NEW YORK, November 7, 2016 /PRNewswire/ --
The legal issues on cannabis may be less prominent after November 8th as the question of whether cannabis should be legal is a major theme on the ballots this year. California, Arizona, Maine, Massachusetts, and Nevada are voting on measures that would make the drug legal to use for recreational purposes in small amounts for people over 21. Additional four states: Arkansas, Florida, Montana, and North Dakota will be voting to legalize medical marijuana. Arcturus Growthstar Technologies Inc. (OTC: AGSTF), United Cannabis Corporation (OTC: CNAB), Cannabis Sativa Inc. (OTC: CBDS), Cara Therapeutics Inc. (NASDAQ: CARA), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE).
If the use of cannabis for recreational purposes is voted in favor in the states mentioned, the legal cannabis market could surge to $11 billion by 2018 and $22 billion by 2020, according to the State of Legal Marijuana Markets report, published by ArcView Market Research. According to the report the market could go through a 30 percent annual growth rate.
Arcturus Growthstar Technologies Inc. (OTCQB: AGSTF) is indoor plant growth technology company that is engaged in the business of developing and distributing Agri-Tech Systems and light-emitting diode (LED)-based lighting solutions for both commercial and residential applications. The company provides scalable, indoor Controlled Environment Agriculture (CEA) systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment.
Arcturus Growthstar Technologies Inc. announces that it has signed a Letter of Intent ("LOI") to acquire a 10-acre operating greenhouse in Florida, in a County that is designated to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida's stringent criteria for agricultural farmers looking to manufacture Cannabis.
Mr. William Gildea, CEO of Arcturus Growthstar Technologies Inc. stated, "This is a major milestone for Arcturus and positions us for tremendous growth for years to come… With this acquisition, Arcturus is potentially positioned as one of the public sectors first movers into Florida's cannabis market." Mr. Gildea continues, "This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location."
United Cannabis Corp. (OTCQB: CNAB) will initiate the process of industrial hemp to extract cannabinoids, terpenes, and other compounds for the use in its products. Hemp is a Cannabis Sativa and the 2014 U.S. Farm Bill differentiates industrial hemp, describing it as "a plant of the genus cannabis and any part of the plant, whether growing or not, containing a delta-9 tetrahydrocannabinol concentration of no more than three-tenths of one percent on a dry weight basis."
Cannabis Sativa Inc. (OTCQB: CBDS) cultivates and markets natural cannabis products. The Company plans to develop, produce and market products through joint ventures with companies licensed under state regulations applicable to cannabis businesses. The Company is developing a third strain of cannabis plant named CT22. The Company also conducts its operations through its subsidiary, Wild Earth Naturals Incorporated. Wild Earth is an herbal skin care products formulation and marketing company that plans to target the natural healthcare products market in the United States and abroad. It offers Go Deep, Go Deep EXTRA, Face Garden, Body Garden and Lip Garden.
Biotechnology Company, Cara Therapeutics Inc. (NASDAQ: CARA) is currently enrolled in late stage studies with both IV and oral formulations of CR845 for three significant unmet medical indications. Cara initiated the enrollment of a Phase 2b trial of Oral CR845 for approximately 330 patients to direct treatment of pain associated with osteoarthritis and presented positive data at PAINWeek from the Phase 2a study of Oral CR845 in OA. Later, the company also initiated Phase 1 study with Oral CR845 in hemodialysis patients.
Clinical-stage pharmaceutical company devoted to the development of advanced transdermal synthetic cannabinoid treatments, Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) delivered an update for its drug-adhesive matrix transdermal patch, ZYN001 and synthetic cannabinoid that is a patent-protected permeation-enhanced gel, the ZYN002. Zynerba will start Phase 1 clinical trials for ZYN001 during the first half of 2017 and Phase 2 clinical trials will begin during the second half. As for ZYN002, three Phase 2 clinical trials will remain on schedule to report results during the first half of 2017. Two Phase 2 clinical trials are currently ongoing for ZYN002, in adults with refractory epilepsy and in knee pain related with osteoarthritis. Phase 2 clinical trials in patients with Fragile X Syndrome will start before the end of this year.
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