NEW YORK, July 17, 2018 /PRNewswire/ --
According to the data provided by Energias Market Research, the global medical cannabis market is anticipated to increase in value from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024, and at a CAGR of 19.1% from 2018 to 2024. There are several important factors that contribute to the expansion of the market, including a growing recognition of medicinal benefits, increasing demand for cannabis in the treatment of diseases, and also growing R&D investments. Sales of cannabis products for recreational purposes are also projected to increase, as California's new recreational cannabis laws went into effect earlier this year. While California is the largest market, Canada will show strong sales as well; a report by Deloitte estimates the Canadian market will be worth at least USD 5 Billion in sales this year. GreenTec Holdings Ltd. (TSX-V: GTEC), MYM Nutraceuticals Inc. (OTC: MYMMF), Namaste Technologies Inc. (OTC: NXTTF), Vitality Biopharma (OTC: VBIO), Abattis Bioceuticals Corp. (OTC: ATTBF)
In the U.S., the potential financial benefits from legalization are important economically and politically. In states like California, for example, analysts are projecting an increase in sales of cannabis contributing to California's tax revenue and job creation. Arcview Group estimates that it will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall. Troy Dayton, CEO of The Arcview Group explained, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers."
GreenTec Holdings Ltd. (TSX-V: GTEC) is listed on the TSX Venture Exchange under the ticker ("GTEC"). Just yesterday, the company announced breaking news that, its wholly owned subsidiary Zenalytic Laboratories ("Zen Labs") received its Dealer's License from Health Canada on July 13, 2018. On June 26th, 2018, Health Canada's Regional Regulatory Compliance & Enforcement Team was on-site for a scheduled licensing inspection at Zen Labs. The Zen Labs Dealer's License was issued 17 days later pursuant to the provisions of the Controlled Drugs and Substances Act - Narcotic Control Regulations. Accordingly, Zen Labs is now classified as a Licensed Dealer.
Zen Labs is now authorized to perform analytical testing on cannabis and specific cannabinoids. In addition, Zen Labs intends to apply for amendments to the license to further conduct other activities relating to cannabis.
"Obtaining a Dealers License is a major step forward for the GTEC group of companies", said Norton Singhavon, Chairman & CEO of GTEC Holdings. "The Dealers License will play a key role in allowing GTEC to achieve greater control of its cannabis production supply chain. We are extremely pleased that the turnaround time with Health Canada was only 17 days from the initial inspection."
About Zen Labs - Zen Labs is a full-service chemical and microbiological diagnostics laboratory for soil, water, and cannabis. Zen Labs will analyze cannabinoid profiles, moisture content, heavy metals, microbials, aflatoxins, pesticides and other contaminants as per the regulations set out by Health Canada's ACMPR, for Licensed Producers, Production for Own Medical Purposes, Production by a Designated Person, and individuals who are authorized for personal medical consumption. Zen Labs also intends to conduct full analytical testing on terpene profiling and residual solvents for authorized clients.
About GTEC - GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce Farms Inc., Falcon Ridge Naturals Ltd., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd., and Spectre Labs Inc.
MYM Nutraceuticals Inc. (OTCQB: MYMMF) is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. The Company recently announced that it has entered into an Investment Agreement to acquire a 49% stake in Colombian cannabis company, Colombia Organica, that currently holds a seed to sale license for low THC cannabis. This license permits Colombia Organica to grow, produce and create cannabis derivatives to be commercialized and / or exported. The International Board for the Control of Narcotics recently assigned Colombia a quota equal to 44% of global medicinal cannabis production, giving Colombia a major advantage in the global export market. MYM and Colombia Organica plan to leverage Colombia's outside quotas to export cannabis derivatives for medicinal purposes to legal markets throughout the world. "With low production costs expected to be less than 20 cents per gram versus Canadian producers at USD 1.25 per gram or higher, ideal climate, and a large pool of skilled, low cost agricultural labor, highly developed logistic chains, and a highly supportive federal government, Colombia is anticipated to dominate global markets for cannabis production," said Rob Gietl, CEO of MYM.
Namaste Technologies Inc. (OTCQB: NXTTF) is a global leader in the sale of medical cannabis consumption devices. Namaste recently announced that the Company has signed a consulting agreement with Cannbit Ltd., whereby Cannbit will provide domestic consulting services to Namaste that will streamline the Company's Israeli operations, expand its platform and increase domestic revenues. Namaste's recent announcement of its 10% investment in Cannbit, with Cannbit's intention to publicly list on the Tel Aviv Stock Exchange ("TASE"), is further supported by this strategic partnership. Namaste has identified strong growth potential in its Israeli market and will focus on the expansion of its current platform as well as introducing new technology like its telemedicine application, NamasteMD and Findify's AI technology in Israel. Cannbit will provide Namaste with local resources to facilitate this growth.
Vitality Biopharma (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. The Company recently announced that it has received approval from both the U.S. Drug Enforcement Administration (DEA) and the State of California Research Advisory Panel which permits the Company to continue development of its novel cannabinoid pharmaceutical prodrugs. Vitality Biopharma's operations are in compliance with federal controlled substance regulations and are enabling development of a novel class of cannabinoid prodrugs that avoid psychoactivity. The Company's lead compound VBX-100 is a proprietary prodrug of THC that is targeted to the gastro-intestinal tract, meaning it reduces or avoids entry of THC into the bloodstream or brain. "Our biocatalysis and drug manufacturing capabilities have advanced rapidly over the past 18 months, and we're excited to continue this work with oversight from DEA, the State of California, and also the FDA," said Dr. Brandon Zipp, Director of R&D, and Scientific Co-founder of Vitality Biopharma.
Abattis Bioceuticals Corp. (OTCQB: ATTBF) is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. Abattis recently announced that it has entered into a definitive investment agreement dated June 27th, 2018 with XLABS Therapeutics Inc. to launch a new Cannabis laboratory in Belleville, Ontario. The Laboratory will be designed to service Ontario's growing cannabis sector, which currently numbers 59 licensed producers. The Laboratory will be housed in a 320,000 sq. ft. building. Abattis and XLABs plan for an initial build-out of 10,000 sq. ft., with plans to expand into the remaining 310,000 sq. ft. available at the Belleville Facility through organic growth and further joint-ventures. "This is another very significant milestone for Abattis," stated Rob Abenante, President and CEO of Abattis. "Launching a laboratory of this size will substantially expand our lab business and strengthen our downstream service offerings."
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