NEW YORK, December 23, 2016 /PRNewswire/ --
The legal cannabis market is expanding at a rapid pace. This year five states voted to legalize cannabis for recreational use. In four of these states the proposition passed. Currently 15 states only allow Cannabidiol and alongside that, there are 28 states and District of Columbia that have legalized all forms of medical marijuana. According to a recent report published by The Hemp Business Journal, the Cannabidiol market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That's a rapid increase from 2016, as projections for 2016 indicate the hemp-derived CBD market is poised to reach a value of $115 million by the end of the year. Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN), Cara Therapeutics Inc. (NASDAQ: CARA), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), GW Pharmaceuticals (NASDAQ: GWPH), Cannabis Sativa Inc. (OTC: CBDS)
While many pro-cannabis groups fight for nationwide legalization in recreational use, most states are still only legal for medical purposes. Cannabidiol is the part of the cannabis plant that is typically used for health reasons and does not get the patient "high". It has become a major submarket of the legal cannabis industry, but one that has been growing at a rapid pace.
Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN) provides capital years of management experience for cannabis companies with proven brands, strong customer focus, and significant growth potential. The company's operations are centered on the vast opportunities within fragmented industries in the cannabis space.
Invictus MD Strategies Corp. announced this morning that, "it has signed the definitive agreement to acquire 33.33% of AB Laboratories Inc. ("AB Labs"), a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), and up to 33.33% of AB Ventures Inc. ("AB Ventures"), a newly incorporated company formed to develop a second licensed expansion facility.
Under the terms of the agreement Invictus MD will acquire 33.33% of AB Labs, for consideration of CAD$5,000,000 in cash and 2.4 million common shares of Invictus MD on closing and CAD$2,000,000 in cash 90 days after closing. AB Labs is licensed for cultivation under the ACMPR in a 16,000 square foot facility located in Hamilton, Ontario. Invictus MD will have the right of first refusal to arrange any initial public offering, reverse take-over or other going public transaction of AB Labs or AB Ventures following closing. Closing is expected to take place by December 29, 2016.
AB Ventures plans to acquire and develop 100 acres in Hamilton, Ontario for cannabis cultivation and sale under the ACMPR. Invictus MD has committed $7.5 million to fund for the costs of licensing approval under the ACMPR, acquiring land and constructing the cultivation facility, in exchange for 33.33% interest in AB Ventures. AB Ventures is currently in negotiation to acquire a suitable property and has plans to initially construct a 21,000 square foot facility, which would position the company to become one of the top tier Licensed Producers in Canada. Deloitte, a well-respected consulting company, recently published a survey that suggested the retail cannabis market would be worth between $4.9 billion and $8.7 billion annually. The consulting firm further estimates that satisfying the recreational cannabis market will mean producing 600,000 kilograms of marijuana annually - far more than the existing 36 licensed producers grow for medicinal purposes.
Dan Kriznic, CEO of Invictus MD, commented, "This is a tremendous milestone for InvictusMD
and its shareholders. Breaking ground into the ACMPR has always been our intention since inception of our Company in December 2014. Partnering with the right team has been the most
important criteria. After meeting, discussing, and conducting our due diligence on over 5
Licensed Producers, we are pleased with our partnership with AB Labs and AB Ventures. When
both parties met, we both knew that this would be a great fit immediately."
Cara Therapeutics Inc. (NASDAQ: CARA) has updated its most advanced product pipeline, CR845, that alleviates pain and pruritus by focusing on kappa opioid receptors. The company has completed the enrollment of 8-week multi-dose phase of adaptive trial of I.V. CR845 in Uremic Pruritus. Uremic pruritus is caused by chronic kidney failure and is the most common internal systemic cause of itching in patients with advanced or end-stage renal disease. It is known to affect roughly 20-50 percent of patients with renal failure and will cause long-term pain and suffering.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage pharmaceutical company dedicated to the development of innovative transdermal synthetic cannabinoid treatments for patients with high unmet medical needs. The company is progressing in its therapeutic candidates based on proprietary transdermal technologies that, if effectively established, may let constant, reliable and precise delivery of therapeutic levels of two cannabinoids: CBD and THD. Transdermal delivery has the potential to decrease adverse effects related with oral dosing. Zynerba's cannabidiol gel, ZYN002, is a synthetic cannabidiol formulated as a patent protected permeation-enhanced gel for adult refractory epilepsy patients with focal seizures.
GW Pharmaceuticals (NASDAQ: GWPH) is in the development of CBD prescription medicines involving botanical extracts derived from the Cannabis Sativa plant. The company's main focus is on illnesses associated with epilepsy. The company's leading product candidate is Epidiolex®, a liquid formulation of pure plant-derived CBD, which is in development for the treatment of a number of rare childhood-onset epilepsy disorders. Its second cannabinoid drug is the Sativex®, for the treatment of multiple sclerosis spasticity.
Cannabis Sativa Inc. (OTCQB: CBDS) announced recently that the company has entered into an agreement to acquire a 49% ownership interest in a 9 acre property in Los Angeles County, California. According to the statement, the ownership group plans to lease the property to an industrial hemp farm operator who will conduct farming activities under the Industrial Hemp provisions of California's Adult Use Marijuana Act (Prop 64). The Company's President David Tobias stated, "We are excited to play a role in what we anticipate will be one of California's first hemp farms under Prop 64." The farm will produce organic industrial hemp derived products. It is anticipated that the farm will fill part of the Company's demand for industrial hemp based products, with California grown organic industrial hemp. Farming activities are expected to commence in January of 2017.
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