NEW YORK, March 21, 2018 /PRNewswire/ --
Based on data provided by Arcview Market Research, legal cannabis sales in North America were valued at $6.7 billion in 2016 and projected to grow at a compound annual growth rate (CAGR) of 25 percent by 2021 or reaching an estimated value of $20.2 billion. The demand of cannabis from legal markets are expected to surge as more states legalize either for recreational or medical use. Consumers in North America spent over $53 billion in the legal and illegal cannabis markets combined in 2016. According to another report from Arcview Market Research, the licensed cannabis stores are as profitable as Starbucks stores and the recreational markets will double the size of the medical market by 2021. Snipp Interactive Inc. (OTC: SNIPF), WeedMD Inc. (OTC: WDDMF), Aphria Inc. (OTC: APHQF), Namaste Technologies Inc. (OTC: NXTTF), AXIM Biotechnologies, Inc. (OTC: AXIM)
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."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Just earlier today the company announced BREAKING NEWS that, "it has received a strategic investment from WeedMD Inc. ("WeedMD"), a publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario and is awaiting its second-site cultivation license for its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, Ontario. WeedMD is focused on providing medical cannabis to the seniors' market in Canada through its proprietary program.
WeedMD and Snipp are entering into an agreement where WeedMD will use Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other initiatives. WeedMD has also signed up for the Company's recently launched Cannabis Resource Marketing Centre ("CMRC"), which leverages Snipp's experience in similar regulated industries like Alcohol, Pharmaceuticals and Tobacco. For interested companies, a free and simple application process can be accessed at http://www.snipp.com/CMRC.
"Snipp provides companies with a complete technology suite to manage their promotions and implement cross channel loyalty programs. When we were looking for technology vendors to enhance our marketing and sales programs, no one understood our goals and objectives more than the team at Snipp," said Bruce Dawson-Sully, CEO of WeedMD. "Given their deep experience in regulated industries, we're looking forward to working with them to help launch sophisticated, compliant and responsible campaigns to increase market awareness along with acquisition and retention of medical patients, and eventually for both retailers and consumers as the adult use market emerges."
"We are extremely excited to announce our first client in the cannabis space. Companies like WeedMD that make the initial investments today in the infrastructure and programs required to succeed in an increasingly competitive market are better positioned to gain and retain market share," said Atul Sabharwal, CEO of Snipp. "The cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. As we did in the alcohol and pharma space, we are positioning ourselves to be the leading technology solutions provider for this emerging market. We believe our solutions are industry-leading given their proven security, scalability and flexibility to adapt not only to the myriad regulatory frameworks in place, but for future regulations that will affect the industry as it matures. Given our rich history and experience with multiple clients in the alcohol and pharma industries, we have no doubt that we are best positioned to help advance and accelerate the unique marketing objectives for any company in the cannabis space from seed to sale and beyond."
"We also welcome WeedMD to our CMRC. Since the launch of the CMRC we have been receiving interest from leading Cannabis companies and we look forward to sharing more about our solutions and services." Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.
Snipp Interactive Inc. also announced yesterday that, "a Successful Initial Launch of the Cannabis Marketing Resource Center as Industry Leaders Like Aphria Inc., WeedMd and Others Become Members". The breaking news announced that the company, "has received broad interest from a variety of Cannabis companies from across the spectrum of the industry including industry leaders like Aphria Inc., WeedMD and others. Over 10 companies have signed up for the center since launching just last week.
The Company recently launched the Cannabis Resource Marketing Centre ("CMRC"), which brings together all of the accumulated knowledge that Snipp has acquired in designing and launching marketing programs in regulated industries, namely:
- Alcohol - Beer, Wine, Spirits
- Pharmaceuticals - Over the Counter (OTC) and Prescription Dru
- Tobacco - Cigars, Cigarettes, Tobacco
- Arms & Ammunition - Small Arms, Guns, Bullets
- 3-Tier Tax Systems - Manufacturer to Distributor to Retailer
The goal of the CMRC is to also help Cannabis marketers hit the ground running and take advantage of the deep expertise and flexible technology platforms engineered by Snipp for these regulated industries, thereby enabling cannabis-related companies to more easily launch sophisticated solutions that are legally-compliant. To sign up and qualify the company has made available a simple application process that can be accessed at http://www.snipp.com/CMRC.
