Medical Cannabis Market Grows on Increasing Clinical Trials and Approvals
NEW YORK, October 16, 2018 /PRNewswire/ --
According to a report published by Coherent Market Insights, the global medical cannabis market was valued at USD 3.5 Billion in 2017 and is projected to grow at a compound annual growth rate (CAGR) of 24.4% to surpass USD 20.17 Billion by 2025. The report indicated the increasing clinical trials and approvals of medical cannabis products will drive the growth of the market. Medical cannabis is used to develop drugs that will enhance treatment for diseases such as epilepsy and various types of cancers. Additionally, the growing acceptance of the mobile application, e-commerce and digital media is projected to fuel the growth of the medical cannabis market during forecast years. Micron Waste Technologies Inc. (OTC: MICWF), Lexaria Bioscience Corp. (OTC: LXRP), VIVO Cannabis Inc. (OTC: VVCIF), Aurora Cannabis Inc. (OTC: ACBFF), General Cannabis Corp. (OTC: CANN)
The legal cannabis market has become very competitive over the course of recent years. According to Brightfield Group's official blog post, "With cannabis dispensary and product data now going back over two years, our surveys of marijuana product availability in major US state markets reveal several clear indicators that the market is growing increasingly competitive and crowded. One example of this is exhibited by the increase in the variety of branded products available at US dispensaries. Two years ago, the average US dispensary carried 94 different types of branded marijuana products. One year ago, that number had grown to 118, and by January of this year, a typical dispensary carried over 150 different branded products."
Micron Waste Technologies Inc. (OTC: MICWF) is also listed on the Canadian Securities Exchange under the ticker (CSE: MWM). Yesterday, the Company announced breaking news that, "it has partnered with Quest Resource Management Group LLC ("Quest"), a fully owned subsidiary of Quest Resource Holding Corporation (NASDAQ: QRHC), a leader in environmental reuse, recycling, and disposal services, to market and distribute Micron's proprietary Cannavore(TM) cannabis waste processing systems in the United States.
"Quest operates in all 50 states and provides custom, innovative waste management solutions to a wide range of industries," said Micron President Alfred Wong. "With its strong market positioning, Quest will help accelerate the entry of Micron's leading cannabis waste management technology into the U.S. and capitalize on the expanding American cannabis cultivation market."
"Quest strives to provide our customers with the most effective waste minimization solutions," said Ray Hatch, Quest's Chief Executive Officer. "We are pleased to offer U.S. cannabis growers a solution that not only safely treats cannabis waste on-site, but also removes the contaminants and active pharmaceutical compounds from the effluent water. In addition, growers seeking to minimize their operations' water footprint will be able to recycle and reclaim the purified water for their operations."
The U.S. cannabis industry is rapidly growing, with retail sales projected to reach an estimated $5.1 - $6.1 billion dollars in 2018. By 2020, overall retail sales are projected to reach between $11.9 and $17.1 billion dollars, with $47 billion in sales projected within a decade. The Micron-Quest partnership offers cannabis growers a regulatory-compliant, environmentally-sound alterative to process the production by-product - thousands of tons of pharmaceutical-laden cannabis waste.
The Micron Cannavore was designed to meet the specifications of Aurora Cannabis Inc. ("Aurora") (TSX:ACB), per a collaboration announced in December 2017, for a clean technology solution to process organic waste generated from the growth and cultivation of cannabis, while mitigating concerns about the potential environmental impact.
The industrial-grade Cannavore pulverizes and renders cannabis waste in combination with a proprietary blend of microbes and enzymes designed and developed by Micron. Importantly, as part of Micron's full-system waste treatment platform, effluent from the digester is further treated to derive clean greywater which can be re-used in growing operations. Alternatively, the treated regulatory-compliant greywater from the Cannavore, which exceeds municipal discharge standards, can be safely discharged. Active pharmaceutical ingredients (APIs) in cannabis waste are further biologically treated via a proprietary process to denature cannabinoids present, keeping them out of watersheds, preventing bio-accumulation. Being an aerobic process, it does not emit methane. On-site processing eliminates need for conventional waste methods such as trucking, landfilling and incineration.
Micron's Cannavore Digester and Organic Waste Digester units has been awarded an Industrial Design Certificate of Registration from the Canadian Intellectual Property Office (CIPO), with patent pending in the United States."
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Recently, the Company announced that it had completed the creation of four wholly-owned subsidiary companies. This new corporate structure more suitably reflects the distinct customer bases and business applications for each subsidiary, thereby allowing the Company to focus its future research and consider financing structures and industry partnerships specifically optimized to each. Lexaria CanPharm Corp. is a Canadian company focused on providing DehydraTECH technology and other enhancements to the global cannabis industry. Lexaria Nicotine Corp. is a U.S. company with a global license to provide DehydraTECH technology to the global nicotine and tobacco industries. Lexaria Hemp Corp. is a U.S. company globally licensed to provide DehydraTECH to the rapidly growing hemp-based foods and supplements industries, while Lexaria Pharmaceutical Corp. is a U.S. company globally empowered to license DehydraTECH to the large and diverse pharmaceutical sectors.
VIVO Cannabis Inc. (OTCQX: VVCIF) based in Napanee, Ontario, is recognized for trusted, high-quality products and services. In August 2018, VIVO acquired Canna Farms Limited, a premium cannabis company based in Hope, British Columbia. Earlier this month, the Company announced that it has entered into an agreement with Pharmascience Inc., a global pharmaceutical company based in Montreal that holds a Dealer's License from Health Canada, to develop products containing cannabis that will make it easier for patients to use medical cannabis. The partnership reflects VIVO's commitment to research and innovation and its goal of creating novel products which improve the safety and efficacy of medical cannabis. On behalf of VIVO, Pharmascience is creating a line of specific medical cannabis formulations that are intended to maximize therapeutic benefit to patients by using pharmaceutical quality standards. It is anticipated that health care professionals and patients will welcome the availability of precisely-controlled, high-quality, standardized dosage forms of cannabis.
Aurora Cannabis Inc. (OTCQX: ACBFF) is one of the world's largest and leading cannabis companies. In September, the Company announced its financial and operational results for the fourth quarter and fiscal year ended June 30th, 2018. Revenue in Q4 2018 was USD 19,147, up 223% compared to the same period in 2017. Gross margin on medical cannabis was 74%, up 28% compared to the fourth quarter of 2017. This increase was primarily due to a higher average selling price per gram of dried cannabis, coupled with a higher proportion of cannabis oil sales in the Company's sales ratio. Cash cost of sales and cash cost to produce per gram of dried cannabis sold both decreased 11% when compared to the same period in 2017. This decrease was primarily due to efficiencies from automation and yield expertise.
General Cannabis Corp. (OTCQX: CANN) is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. Earlier this year, the Company announced financial results for the quarter ended June 30th, 2018. "We broke the $1 million revenue ceiling in the second quarter of 2018, with revenues of $1,114,541, an increase of 34% over 2017. Year to date revenues increased 32% in 2018 over 2017," said Robert Frichtel, Chief Executive Officer of General Cannabis. "Our Operations segment continues to find opportunities from the expansion of legalized cannabis in numerous states, our Security segment is gaining traction in California, and Chiefton's apparel business is achieving broader, national success," continued Mr. Frichtel.
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