Data Shows Positive Projections for the Legal Cannabis Industry

NEW YORK, October 10, 2017 /PRNewswire/ --

According to a report by New Frontier Data, medical cannabis sales are forecast to grow to $5.3 billion in 2017, which is estimated to account for 67% of total cannabis sales. By 2025, medical sales in currently legal states are forecast to grow to $13.2 billion and will account for 55% of total sales. As for the adult-use (recreational) cannabis products, sales in 2017 are forecast to reach $2.6 billion, or rising to $10.9 billion by 2025. The state of California is expected to play a major role I the industry. The state's legal industry is forecast to grow from $2.8 billion in 2017, to $5.6 billion in 2020. Cannabis Wheaton Income Corp. (OTC: KWFLF), Vitality Biopharma, Inc. (OTC: VBIO), AXIM Biotechnologies, Inc. (OTC: AXIM), GW Pharmaceuticals plc (NASDAQ: GWPH), Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP)

"Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including e-commerce and delivery services in the state," said Giadha Aguirre de Carcer, New Frontier Data CEO. "As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."

Cannabis Wheaton Income Corp. (OTC: KWFLF) is also listed on the TSX Venture Exchange under the ticker symbol 'CBW'. On October 5th the company announced, "that they, along with Beleave's wholly-owned operating subsidiary Beleave Kannabis Corp., have entered a definitive agreement whereby Cannabis Wheaton will provide Beleave with up to $10,000,000 in non-dilutive debt financing by way of an instrument evidencing a debt obligation repayable in product equivalents (the "D.O.P.E. Note"). The proceeds of the D.O.P.E. Note will be used by Beleave to fund the construction of an expansion facility which will be situated adjacent to Beleave's current facility outside of Hamilton, Ontario."

Chuck Rifici, Chief Executive Officer of Cannabis Wheaton commented, "We are excited to announce this innovative financing instrument that will help our streaming partner Beleave achieve the non-dilutive capital they seek to further its objectives. The Cannabis Wheaton team is constantly looking for creative solutions to provide additional value to our streaming partners and we view the D.O.P.E. Note as another tool for the company to utilize in furtherance of that goal. It was a pleasure working with the incredible group of industry professionals who form the Beleave team to develop this industry-first D.O.P.E. Note. We view this transaction as the first milestone towards a long working relationship as we move forward to the larger, previously announced streaming transaction with Beleave to finance the build-out of a third proposed production facility and add further scale to the Beleave platform. We fundamentally believe this transaction is accretive to both our shareholders as well as Beleave's shareholders and it will result in a true win-win."

"Everyone at Beleave is thrilled to embark on this new partnership, and we expect it will yield outstanding results for all sides. It was a truly enjoyable experience working with an incredibly diligent and forward-thinking team at Cannabis Wheaton on this transaction," remarked Bojan Krasic, Chief Financial Officer of Beleave.

Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company announced the achievement of a biosynthesis breakthrough. Vitality has developed a proprietary biosynthesis technology that can modify cannabinoids in order to create pharmaceutical prodrugs that have no psychoactivity and that are able to provide targeted disease treatment. This process involves small molecule glycosylation, where sugar molecules are attached to cannabinoids, creating new compounds known as cannabinoid glycosides, or cannabosides. "With our cannabinoid pharmaceutical program, we are quickly moving from 'bench to bedside,' so it's important to recognize technical milestones like this one that have enabled and sped our progress," said Robert Brooke, CEO of Vitality Biopharma. "Our team first pioneered enzymatic biosynthesis methods for cannabosides and now has made their production far more efficient and scalable."

AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. The company recently announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 14/982,610, a patent that claims the use of an ophthalmic solution comprising cannabinoids for the treatment of glaucoma and symptomatic relief of conjunctival inflammation. A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from AXIM's patent application, 14/982,610, filed in December 2015.

GW Pharmaceuticals plc (NASDAQ: GWPH) has established a world leading position in the development of plant-derived cannabinoid therapeutics through its proven drug discovery and development processes, intellectual property portfolio and regulatory and manufacturing expertise. The company's lead product candidate is Epidiolex® (cannabidiol) for certain rare and severe early-onset, drug-resistant epilepsy syndromes. The company has a deep pipeline of additional clinical stage cannabinoid product candidates for both orphan and non-orphan indications with a particular focus on neurological conditions.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) is a Phase 3 clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases.  The Company's lead product candidate, anabasum, is a synthetic oral endocannabinoid-mimetic drug that preferentially binds to the CB2 receptor expressed on activated immune cells and fibroblasts. On September 25, 2017, the company announced today that it will present three abstracts from its cystic fibrosis research and clinical development programs at the 2017 North American Cystic Fibrosis Conference being held November 2-4, in Indianapolis, IN.

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