Legal Cannabis Medical Market Shows Strong Growth

NEW YORK, November 20, 2017 /PRNewswire/ --

According to a report by Forbes, Brightfield Group, a cannabis market research firm indicates that the international market for cannabis is projected to hit $31.4 billion by 2021. Bethany Gomez, Director of Research for Brightfield Group, explained that the U.S. market is so much larger than the rest of the international markets combined. Currently, the global market is estimated to be worth $7.7 billion. The U.S. currently drives 90 percent of global cannabis sales, but its share will drop to 57 percent by 2021. That's in large part thanks to Canada's plans to legalize recreational marijuana by July 2018. Veritas Pharma Inc. (OTC: VRTHF), Vitality Biopharma, Inc. (OTC: VBIO), Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), Zynerba Pharmaceuticals (NASDAQ: ZYNE), AXIM Biotechnologies, Inc. (OTCQB: AXIM)

A research report published by New Frontier Data shows how the pharmaceutical market will be influenced by medical cannabis. "The United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy. It is one of many industries that will be impacted by the growth of the legal cannabis market and we are already starting to see that trend in legal medical states where use of key prescription drugs is down by 11%. If cannabis were to be adopted nationally, we would begin to see a trend of patients turning to medical cannabis as a substitute or complement to pharmaceuticals," said Giadha Aguirre De Carcer, CEO & Founder, New Frontier Data.

Veritas Pharma Inc. (OTC: VRTHF) also listed on the Canadian Stock Exchange under the Ticker 'VRT'. Just earlier today the company announced breaking news that its research arm, Cannevert Therapeutics Ltd. ("CTL") has signed a letter of intent with the Fundación de Investigación (FDI) in San Juan, Puerto Rico, to conduct the first human study of CTL-X, its lead cannabis strain targeting pain.

The study will be done in two stages to assess the analgesic effects of this lead strain. The first stage will have an open label design to look at the feasibility of two doses of CTL-X in 5 subjects while the second stage will use a randomized, double-blind, crossover design to assess one dose of CTL-X against a placebo control strain in 16 subjects who will be exposed to various modalities of acute pain.

Veritas's CEO Lui Franciosi stated, "We are pleased to see Cannevert's lead strain for pain is finally heading into human trials. It's important to us to move quickly into this next phase of providing clinical proof of cannabis' effectiveness, this after our chemical and animal assays delivered favorable results. FDI is a reputable group of clinicians and clinical trialists with a long history of evaluating treatments for major pharmaceutical companies. The Puerto Ricans are becoming world leaders in investigating and selling cGMP medical cannabis and their insights will be valuable. We aim to provide physicians and patients with scientifically tested and clinically proven cannabis therapies targeting pain. In the next year, Veritas's goal is to have a branded analgesic strain in which its dose and method of administration are standardized to actively compete with over-the-counter analgesics as well as potentially reducing or eliminating opioid use in the acute and chronic pain markets."

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. Over the past several years, Vitality Biopharma has developed and optimized a novel biosynthesis process that is now being used for the production of cannabinoid pharmaceuticals. The manufacturing process was created to modify the taste of stevia, a high-potency sweetener, and was designed for the production of kilogram or larger quantities of stevia destined for use within food and beverage applications. Vitality Biopharma has now repurposed its R&D and manufacturing operations to enable pharmaceutical-grade production of cannabosides.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) is a Phase 3 clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company's lead product candidate, anabasum, is a novel synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes. On October 31, 2017, the company announced that the U.S. Patent and Trademark Office issued U.S. Patent No. 9,801,849 to the Company with claims covering the use of pharmaceutical compositions comprising anabasum. The patent provides intellectual property protection for Corbus' use of anabasum to treat inflammatory diseases in the United States through 2034. Anabasum is a synthetic oral endocannabinoid-mimetic drug candidate designed to resolve chronic inflammation and fibrotic processes through the activation of the cannabinoid receptor Type 2.

Zynerba Pharmaceuticals (NASDAQ: ZYNE) is dedicated to improving the lives of people with severe health conditions where there is a high unmet medical need by developing and commercializing pharmaceutically-produced transdermal cannabinoid medicines designed to meet the rigorous efficacy and safety standards established by global regulatory agencies. Using an established chemical pharmaceutical process for manufacturing, Zynerba replicates the CBD and THC found in the Cannabis plant. On September 28, 2017, the company announced positive top line results from an open label exploratory Phase 2 FAB-C (Treatment of Fragile X Syndrome Anxiety and Behavioral Challenges with CBD) clinical trial evaluating ZYN002 cannabidiol (CBD) gel in pediatric and adolescent patients with Fragile X syndrome (FXS). The study successfully met its primary endpoint, achieving a 46% improvement (p<0.0001) in the total score of Anxiety, Depression, and Mood Scale (ADAMS) at week twelve compared to baseline.

AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. The company's flagship products include CanChew®, a CBDbased controlled release chewing gum, CanChew+ containing 50 mg of CBD undergoing clinical trials in patients with IBS and MedChew Rx, a combination CBD/THC gum that is undergoing clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. In October 05, 2017, the company announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application Serial Number 14/982,610, a patent that claims the use of an ophthalmic solution comprising cannabinoids for the treatment of glaucoma and symptomatic relief of conjunctival inflammation.

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