party independent GMP certification of its Leamington, Ontario growing and processing facilities. Granted by internationally-renowned firm SGS, the certification is for the current Good Manufacturing Practice standards of CFR 21 parts 210/211 established by the United States Food and Drug Administration for Active Pharmaceutical Ingredients and Finished Pharmaceuticals. The USFDA cGMP standards are incredibly rigorous and internationally-recognized for the safe and consistent production of human medicines. Aphria is the first Canadian Licensed producer to receive certification from SGS at this standard.
United Cannabis Corporation (OTCQB: CNAB) recently 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. The study, titled, "An Open-Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," will be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University Of West Indies, Mona Campus, in Jamaica. 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.
Aurora Cannabis Inc. (OTCQB: ACBFF) recently announced that it has completed its initial take up of the common shares of CanniMed Therapeutics Inc. pursuant to its offer to purchase all of the issued and outstanding CanniMed Shares. On March 12, 2018, Aurora took up 21,309,517 CanniMed Shares representing 86.8% of the total outstanding CanniMed Shares on a fully diluted basis which, together with shares purchased in the market prior to the expiry of the Offer by Aurora, represents 87.1% of the outstanding CanniMed Shares. The objective for the integration is to leverage the best practices, capabilities, resources, distribution networks, partnerships and technologies available through Aurora to accelerate development of CanniMed's strategic initiatives. CanniMed, has a nearly two-decade track record servicing the medical cannabis market. Its consistently high product quality, education efforts, clinical trials, and product development have resulted in a strong brand recognition among physicians.
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