NEW YORK, June 14, 2018 /PRNewswire/ --
According to a research report provided by Marijuana Business Daily, cannabis retail sales continue to grow year-over-year as new markets emerge and more states legalize medical and recreational cannabis. Sales in 2018 are expected to surge by approximately 50% compared to last year, meaning sales value is on track to reach USD 8 Billion - USD 10 Billion by the end of this year. The research also estimates that by 2022, annual retail cannabis sales in the United States could top USD 20 Billion, a 200% increase from 2017. As for the economic impact that the new growing industry is set to have, the data predicts an estimated USD 28 Billion - USD 34 Billion economic impact in 2018. WeedMD Inc. (OTC: WDDMF), Intec Pharma Ltd. (NASDAQ: NETC), Therapix Biosciences Ltd. (NASDAQ: TRPX), Axim Biotechnologies, Inc. (OTC: AXIM), Cronos Group Inc. (NASDAQ: CRON)
"The cannabis sector currently employs an estimated 125,000 to 160,000 full-time workers," industry analyst and Editorial Vice President of MJBizDaily, Chris Walsh, explained at The Marijuana Business Conference & Expo, according to a report from Fortune. "To put this in perspective, there are potentially more full-time marijuana industry workers than there are librarians or kindergarten teachers throughout the country - and over 6 times the number of coal miners in the U.S."
WeedMD Inc. (OTC: WDDMF) also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Yesterday WeedMD Inc. and Revive Therapeutics Ltd. (TSX-V: RVV) (OTCQB: RVVTF) (FSE: 31R), a company focused on the research, development and commercialization of novel cannabinoid-based therapies, announced that, "they have entered into medical cannabis research and development supply and collaboration.
Under the Agreements, WeedMD will supply Revive with cannabidiol for the research program evaluating CBD in the treatment of liver disease, specifically non-alcoholic steatohepatitis and autoimmune hepatitis. Working alongside Revive, WeedMD will support the research, development and potential commercialization of CBD in the treatment of liver disease. Additionally, Revive and WeedMD will identify opportunities for developing and commercializing medical cannabis products and therapies for potential collaboration in other treatments.
'The relationship with WeedMD represents a significant milestone for Revive as we have secured a strategic supply of medical-grade CBD for our research, development and commercialization efforts for liver diseases,' said Fabio Chianelli, President of Revive. 'With WeedMD's commitment to the research, development and commercialization of medical grade cannabis, they are the ideal strategic partner for Revive to accelerate the execution of our business plan in commercializing novel cannabinoid-based therapies and to validate our commercial development efforts in the medical cannabis market.'
'WeedMD continues to push ahead with its research and development initiatives, both independently and with research institutions to accelerate cannabinoid applications and delivery system innovations, in addition to collecting valuable data about strains and their effects,' said Dr. Luc Duchesne, Chief Scientific Officer of WeedMD. 'Both WeedMD and Revive are making advances as participants in the pharmaceutical cannabis market which begins with the validation of new products and innovations through clinical-evidence and the establishment of intellectual property.'
Having recently secured the intellectual property for its own delivery systems, Revive has assembled a diversified pipeline of pharmaceutical, prescription, and over the counter (OTC) products and together with WeedMD, they will evaluate the efficacy of CBD in the treatment of NASH and AIH, in addition to other potential indications in the future."
Intec Pharma Ltd. (NASDAQ: NETC) is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The Company recently announced financial results for the three months ended March 31, 2018. The Company raised approximately USD 37.5 Million in a public offering of 6.75 Million ordinary shares and 400,000 ordinary shares following the exercise of part of the underwriters' over-allotment option. Furthermore, Jeffrey A. Meckler, Vice Chairman and Chief Executive Officer of Intec Pharma., said, "Following on favorable PK data from our Phase 1 study of AP-CBD/THC, which combined two key components of cannabis, we are moving forward with a series of Phase 1 PK studies of each of these components alone and in combination. We will initiate the AP-THC study in the second half of 2018. We believe that exploring the individual components of cannabis provides the potential to pursue additional opportunities in target pain indications."
Therapix Biosciences Ltd. (NASDAQ: TRPX) is a specialty clinical-stage pharmaceutical company specializing in the development of cannabinoid-based therapies, proprietary formulation for the treatment of CNS and pain disorders. The Company recently announced that the first subject was enrolled for its Phase IIa, sponsor-initiated clinical trial using the Company's cannabinoid-based technology THX-110 for Obstructive Sleep Apnea, at Assuta Medical Center, the largest private hospital network in Israel. The clinical trial is a single-arm, open-label trial, in which 30 subjects receive one daily treatment of the drug via oral administration and is followed-up for one month with the primary efficacy endpoint evaluating a significant change in the AHI. It is estimated by the American Academy of Sleep Medicine that 12 percent of the U.S. adult population suffer from OSA, and the economic burden of undiagnosed sleep apnea in the United States alone is at nearly USD 150 Billion annually.
Axim Biotechnologies, Inc. (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that the company has secured additional funding needed to further its clinical development program through S-3 stock purchases. "This financing highlights our investor's confidence in AXIM and our potential for success in cannabinoid-based pharmaceutical research," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotech. "This deal will allow AXIM to move forward with a number of clinical projects including our bio-equivalent dronabinol chewing-gum based product and the MedChewRx™ program for treatment of pain and spasticity in Multiple Sclerosis patients."
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. The Company operates two wholly- owned Canadian licensed producers regulated under Health Canada's Access to Cannabis for Medical Purposes Regulations. Cronos Group recently announced it will hold its 2018 Annual and Special Meeting of Shareholders on Thursday, June 28, 2018 at 9:30 a.m. at the offices of Blake, Cassels & Graydon LLP located at 199 Bay Street, Suite 4000, Commerce Court West, Toronto. A live audio webcast and replay of the meeting will also be available in the investor relations section of the Company's website.
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