NEW YORK, March 13, 2018 /PRNewswire/ --
According to a recent report published by Forbes, Brightfield Group projects that the global cannabis market was worth $7.7 billion in the end of 2017, and is projected to reach $31.4 billion by 2021. The United States accounts for about 90 percent of the whole market. But the U.S. domination of the market is likely to decrease to approximately 57 percent due to legalization of cannabis products in other nations. Canada is considered as one of the largest markets for cannabis products and plans to legalize recreational cannabis later this year. Recently this year, California voted in favor of recreational cannabis laws, which were officially implemented on January 1st, 2018. WeedMD Inc. (OTC: WDDMF), Innovative Industrial Properties, Inc. (NYSE: IIPR), 22nd Century Group, Inc. (NYSE: XXII), GW Pharmaceuticals plc (NASDAQ: GWPH), Organigram Holdings Inc. (OTC: OGRMF)
"California gets the media attention and Canada gets the investment dollars as they allow adult use, but Germany's move to make cannabis flower available for medical use in pharmacies was really the big news of 2017 from a worldwide perspective" said Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics. "The tables have turned in favor of legalization across the world and we predict that the trend will spread as research continues to support cannabis' effectiveness as a medication."
WeedMD Inc. (OTC: WDDMF) is also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: WMD). Just earlier today the company announced breaking news that it, "is pleased to provide an update on its expansion, including the construction and retrofitting of its state-of-the-art 14-acre greenhouse facility in Strathroy, Ontario.
The first phase of construction covers 220,000 sq. ft. of the 610,000 sq. ft. greenhouse and is well underway. Upon completion of security installations and Health Canada site audit, WeedMD anticipates planting its first crop over the next month. With Phase I nearing completion and its first harvest expected in July 2018, WeedMD's annual production will increase from 1,500 kg to more than 21,000 kg. With Phase II of the expansion, the Company will begin to retrofit another 175,000 sq. ft. of greenhouse space, which will result in additional annual production of 12,000 kg. This will increase the production area to a total of 395,000 sq. ft. and the Company's annual production to more than 33,000 kg.
WeedMD's Greenhouse Expansion - The Company's expansion into its large-scale modern greenhouse will be the main supply source for its medical cannabis patients, ongoing wholesale supply to other LPs, and future adult-use consumers across Canada in addition to emerging international markets.
About our state-of-the-art modern greenhouse:
- Situated on 98-acres of expandable property with 610,000 sq. ft. or 14 acres of existing greenhouse structure in addition to ancillary buildings
- Phase I retrofit of 220,000 sq. ft. tempered glass greenhouse that is less than two years old is nearing completion with 22 individual climate-controlled 10,000 sq. ft. production rooms. This will enable WeedMD to harvest one room every 10-12 days, depending on the strain, on a rotational basis.
- Equipped with an on-site unlimited supply of natural clean water
- Modern fertigation system runs on full-recirculation loop which provides an accurate, innovative computerized method of monitoring plant nutrients and water. This will ensure that water is recycled and reused and does not leach into the surrounding area and that WeedMD meets its environmental responsibilities
- Exhaust from our boilers is scrubbed of CO2, cleaned and then utilized for production providing significant cost savings and ensuring optimal plant growth
With a true-hybrid greenhouse, WeedMD will be able to produce indoor quality cannabis, with maximum efficiency and extremely low costs.
"We are on solid footing with a fully-funded, 15-fold production expansion well underway and I am very pleased that we remain on-track and on budget. Our team is looking forward to our first harvest in July 2018," said Bruce Dawson-Scully, CEO of WeedMD. "Additionally, we are working hard on patient and seniors' care outreach and engagement programs in addition to launching our strategy for capturing the adult-use market that is expected to significantly increase demand across Canada."
WeedMD Exercises Option to Purchase Aylmer Property and Facility - WeedMD is also pleased to announce that it has exercised its option to purchase its original production site in Aylmer. This facility includes four acres of land and the Company's fully licensed and operational 26,000 sq. ft. of indoor production. In addition, WeedMD has the option to purchase an additional four acres of adjacent land to its existing property. This would bring the total footprint to eight acres and enable WeedMD to expand its indoor operations from 26,000 sq. ft. to more than 220,000 sq. ft."
Innovative Industrial Properties, Inc. (NYSE: IIPR) targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers under long-term, triple-net leases. On December 18, 2017, the company announced that it closed on the previously announced acquisition of the property located at 5900 West Greenhouse Drive in Willcox, Arizona, which comprises approximately 358,000 square feet of greenhouse and industrial space. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with a subsidiary of The Pharm, which intends to continue to operate the property as a medical-use cannabis cultivation and processing facility in accordance with Arizona medical-use cannabis regulations. The Pharm is one of the largest wholesalers of medical-use cannabis in the state of Arizona.
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows it to increase or decrease the level of nicotine in tobacco plants and the level of cannabinoids in hemp plants through genetic engineering and plant breeding. Currently, farmers cannot obtain crop insurance to protect against this risk. 22nd Century has developed a solution to this problem by creating industrial hemp plants that contain zero THC. The Company's ongoing research is product-oriented and focused on developing a range of next generation industrial hemp plants that contain optimized levels of medically important cannabinoids, such as CBD, CBC, and CBG. In collaboration with the Company's university research partners, Botanical Genetics is also working to optimize Hemp varieties for various climates around the world. THC-free cannabis is an ideal agricultural crop and an excellent source of medically important cannabinoids. 22nd Century has the exclusive rights to commercialize the plants arising from these collaborative projects in the United States.
GW Pharmaceuticals plc (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW, along with its U.S. subsidiary Greenwich Biosciences, is advancing an orphan drug program in the field of childhood-onset epilepsy with a focus on Epidiolex (cannabidiol), for which GW has submitted regulatory applications in the U.S. and Europe for the adjunctive treatment of Lennox-Gastaut syndrome and Dravet syndrome. On February 27, 2018, the company announced that the European Medicines Agency (EMA) has granted orphan drug designation for cannabidiol (CBD) for the treatment of tuberous sclerosis (TS). GW is currently recruiting a Phase 3 clinical trial of Epidiolex® (cannabidiol) as an adjunctive therapy for the treatment of seizures associated with TS, with data expected in the second half of 2018. Subject to positive results, GW expects to submit regulatory applications in 2019 for Epidiolex in TS in both the U.S. and Europe. GW has already received orphan drug designation from the FDA for CBD in the treatment of TS.
Organigram Holdings Inc. (OTCQB: OGRMF) is a leading licensed producer of medical marijuana based in Moncton, New Brunswick. Recently, the company announced the appointment of Guillermo Delmonte as the President, of its new international division. Mr. Delmonte will assume his new role effective March 8, 2017. A proven leader in the international cannabis and CBD marketplace, Mr. Delmonte joins the Organigram team following two and a half years as Chief Executive Officer at ICC Labs Inc., a leading international hemp and cannabis producer. In this role, he successfully oversaw the ICC's initial public offering (IPO) as the first South American cannabis company to go public with a first day valuation of more than $120 million CAD.
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