NEW YORK, March 23, 2018 /PRNewswire/ --
Data published by Energias Market Research estimates that the global medical cannabis market is expected to grow significantly from USD 8.28 billion in 2017 to USD 28.07 billion in 2024, at a CAGR of 19.1% from 2018 to 2024. Factors driving the growth of the medical cannabis market include growing recognition of medical benefits, increasing demand for cannabis in the treatment of various diseases, and growing number of research and development activities. In the U.S, there are 28 states which have approved the use of cannabis for medical purposes. In major markets like Colorado, California, Alaska, Massachusetts and Nevada, cannabis is legal for recreational use. Pivot Pharmaceuticals Inc. (OTC: PVOTF), GW Pharmaceuticals plc (NASDAQ: GWPH), Cara Therapeutics Inc (NASDAQ: CARA), 22nd Century Group, Inc. (NYSE: XXII), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE)
According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. On March 19th the company announced that, "effective March 16th, 2018 the Company has been named to the CSE25 Index, a composite of the 25 largest companies, as measured by market capitalization, listed on the Canadian Securities Exchange. In addition, the Company is also a constituent of the CSE Composite Index."
"With an impressive pipeline of bio-cannabis products, a strong intellectual property portfolio of formulation and delivery technologies, and the expected addition of ACMPR licensed Agro-Biotech, we are proud to be recognized as leaders on the Canadian Securities Exchange through our inclusion in the CSE25 Index," said Dr. Patrick Frankham, Chief Executive Officer of Pivot Pharmaceuticals. "Being among the top 25 performers on the exchange validates our business strategy to become a vertically integrated health and wellness company with a rapidly expanding international presence. With all of the exciting opportunities ahead of us, we believe we will remain a consistent part of the CSE25 Index for years to come as we continue to drive shareholder value."
GW Pharmaceuticals plc (NASDAQ: GWPH) has established a world leading position in the development of plant-derived cannabinoid therapeutics through its proven drug discovery and development processes, intellectual property portfolio and regulatory and manufacturing expertise. Its lead product candidate is Epidiolex® (cannabidiol) for certain rare and severe early-onset, drug-resistant epilepsy syndromes. GW successfully developed the world's first prescription medicine derived from the cannabis plant, Sativex®, now approved in numerous countries outside of the United States for the treatment of spasticity due to Multiple Sclerosis. The company has a deep pipeline of additional clinical stage cannabinoid product candidates for both orphan and non-orphan indications with a particular focus on neurological conditions. Recently, the company announced receipt of Notices of Allowance for five new Epidiolex® patent applications that will be listed in the Approved Drug Products with Therapeutic Equivalence Evaluations (commonly known as the Orange Book) if the NDA for Epidiolex is approved. Once issued, these patents are set to expire in 2035.
Cara Therapeutics Inc (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting peripheral kappa opioid receptors (KORs). Studies on the effects of cannabis (marijuana) have led to the recent discovery of an endogenous system of ligands in humans involved in a number of physiological processes including pain and inflammation. Cara is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Peripheral CB receptor modulators will be initially developed as a novel therapeutic approach for neuropathic pain, a condition currently without consistently effective therapies. Cara's most advanced CB compound, CR701, is in preclinical development.
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows the Company to increase or decrease the level of nicotine in tobacco plants, and the level of cannabinoids in hemp/cannabis plants, through genetic engineering and plant breeding. under U.S. federal law, crops containing above 0.3% THC are required to be destroyed. 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. 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.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. Recently, the company announced the results of a positive meeting held with the U.S. Food and Drug Administration (FDA) regarding its planned development strategy for ZYN002 in Fragile X syndrome (FXS). FXS is a rare genetic developmental disability that is the leading known cause of both inherited intellectual disability and autism spectrum disorder. ZYN002 is the first and only pharmaceutically-produced cannabidiol (CBD) formulated as a patent-protected permeation-enhanced transdermal gel. Zynerba has received U.S. Orphan Drug designation for the use of CBD as a treatment of FXS. Currently, there are no approved therapies to treat FXS or its most common symptoms. Based on the company's dialogue with the FDA, the Company expects to initiate a single pivotal study mid-year 2018 to support a New Drug Application (NDA) for ZYN002 in FXS. The FDA and the Company are in agreement that the primary and key secondary endpoints for the study should assess observable behaviors in patients with FXS as reported by the caregiver using the validated Aberrant Behavior Checklist in Fragile X syndrome (ABC-FXS).
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