NEW YORK, March 20, 2017 /PRNewswire/ --
FinancialBuzz.com News Commentary
The fast-growing legal cannabis industry could become a major driver of the U.S. economy. According to a new report published by New Frontier Data, the legal cannabis market is projected to reach more than $24 billion by 2025, and generate $2.3 billion in state tax revenue from retail sales by 2020. Many states in the U.S. see significant economic benefits from legalizing cannabis. Colorado, where recreational cannabis has been legal since 2014, sold $1.3 billion of legal cannabis in 2016 and generated almost $200 million in tax revenue, according to the Colorado Department of Revenue tax data. The pace of cannabis legalization in the United States has accelerated and this could boost the economy, by creating more jobs and increasing state tax revenues. ChineseInvestors.com, Inc. (OTC: CIIX), Cara Therapeutics (NASDAQ: CARA), Insys Therapeutics Inc. (NASDAQ: INSY), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), GW Pharmaceuticals (NASDAQ: GWPH)
New Frontier Data CEO, Giadha Aguirre De Carcer said: "During this tough economy, states are looking for any way to close their budget shortfalls and it appears that cannabis may hold an answer for them. New Frontier Data looked at the potential revenues that could be generated from state cannabis taxes and found that in this year alone, states could raise nearly $750 million and triple that number by 2020. These revenues will have a meaningful impact on state programs and provide governors with much needed breathing room in their budgets."
ChineseInvestors.com, Inc. (OTCQB: CIIX) just announced this morning that it has established and registered XiBiDi Biotechnology Co., Ltd., in the Pudong Free-Trade Area in Shanghai, with registered capital requirements of $1.45 million USD over the next 10 years. XiBiDi Biotechnology will focus on the online and offline sales of health products, including hemp-derived CBD (cannabidiol) oil, as well as hemp-based food and beverages. Notably, the Chinese character "XiBiDi" is homophonic to "CBD" in English.
"I am delighted about the establishment and registration of our new hemp company," says CIIX Founder and CEO, Warren Wang. "XiBiDi Biotechnology is strategically located in the Pudong Free-Trade Area of Shanghai, China, where we have the opportunity to reach a consumer base of nearly 1.4 billion people. We believe that this large population affords XiBiDi an outstanding opportunity to be the provider of choice for natural hemp products."
XiBiDi Biotechnology will be the operator of CIIX's recently launched CBD online store, http://www.ChineseCBDoil.com, which will primarily focus on selling, where-legal, hemp-based CBD nutrient and health products to Chinese-speaking customers worldwide, through the online retail process. CIIX is also in preparations to open a retail store based in the predominantly Chinese community of San Gabriel, California.
The establishment of XiBiDi Biotechnology supplements these ventures, as well as the Company's broader mission to develop its presence in the hemp industry. In addition to retail and direct sales, the Company will focus on the legal import of hemp-based (but not CBD oil products) health products in China - a population increasingly interested in the health benefits of hemp and CBD oil - and the export of hemp food and beverages to the United States, Canada and Europe. XiBiDi Biotechnology is registered as a wholly foreign enterprise, and the registration is expected to be completed by the end of March."
Cara Therapeutics (NASDAQ: CARA) is a clinical-stage biotechnology company, focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus, by selectively targeting peripheral kappa opioid receptors. The company's CR845, is a peripherally acting kappa opioid receptor agonist, currently in development for the treatment of acute and chronic pain and pruritus. In multiple randomized, double-blind, placebo-controlled Phase 2 trials in patients undergoing laparoscopic hysterectomy or bunionectomy procedures, I.V. CR845 treatment resulted in statistically significant reductions in both, pain intensity and opioid-related side effects.
Specialty pharmaceutical company, develops and commercializes supportive care products, Insys Therapeutics Inc. (NASDAQ: INSY), markets Subsys, a sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant cancer patients in the United States. Its lead product candidate is Syndros, an orally administered liquid formulation of dronabinol. The Company is also developing Cannabidiol Oral Solution, a synthetic cannabidiol for childhood catastrophic epilepsy syndromes; and other product candidates, including other dronabinol line extensions and sublingual spray product candidates.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company, focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. Zynerba is developing therapeutic candidates, based on proprietary transdermal technologies that, if successfully developed, may allow sustained, consistent and controlled delivery of therapeutic levels of two cannabinoids: cannabidiol (CBD), a non-psychoactive cannabinoid, and tetrahydrocannabinol (THC). Transdermal delivery has the potential to reduce adverse effects associated with oral dosing.
GW Pharmaceuticals (NASDAQ: GWPH) is a developer for plant-derived cannabinoid therapeutics that has successfully developed the world's first prescription medicine made from the cannabis plant, Sativex (nabiximols), for the treatment of spasticity due to multiple sclerosis. The Company's lead cannabinoid product candidate is Epidiolex, which is a liquid formulation of pure plant-derived cannabidiol. The Company operates through three segments: Commercial, Sativex Research and Development, and Pipeline Research and Development. The Commercial segment distributes and sells the Company's commercial products. The Sativex Research and Development segment seeks to maximize the potential of Sativex through the development of new indications. The Pipeline Research and Development segment seeks to develop cannabinoid medications other than Sativex, across a range of therapeutic areas using its cannabinoid technology platform.
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