NEW YORK, June 20, 2018 /PRNewswire/ --
A market report by Arcview Market Research, in partnership with BDS Analytics, predicts that adult-use cannabis spending will account for USD 38.3 Billion, while medical spending will reach USD 19.1 Billion. North America will remain the largest in terms of spending volume, growing from USD 9.2 Billion in 2017 to USD 47.3 Billion in 2027, but due to the market's massive size, the growth rates will remain relatively low at a Compound Annual Growth Rate (CAGR) of 18%. The largest growth is expected to occur within the Rest of World (RoW) markets, where spending on cannabis products is forecast to grow from USD 52 Million in 2017 to USD 2.5 Billion in 2027, and at a CAGR of 47%. WeedMD Inc. (OTC: WDDMF), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), GW Pharmaceuticals PLC (NASDAQ: GWPH), Canopy Growth Corporation (NYSE: CGC), Innovative Industrial Properties, Inc. (NYSE: IIPR)
In the U.S., the potential financial benefits from legalization are important economically and politically. In states like California, where sales of products for recreational use has officially become legal at the beginning of the year, analysts are projecting the increase in sales of cannabis to be a major contribution to California's tax revenue and job creation. Arcview Group analysis approximations show that this will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall.
WeedMD Inc. (OTC: WDDMF) also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier today the company announced breaking news that, "it has entered into an agreement to become a medical cannabis supplier to Shoppers Drug Mart.
Subject to Health Canada's approval of Shoppers Drug Mart's application to be a licensed producer, under the terms of the agreement the Company will supply Shoppers Drug Mart with WeedMD and affiliate branded medical cannabis products. It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies.
"WeedMD's medical cannabis products have become a trusted source for the seniors' market and we are excited to expand accessibility to all medical cannabis patients through this strategic agreement with Canada's leading provider of pharmacy products and services," said Michael Kraft, Chairman of WeedMD. "As one of the most trusted names in pharmacy retailing and patient support services, we are pleased to be partnering with Shoppers Drug Mart as it looks to WeedMD for the supply of premium medical cannabis. Our strains directed at seniors' and women's' health will add a range of depth to Shoppers Drug Mart's anticipated medical cannabis product offerings."
WeedMD's expansion into its recently licensed large-scale, fully-funded modern greenhouse will be the main supply source for its medical cannabis patients in addition to the future adult-use market.
WeedMD Inc., is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and a second cultivation site at its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays - including as it pertains to regulatory requirements, indications and potential side effects.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. The Company reported new longer-term open-label clinical data in the Emerging Science session of the 2018 Annual Meeting of the American Academy of Neurology in Los Angeles, CA. In a poster presentation entitled, "Transdermal Cannabidiol Gel for the Treatment of Focal Epilepsy in Adults," Dr. John Messenheimer presents additional data from ongoing STAR 2 (Synthetic Transdermal CAnnabidiol for the TReatment of Epilepsy) 24-month open-label extension study evaluating ZYN002 cannabidiol transdermal gel in adult patients with focal seizures. The presentation includes data through twelve months of open-label exposure to ZYN002. The key findings include that responses to ZYN002 in the STAR 2 open-label extension, as measured by reductions in focal seizures from the baseline period of STAR 1, are associated with continued treatment with ZYN002. In addition, ZYN002 was shown to be well tolerated through 12 months of treatment in STAR 2. Moreover, in STAR 2, longer-term exposure to ZYN002 resulted in greater improvements in seizure frequency among all ZYN002-treated patients. "These data continue to suggest that focal seizures may be reduced with longer-term exposure to transdermally-delivered CBD," said Dr. Liza Squires, Zynerba's Chief Medical Officer.
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. The Company announced that The New England Journal of Medicine has published results from a Phase 3 study of Epidiolex® in patients with Lennox-Gastaut syndrome, a rare, severe and difficult to treat a form of childhood-onset epilepsy. Results from this study represent the only well-controlled clinical evaluation of a pharmaceutical cannabinoid medication for this severe, drug-resistant condition. Epidiolex is also being studied for the treatment of a number of other rare, severe childhood-onset epilepsy disorders. The primary efficacy endpoint of this trial was the percentage change from baseline in monthly drop seizure frequency during the treatment period (two-week dose escalation period followed by 12 weeks of maintenance) compared to the four-week baseline period before randomization. Results from key secondary endpoints showed that a significant number of patients receiving Epidiolex 10 mg/kg/day (36 percent) and Epidiolex 20 mg/kg/day (39 percent) experienced a 50 percent or greater reduction in monthly drop seizures compared with those taking placebo (14 percent, p=0.003 and p<0.001 respectively).
Canopy Growth Corporation (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. The Company recently provided the following updates on its medical cannabis program and to re-affirm its strong commitment to medical cannabis, the patients who depend on it, and the Healthcare Professionals who prescribe it. Marking a major milestone for medical cannabis in Canada, a Phase IIb "in-human" clinical trial application was submitted by Canopy Health Innovations Inc. to evaluate the use of medical cannabis in the treatment of insomnia. Having received approval to proceed with these clinical trials in the form of a No Objection Letter from Health Canada, Canopy Health will now proceed with these robust clinical trials, in collaboration with a leading Canadian research institution. In light of the significant potential for cannabis in treating a range of medical conditions, this is the first in a planned series of trials to investigate and quantify the therapeutic effect of cannabis and cannabinoids across a selection of indications with significant unmet needs, working towards the ultimate goal of patented, insurance-eligible cannabinoid-based medicines.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. The Company recently announced that it closed on the acquisition of the property located at Lot 1, Hopping Brook Road, Holliston, Massachusetts, and entered into a long-term lease and development agreement with a subsidiary of PharmaCann LLC for an approximately 26,000 square foot industrial facility and an approximately 32,000 square foot greenhouse facility on the property. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with the PharmaCann subsidiary, which intends to operate the property upon completion of development as a medical-use cannabis cultivation and processing facility in accordance with Massachusetts medical-use cannabis regulations. We are very pleased to extend our relationship with PharmaCann and support their continued growth into new states," said Paul Smithers, President and Chief Executive Officer of the Company. "We believe that PharmaCann's highly skilled team of professionals sets a very high bar for operational excellence and quality, and we look forward to the continued expansion of their platform to reach more and more patients in need."
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