"We are extremely excited to see so many quality companies like Aphria Inc. sign up to our CMRC and learn the tactics that their counterparts in the Alcohol, Tobacco and Pharma companies have used for decades to drive awareness, trial, market share and retention. To succeed in what is going to be a highly competitive future, it is vital for companies in the Cannabis space to adopt and build on these best practices and not re-invent the wheel," said Atul Sabharwal, CEO of Snipp. "Given our rich history in and knowledge acquired supporting multiple leading companies in such historically regulated industries like Alcohol and Pharma, I am sure companies signing up for the CMRC will see immediate value in their membership and begin exploring deeper relationships with Snipp to enable their marketing objectives. Today we service multiple leaders including many Fortune 500 brands in Alcohol, Tobacco and Pharma because of our secure, flexible and scalable technology platform that enables a multitude of program types to solve a diverse set of problems for these clients. We welcome qualified companies to join and explore our resource center and engage with us in a deeper conversation to help drive their business objectives."
WeedMD Inc. (OTC: WDDMF) is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. Recently, the company announced that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. Blockstrain has developed a comprehensive cannabis genetics archiving platform. The platform aims to transform the way global cannabis business transactions and operations are conducted by providing an incorruptible environment that automates, accelerates and encodes transactions while ensuring privacy and security for all involved parties.
Aphria Inc. (OTCQB: APHQF) recently announced it has received third-party independent GMP certification of its Leamington, Ontario growing and processing facilities. Granted by internationally-renowned firm SGS, the certification is for the current Good Manufacturing Practice standards of CFR 21 parts 210/211 established by the United States Food and Drug Administration for Active Pharmaceutical Ingredients and Finished Pharmaceuticals. The USFDA cGMP standards are incredibly rigorous and internationally-recognized for the safe and consistent production of human medicines. Aphria is the first Canadian Licensed producer to receive certification from SGS at this standard. "Certification to the USFDA cGMP standards is a significant milestone in our continuous efforts to apply best practices to make the highest quality and safest products possible," said Mary Jo Camboia, Director of Quality at Aphria. "It reflects the incredibly high standards we expect of ourselves and that our clients expect from their medical cannabis."
Namaste Technologies Inc. (OTCQB: NXTTF) is the largest online retailer for medical cannabis delivery systems globally. Recently, the company announced that it has signed a Medical Cannabis Supply Agreement with Marigold Projects Jamaica Ltd. under its wholly owned subsidiary, Cannmart Inc., whereby Marigold will supply Cannmart with high quality Jamaican produced medical cannabis, to be imported by Cannmart from Jamaica and offered in the Company's online marketplace, subject to approval by Health Canada and the Cannabis Licencing Authority. This Supply Agreement further supports Namaste's vision of creating a diverse platform for medical patients to access high quality cannabis, sourced from both domestic and international producers. The Supply Agreement with Marigold exemplifies a major component of Namaste's strategy in providing Canadian patients with access to high-quality imported medical cannabis. Marigold's strong management team and extensive experience in cultivation will add significant value to Cannmart's product offering. The Company anticipates strong demand for imported medical cannabis products and looks forward to further developing a relationship with Marigold and its management team.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabinoid-based pharmaceutical, nutraceutical and cosmetic products. Recently, the company announced financial results for the quarter and year ended December 31, 2017, and provided an overview of recent operational highlights. During and since the fourth quarter of 2017, the company announced that the USPTO issued to AXIM a Patent (9,814,695) from U.S. Application - 14/982,610, a patent that claims ophthalmic solutions comprising cannabinoids for the treatment of glaucoma and symptomatic relief of conjunctival inflammation. The company also announced clinical trial results from its first phase II pilot trial for the treatment of irritable bowel syndrome (IBS) with the Company's CanChew +® 50 mg CBD (cannabidiol) functional, controlled release chewing gum: Study results indicate that CanChew+® was well tolerated by the IBS patients and no significant adverse side effects were observed by any participants of the trial.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.