NEW YORK, January 29, 2018 /PRNewswire/ --
According to a report by Arcview Market Research, consumer spending on legal cannabis in North America is outperforming previous approximations. The report indicates that retail cannabis sales will grow 33% from 2016 to nearly $10 billion this year. By 2021 the legal market is expected to reach $24.5 billion, at a 28% compound annual growth rate (CAGR). Arcview also stated that according to BDS Analytics' GreenEdge point-of-sale tracking service, the medical industry in California is already as big as the total markets in Colorado, Washington, and Oregon combined. Starting January 1st, California has started legal sales of cannabis products for recreational use. Pivot Pharmaceuticals Inc. (OTC: PVOTF), Canopy Growth Corporation (OTC: TWMJF), Cara Therapeutics Inc (NASDAQ: CARA), General Cannabis Corp. (OTC: CANN), 22nd Century Group Inc (NYSE: XXII)
Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe… The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. On January 17th, together with its wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), Pivot Pharmaceuticals provided its shareholders with a Corporate Update: "Since Pivot's entry into the cannabis industry, we have accumulated the following four patented or proprietary technologies to deliver cannabinoids into the human body that avoid exposure to carcinogens from smoking:
- BiPhasix Transdermal Delivery System (semi-solid topical cream);
- Thrudermic Nanoparticulate Transdermal Delivery System (gel or patch);
- SolMic Micelle Water Soluble Oral Delivery System (oral dropper bottle); and
- RTIC Cannabis Oil-To-Powder System (powder for infusion into food and beverages).
Each of Pivot's technologies will allow the Company to develop and monetize dozens of products in various strengths and concentrations (with or without THC) addressing many unmet medical needs and favouring a healthy lifestyle. The pipeline that Pivot is developing will enable it to deliver meaningful doses (e.g. better bioavailability) of cannabinoids, unlike current products marketed today.
Pivot's products will have a shelf-life that will enable them to remain fresh and stable and have clinical data to support efficacy and safety claims in order to be used to manage a particular health condition. As well, each of our technologies allow for the smell and taste of cannabinoids to be greatly improved. Lastly, our products will be manufactured in a world class facility of pharmaceutical grade using only the purest of cannabis extracts.
Pivot will develop its products in markets where cannabinoids can be sourced and formulated without restriction. The Company recently announced that it will develop its cutting-edge cannabis products in Israel and in Germany, working with world class scientists to bring our impressive pipeline of products to market in 2018."
Dr. Patrick Frankham, Pivot's CEO, states that "we are proud of the progress that the Company has made during the past few months. As the market prepares for legalization, it is Pivot's belief that only products that are doseable and have high bio-availability will differentiate themselves from those delivered using simple tropical or vegetable based oils. Our intellectual property portfolio easily distinguishes us from our competitors."
Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Recently, the company announced that it has closed the previously announced acquisition of assets and intellectual property from Green Hemp Industrie Ltd. ("Green") and has welcomed Green's Principal and Founder, Jason Green to the Canopy Growth family. Canopy Growth will combine its own expertise in large-scale cannabinoid extraction processes with Green's unique whole-plant hemp harvesting knowledge and library of stable CBD-rich hemp genetics to position the Company as a global leader in low-cost, high yield CBD production. By diversifying its operations to include hemp harvesting and extraction, the Company will be investing in an innovative new agricultural sector and creating jobs for Saskatchewanians. The field operations alone are ready to scale from 600 acres in 2018 to 2,500 acres in 2019. To support this growth, custom built extraction infrastructure will be installed at Canopy's Tweed Grasslands facility.
Cara Therapeutics Inc (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors (KORs). Cara is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Cara's most advanced CB compound, CR701, is in preclinical development.
General Cannabis Corp. (OTCQB: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. On December 21, 2017, the company announced it signed a $955,000 two-year contract to manage a grow facility in California. This represents the largest single contract the company has undertaken since inception. The Company also plans to provide significant other services, including hardware and supply procurement, in addition to the initial contract terms. This new contract for Next Big Crop, the business consulting and management arm of General Cannabis, represents the second major California-based project for the company. Iron Protection Group, the firm's security division, opened an office near Sacramento earlier in 2017.
22nd Century Group Inc (NYSE: XXII) is a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants. In September 2014, 22nd Century's wholly-owned subsidiary, Botanical Genetics, LLC, entered into a worldwide license agreement with Anandia Laboratories Inc. Under the terms of the agreement, our Company was granted an exclusive sublicense in the United States and a co-exclusive sublicense in the remainder of the world, excluding Canada, to patents and patent applications relating to the cannabis plant that are required for the production of cannabinoids, the major active ingredients in the cannabis plant. The Anandia sublicense continues through the life of the last to expire patent, which is expected to be 2035.
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