NEW YORK, November 14, 2016 /PRNewswire/ --
http://www.Financialbuzz.com - The election on Tuesday was a major victory for the legal cannabis industry. Using Recreational cannabis is now legal in California, by far the largest market in the sector. In addition, three other states decided on the measures - Maine, Nevada, and Massachusetts. After Tuesday, 20 percent of Americans can legally use Cannabis and according to polls, 60 percent of Americans support legalizing cannabis, up from 31 percent in 2000. The market for both recreational and medicinal cannabis is projected to grow to $22 billion by 2020 according to Arcview Group. Cannabix Technologies Inc. (OTC: BLOZF), United Cannabis Corp (OTC: CNAB), Insys Therapeutics Inc. (NASDAQ: INSY), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), GW Pharmaceuticals (NASDAQ: GWPH).
The results this Tuesday may impact other states to seriously consider Cannabis reform. The recent victories last week has renewed debate within the states, and may even help lift the federal ban. The gap between states regarding cannabis legalization creates complications, both for the governments and the businesses involved. An example, considering this, the government is collecting new tax dollars from cannabis companies. However, because of the federal ban, these same companies often can't open bank accounts, thus complicating their operations.
The cannabis market is becoming diverse. Cannabix Technologies Inc. (OTC: BLOZF) for example is a developer of the Cannabix Marijuana Breathalyzer for law enforcement and the workplace. After the market close Friday, the company announced it, "is pleased to release images of its Beta 2.0 Cannabix Marijuana Breathalyzer. New images of the device can be viewed at http://www.cannabixtechnologies.com.
Cannabix has been using a methodical iterative product development process to develop its marijuana breathalyzer. Using this method, the product is developed in several prototype stages with each stage used to advance the product to subsequent stages. Cannabix has systematically moved the development of the Cannabix Marijuana Breathalyzer from a concept stage to its Beta 2.0 prototype.
The Beta 2.0 prototype encompasses a robust detection system and components platform that will be used in an eventual finalized product for manufacturing. The Beta 2.0 prototype has provided excellent sensitivity in lab testing and will be utilized to conduct scientific studies with live marijuana users (smokers and edible consumers) to test the device for its accuracy and sensitivity using a controlled scientific testing protocol. The results of the scientific test will be used to prepare submissions for approval of the Cannabix Marijuana Breathalyzer as a court-approved device by the Minister of Justice in Canada and the National Highway Traffic Safety Administration (NHTSA) in the United States. In addition, law enforcement officials and regulators for the Minister of Justice and the NHTSA will be consulted regarding additional features, roadside protocol, ease of use, and to define a final housing design for a finished product.
Professor Richard Yost, Head of Analytical Chemistry at the University of Florida and Scientific Advisor on the FAIMS Cannabix Marijuana Breathalyzer states: "When Cannabix first approached our lab with the goal of building a device that could detect trace amounts of THC through exhaled breath, we were excited to face the challenge. We have been able to use our expertise and patent in FAIMS technology and build a device that achieves the required sensitivity and specificity but also will be a handheld portable device, similar to alcohol breathalyzers. We are extremely pleased and proud to be working on the design of a portable Cannabix Marijuana Breathalyzer that will be used by Law Enforcement to collect evidence of impaired driving and ensure safety on our roads as marijuana use becomes accepted in society and its use continues to grow."
United Cannabis Corp (OTCQB: CNAB) is involved in a unique business around medical spa management. CNAB centers on providing products, services and intellectual property to the cannabis industry. It owns intellectual property concerning to the legalized growth, production, manufacture, marketing, management, utilization and distribution of medical and recreational marijuana and marijuana infused products. The Company focuses on evolving the use of phytocannabinoid therapeutics in medicine through examination, product development and education.
Researchers of Insys Therapeutics Inc. (NASDAQ: INSY) is currently studying the effects of Cannabidiol Oral Solution as an Adjunctive Treatment for Treatment-resistant Seizure Disorder. According to its research, this is a multicenter, open-label trial to assess the long-term safety and efficacy of Cannabidiol Oral Solution as adjunctive therapy for pediatric and adult subjects with treatment-resistant seizure disorders, including Lennox-Gastaut syndrome or Dravet syndrome. This clinical trial only allows those who have rolled over from previous trials. The total daily dose (mg/kg/day) will be evenly split between morning and evening doses. If tolerability issues arise, the participant's dose may be changed at the investigator's discretion.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) focuses on increasing and commercializing synthetic cannabinoid therapeutics expressed for transdermal delivery. The Company is weighing in on two product candidates, ZYN002 and ZYN001, in over five indications. The Company aims to study ZYN002 in patients with refractory epilepsy, osteoarthritis and Fragile X syndrome. The Company's ZYN002 is synthetic cannabidiol formulated as a permeation-enhanced gel for transdermal delivery. The Company aims to test the ZYN001 patch for application to the arm, back and thigh. The Company plans to study ZYN001 in patients with fibromyalgia and peripheral neuropathic pain.
GW Pharmaceuticals plc (NASDAQ: GWPH) pipeline which is approved for the treatment of spasticity due to multiple sclerosis in 29 countries outside the U.S., Sativex®, commercializes the world's first plant-derived cannabinoid prescription drug. GW has a profound pipeline of additional cannabinoid product candidates which include compounds in development for epilepsy, glioma and schizophrenia. GW is in a unique situation to mature and manufacture plant-derived cannabinoid formulations worldwide at sufficient quality, uniformity and scale for the purposes of pharmaceutical development and to meet worldwide regulatory requirements.
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