NEW YORK, December 18, 2017 /PRNewswire/ --
According to a report by Forbes, Brightfield Group, a cannabis market research firm, the international market for cannabis is expected to be valued $31.4 billion by 2021. Bethany Gomez, Director of Research for Brightfield Group, suggested that the U.S. market is meaningfully 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. Countries in Latin American and Europe are also adding medical cannabis programs, as regulations continue to relax. AmeriCann Inc. (OTC: ACAN), Zynerba Pharmaceuticals (NASDAQ: ZYNE), Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), GW Pharmaceuticals plc (NASDAQ: GWPH), Cara Therapeutics Inc. (NASDAQ: CARA)
Growth of the medical cannabis market is expected to quicken as the products become more popular for treatments of various medical applications such as chronic pain, post-traumatic stress disorder (PTSD), sleep disorders, anxiety, nerve pain and others. Giadha Aguirre De Carcer, CEO and Founder of New Frontier Data, explained, "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."
AmeriCann Inc. (OTCQX: ACAN) on September 21st the company announced that Coastal Compassion, Inc. ("CCI"), its Preferred Partner in Massachusetts, received a Final Certificate of Registration from the Department of Public Health.
CCI is one of a limited number of vertically integrated companies approved to cultivate, process and eventually dispense medical cannabis in the Massachusetts Medical-Use of Marijuana program. The team members of CCI include a respected medical doctor, patient advocates, cannabis cultivators, security experts and retail operators. The CCI team placed in the top 5% of all applicants for scoring in the first round of competitive application process in 2013.
With the Final Certificate of Registration, CCI has all the approvals to commence cultivation in its fully-constructed Registered Marijuana Dispensary (RMD) located in Fairhaven, MA. The Fairhaven RMD will house CCI's initial cultivation and processing operations and a permanent retail dispensary location. Upon completion of the first building at AmeriCann's Massachusetts Medical Cannabis Center ("MMCC") in Freetown, MA, CCI will relocate the cultivation and processing activities to the MMCC and maintain its retail dispensary in Fairhaven.
AmeriCann has agreements with Coastal Compassion to lease 100% of the first phase of MMCC which will consist of a 30,000 square foot greenhouse, laboratory and research center. Earlier this month AmeriCann announced that it has secured an equity investment commitment of $10,000,000 for the development of the MMCC. The MMCC project is approved for 1 million square feet, which will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the nation.
As part of the Preferred Partnership, over the last 18 months, AmeriCann has been working with CCI on the design of the Fairhaven RMD and the development of the infused products including the Solanna line of products. On September 18th, the Board of Selectmen in Freetown, MA provided a letter of support to Coastal Compassion, Inc. The letter of support paves the way for Coastal Compassion to move into the MMCC project upon completion by AmeriCann."
AmeriCann's CFO, Benjamin Barton, stated, "Coastal Compassion has been an exemplary Preferred Partner for AmeriCann. As it prepares to serve patients in the next few several weeks, it will be a premier provider of the best quality medicine with a strong commitment to patients."
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. On December 3, 2017, the company reported new clinical data presented at the 2017 Annual Meeting of the American Epilepsy Society (AES) in Washington, DC. The key findings include that clinically meaningful responses to ZYN002, as measured by reductions in focal seizures from the baseline period of STAR 1, are correlated with continued treatment with ZYN002. Zynerba's ZYN002 CBD gel is the first and only pharmaceutically-produced CBD formulated as a patent-protected permeation-enhanced gel and is being studied in children with Fragile X Syndrome, adult epilepsy patients with focal seizures and osteoarthritis. ZYN002 is a clear, permeation-enhanced gel that is designed to provide controlled drug delivery transdermally with once- or twice-daily dosing.
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. Recently, the company announced that it has initiated the Company's Phase 3 study to test the efficacy and safety of anabasum in the treatment of diffuse cutaneous systemic sclerosis. Systemic sclerosis is a serious autoimmune disease affecting approximately 90,000 people in the United States and Europe and is associated with significant morbidity and up to 60% 10-year mortality.
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. Recently, the company announced the termination of its previous license agreement with Otsuka Pharmaceutical Co., Ltd. in relation to Sativex® (nabiximols) in the U.S. As a result, GW has now reacquired full ownership of the development and commercialization rights to the product in the U.S. market without making any upfront payment to Otsuka. GW has agreed to make contingent milestone payments to Otsuka, the first of which would become due upon FDA approval of Sativex and thereafter additional payments would become due upon the achievement of certain annual sales thresholds of Sativex in the United States. Sativex is an oromucosal spray of a formulated extract that contains the principal cannabinoids cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC) in a 1:1 ratio.
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. 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. Dr. Joseph Stauffer CMO Cara Therapeutics: "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain."
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