NEW YORK, July 9, 2018 /PRNewswire/ --
According to a new report by Deloitte, Canadians are expected to spend as much as USD 7.17 Billion on cannabis products in 2019 and increase their overall consumption by up to 35% once recreational cannabis is fully legalized later this year. Legal recreational cannabis sales could generate up to USD 4.34 Billion in sales, accounting for more than half of total cannabis sales, but the illegal market could still be worth more than USD 1 Billion a year. Sales of cannabis products for recreational uses are also projected to increase in the United States, as California's new cannabis laws went into effect earlier this 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), MedReleaf Corp. (OTC: MEDFF), Innovative Industrial Properties Inc. (NYSE: IIPR), GW Pharmaceuticals plc (NASDAQ: GWPH), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF)
On June 25th, the U.S. Food and Drug Administration (FDA) approved Epidiolex oral solution for the treatment of seizures associated with two rare and severe forms of epilepsy in patients two years of age and older. This is the first FDA-approved drug that contains a purified drug substance derived from marijuana. "This approval serves as a reminder that advancing sound development programs that properly evaluate active ingredients contained in marijuana can lead to important medical therapies. And, the FDA is committed to this kind of careful scientific research and drug development," said FDA Commissioner, Scott Gottlieb, M.D. "Controlled clinical trials testing the safety and efficacy of a drug, along with careful review through the FDA's drug approval process, is the most appropriate way to bring marijuana-derived treatments to patients."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier last week, the Company announced breaking news that, "it has entered into an agreement with the Alberta Gaming, Liquor & Cannabis Commission ("AGLC") to supply the province with high-quality, branded cannabis products for sale in Alberta's adult-use market.
"We're proud that the AGLC has selected WeedMD as a cannabis supplier to join its network as it looks to establish a cannabis framework for its adult-use markets," said Keith Merker, Chief Financial Officer of WeedMD. "This represents a strategic partnership as we look to expand our product reach across the country to support Canada's legal adult-use market. Alberta's high standards align with the highly-regarded quality of our cultivation standards, product portfolio, and commercial practices as we look to meet the expected demand of this new market."
WeedMD will supply the Alberta market with cannabis products starting the first day of legal sales. This agreement represents a key milestone in WeedMD's strategic plan to develop a national distribution platform for the Company's medical and adult-use products, building upon the recent announcement of WeedMD's supply agreement with Shoppers Drug Mart. WeedMD is actively working with provincial distributors, regulators, and retailers to expand its adult-use distribution program, particularly as the Company completes the final stages of its 220,000 sq. ft. greenhouse retrofit within its 610,000 sq. ft. greenhouse facility in Strathroy, Ontario."
MedReleaf Corp. (OTC: MEDFF) is an R&D-driven company dedicated to innovation, operational excellence and the production of top-quality cannabis. Recently, the Company announced that it has completed a supply agreement with the Alberta Gaming, Liquor & Cannabis Commission to supply high-quality adult recreational-use cannabis products. Under the terms of the agreement, MedReleaf is committed to supplying the AGLC with cannabis products in a variety of formats including dried flower and capsules. As Canada's leading supplier of premium medical and recreational cannabis, MedReleaf is recognized for its commitment to cultivating consistent, safe, high-quality cannabis. That same exceptional quality is applied to the cultivation and production of all recreational cannabis products.
Innovative Industrial Properties Inc. (NYSE: IIPR) is the pioneering real estate investment trust for the medical-use cannabis industry. In late May, the Company 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 sq. ft. industrial facility and an approximately 32,000 sq. ft. 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. The initial term of the lease is 15.25 years, with two options to extend the term for two additional five-year periods.
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 June 25, 2018, the Company announced that the U.S. Food and Drug Administration has approved EPIDIOLEX® oral solution for the treatment of seizures associated with Lennox-Gastaut syndrome or Dravet syndrome in patients two years of age or older. EPIDIOLEX is the first prescription pharmaceutical formulation of highly-purified, plant-derived cannabidiol, a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs. Product availability is pending rescheduling which is expected to occur within 90 days.
The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations to cultivate medical cannabis. On June 27, 2018, the Company announced it has signed a letter of intent for a 50/50 joint venture with Queen Genetics/Knud Jepsen A/S based in Hinnerup, Denmark. The JV will initially consist of 200,000 sq. ft. located within Knud Jepsen's 1.3 Million sq. ft. state-of-the-art automated greenhouses in Denmark. The approximately 200,000 sq. ft. of advanced buildings to be dedicated to the JV were designed and engineered by Thomas Larssen of Aurora Larssen Projects Inc. and will provide an opportunity for TGOD to increase its total organic funded capacity by approximately 25,000 kgs. This will provide a consistent supply of high-quality organic cannabis grown in Europe, ready for the local European markets and increases TGOD's funded capacity to 195,000 kgs.
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