NEW YORK, December 29, 2017 /PRNewswire/ --
According to data provided by New Frontier Data, in partnership with Arcview Market Research, the legalization of cannabis in California, Massachusetts, Nevada, Florida, Arkansas and North Dakota will result in new markets that account for $7.1 billion in sales by 2020. The research estimates that the overall U.S. cannabis market will exceed $20.9 billion by 2020. Nevada presents significant opportunities for investors and businesses in the legal cannabis market. New Frontier Data explains that Nevada ranks as a top tourism destination, due to generous patient reciprocity laws, and the allowance for medical cannabis businesses to be formed as for-profit enterprises are all important factors expected to boost the industry. The combined medical and adult use sales in Nevada are expected to reach about $622 million by 2020. Pivot Pharmaceticals Inc. (OTC: PVOTF), Lexaria Bioscience Corp. (OTC: LXRP), Vitality Biopharma, Inc. (OTC: VBIO), Kush Bottles, Inc. (OTC: KSHB), General Cannabis Corp. (OTC: CANN)
New Frontier Data Founder & CEO Giadha DeCarcer, said, "The passage of Nevada's adult use legalization measure opens the floodgates for America's adult playground. As the most sophisticated hospitality destination in the country drawing an estimated 55 million visitors in 2016 alone, the integration of cannabis into Nevada's economy will create an opportunity for canna-tourism on a scale not seen before in the country."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. The company just announced breaking news this morning that, "It has commenced development of PGS-N001, a 1% Oral Cannabidiol (CBD) improved solubilisate product with its German technology partner SolMic GmbH. Pivot previously announced the licensing of worldwide rights for SolMic Technology in the field of cannabinoids and has now initiated the next stage of the agreement to complete formulation, development, testing and manufacturing in preparation for launch in legalized cannabis markets in 2018. PGS-N001 is a bio-cannabis product. It will be formulated and developed to treat a variety of indications such as the treatment of Chemo-Induced Nausea & Vomiting (CINV), a major therapeutic problem in the Cancer Supportive Care area."
According to published data, "the global medical marijuana market is expected to reach a value of US $55.8 billion by 2025", according to a report by Grand View Research Inc. "Several states have approved the use of cannabis in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using cannabis in therapeutic applications is one of the crucial factors driving the demand over the coming few years."
Dr. Wolfgang Schoenfeld, SolMic GmbH's Chief Executive Officer, states that "I am very pleased to continue to work with the Pivot Pharmaceuticals team to develop novel cannabinoid products and therapies using our proprietary SolMic formulation technology. Our technology strongly enhances bioavailability of cannabinoids and improves product attributes such as stability, odour and masks unpleasant tastes, thus making it a better product experience for patients and consumers."
Dr. Patrick Frankham, Pivot's Chief Executive Officer, states that "following our technology portfolio review meeting held in Montreal, Canada, we decided to advance this asset from our pipeline in order to have a world class bio-cannabinoid product containing CBD isolate available for commercialization in 2018. The selection of PGS-N001 will target markets where there is an existing framework for approved use of the drug in medical applications."
Lexaria Bioscience Corp. (OTCQB: LXRP) has developed and out-licenses its disruptive and cost-effective DehydraTECH™ technology that promotes healthier administration methods, lower overall dosing and higher effectiveness of ingestible drugs and other beneficial molecules. Recently, the company announced the United States Patent and Trademark Office ("USPTO") has granted patent number 9,839,612 B2 for the use of DehydraTECHTM technology as a delivery platform for a wide variety of Active Pharmaceutical Ingredients ("APIs") including all cannabinoids including THC; fat soluble vitamins; non-steroidal anti-inflammatory pain medications ("NSAIDs"); and nicotine. "Lexaria has now locked-up the IP for its next-generation drug delivery system" said Chief Executive Officer Chris Bunka. "This ground-breaking, patented IP builds a foundation for new business opportunities in 2018 including what could be the world's first nicotine edibles for the smokeless tobacco industry, or improved new products for NSAID-derived pain management, as well as in the rapidly growing cannabis market."
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. On November 1, 2017, the company announced completion of pivotal manufacturing agreements that enable the production of clinical-grade cannabinoid pharmaceuticals at its R&D facilities in California. In early 2017, after receiving approval from the U.S. DEA for its cannabinoid pharmaceutical research, Vitality contracted with a research services provider to obtain new software and protocols to support its internal manufacturing team and to ensure GMP manufacturing compliance. The Company has implemented these protocols for initial production of cannabosides, the company's cannabinoid prodrugs that are designed to target the gastrointestinal tract and thereby avoid the intoxicating side effects of THC. Vitality has also recently entered into a services agreement with a specialist analytical chemistry firm, in order to provide independent verification of the Company's analytical procedures and batch release testing, in compliance with FDA and international regulatory standards.
Kush Bottles, Inc. (OTCQB: KSHB) is a dynamic sales platform that provides unique products and services for both businesses and consumers in the cannabis industry. On November 28, 2017, the company reported financial results for its fiscal year ended August 31, 2017. Revenue was up 129% Year-over-Year to $18.8 million; revenues included four months of sales from CMP Wellness which was acquired on May 1, 2017. Net income, including $943,000 in non-cash stock compensation, $301,000 in depreciation and amortization expense and $4.6 million in SG&A, was $69,000 compared to net income of $72,000 in fiscal year 2016; the increase in operating expenses stems from costs associated with the acquisition of CMP Wellness, as well as higher SG&A costs to support an expanded outside sales program.
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 today 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. "We have been developing potential clients in California for the past year, where cannabis becomes legalized for adult use on Jan. 1, 2018," said Robert Frichtel, CEO of General Cannabis. "California will become the world's largest legalized and regulated cannabis market at the beginning of the new year. We are pleased to have gained a solid foothold in what is projected to be a $7 billion state-wide market."
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