NEW YORK, May 16, 2018 /PRNewswire/ --
According to a report published by Hexa Research, the U.S. medical cannabis market size was valued at USD $5.44 Billion in 2016 and is anticipated to reach USD $19.48 billion by 2024. The industry is likely to witness strong growth during the forecast period due to the several medical benefits of cannabis products and the fast pace of legalization in the United States. In 2016, rising number of patients diagnosed with chronic pain has resulted in growing use of cannabis. The report estimated that the demand for medical cannabis for arthritis will grow at a CAGR of 17.8% over the projected period as it forecasted more adults and children will have arthritis. Cannabis infused edibles are also anticipated to grow at a CAGR of 17.8% over the forecast period. Helix TCS, Inc. (OTC: HLIX), Vitality Biopharma, Inc. (OTC: VBIO), Terra Tech Corp. (OTC: TRTC), AXIM Biotechnologies, Inc. (OTC: AXIM), General Cannabis Corporation (OTC: CANN)
In a report by Benzinga, Viridian Capital President Scott Greiper points out that the cannabis market received $1.23 billion investments in the first five weeks of 2018, up from $178 million a year earlier. Viridian Capital Advisors' Vice President Harrison Phillips explained: "Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion."
Helix TCS, Inc. (OTCQB: HLIX) just earlier today announced breaking news that, "its first quarter 2018 financial results today, for the first quarter of 2018, Helix generated revenues of $1,128,338, representing 63% growth over first quarter 2017 revenues of $691,737. Gross profit increased from $81,534 in Q1 2017 to $337,633 in Q1 2018, representing an increase in gross margin from 11.8% to 29.9%, respectively."
"Our strong revenue growth is the result of driving our organic revenues as well as executing on our acquisition and integration strategy," Zachary Venegas, Helix's CEO commented. "The 153% gross margin increase stems from our focus on operational excellence, continuous improvement, and growth in higher margin business lines."
We anticipate that with our signed pipeline of new revenue we should continue to deliver industry leading results to clients, investors, and employees as we explore new geographies and services both in the U.S. and internationally."
About Helix TCS, Inc. is a premier provider of integrated operating environment solutions for the legal cannabis industry. Helix provides a proprietary software suite and partnership platform to the legal cannabis industry, helping clients manage inventory and supply costs and bespoke monitoring and transport solutions. Helix provides clients in the legal cannabis industry high standard security operations, including transportation, armed and unarmed guarding, training, investigation, and special services.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company announced the discovery of new antimicrobial activity of cannabinoids and its application for treatment of C. difficile-associated diarrhea and colitis. Antibiotic-associated diarrhea and colitis has climbed markedly since the early 1980's, and now the CDC estimates there are more than 2 million illnesses annually due to antibiotic resistance. Many of these severe infections are hospital-acquired and now known to be attributed to C. difficile, a pathogen that colonizes the gastrointestinal tract. C. difficile infections cause diarrhea and colitis and contributed to 29,000 deaths in the U.S. in 2015, primarily in sensitive elderly populations.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Recently, the company announced its first quarter 2018 financial results for the period ended March 31, 2018. Total revenues generated for the quarter ended March 31, 2018 were approximately $8.6 million, an increase of 26% from $6.8 million in the same period in 2017. This growth was primarily due to revenue generated by the Company's dispensaries in California and Nevada and from revenue generated by Edible Garden from the sales of its produce and herbs. Gross margin for the quarter ended March 31, 2018 amounted to approximately 19.1%, compared to approximately 5.3% for the quarter ended March 31, 2017. Company's Blüm, Oakland dispensary expanded its sales of cannabis to include the adult-use market for the first time. To prepare for a ramp in demand as a result of the legalization of adult-use cannabis, Terra Tech is constructing a 13,000 square foot cultivation facility in Hegenberger, Oakland which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational by late-2018.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. On April 23, 2018, the company announced that the company has secured additional funding needed to further its clinical development program through S-3 stock purchases. The two-year Stock Purchase Agreement, which was reached on April 16, 2018, allows the company to sell shares of its common stock Registered on Form S-3 for up to an aggregate purchase price up to $50 million where the number of shares sold shall not exceed 12,000,000. AXIM's flagship pharmaceutical product MedChew Rx™ is the world's first patented cannabinoid controlled-release chewing gum.
General Cannabis Corporation (OTCQB: CANN) is the comprehensive resource for the highest quality service providers available to the regulated Cannabis Industry. In February, the company announced that its client, Green Leaf Medical LLC, a leading grower and supplier of medical cannabis in Maryland, has successfully harvested its first crop and has passed all state-required laboratory tests. Now producing an estimated 500-600 pounds of high-quality medical marijuana on a monthly basis, Green Leaf is one of the leading fully approved suppliers in Maryland. Green Leaf also announced that it has begun the next phase of its expansion, increasing the size of its facility to approximately 50,000 square feet, a 67 percent increase from current capacity. The expanded grow house should be completed before the end of the year, raising production totals to nearly 1,000 pounds per month.
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