NEW YORK, June 22, 2020 /PRNewswire/ -- There has been a substantial growth in demand for cannabidiol (CBD) products around the globe in recent years, mainly in developed countries such as the U.S., France, Canada and the Netherlands. As a result, various cannabidiol product manufacturing companies have partnered with big retail stores to better supply their consumers. To note, CBD has mainly become popular because researchers had discovered that it offers a number of therapeutic benefits. For instance, researchers noted that CBD can alleviate minor medical conditions such as headaches or soreness. By source, the CBD market is segmented into marijuana and hemp. Currently, the hemp segment is anticipated to grow at a higher CAGR of 53.1% throughout the forecast period. Hemp contains trace amounts of THC, whereas CBD is present in large amounts, thus CBD-based products are being used as a therapeutic vessel for several health conditions. "We're witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own," said Roy Bingham, Co-Founder and CEO of BDS Analytics. "Our growth forecast for the CBD market, across all distribution channels, predicts a compound annual growth rate of 49 percent by 2024. This is a great opportunity for all involved, but it means the road ahead will include decisions that need to be informed by the best possible data." TAAT Lifestyle & Wellness Ltd. (CSE: TAAT), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), Tilray, Inc. (NASDAQ: TLRY), Sorrento Therapeutics, Inc. (NASDAQ: SRNE), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF)
Part of the spike in interest can be attributed to the passage of the 2018 Farm Bill, which legalized production of industrial hemp, transforming it into a mainstream agricultural product. Shortly after, numerous categories of CBD products started to appear. Now, the growing awareness about the therapeutic benefits of cannabidiol has influenced people to buy such products, even at relatively high costs. As a result, mainstream retailers are now focusing on selling CBD-based products, as these have a higher profit margin. Various health and wellness retailers such as CVS Health, Rite Aid, and Walgreens Boots Alliance have decided to sell CBD-based products. In fact, earlier last year, CNBC reported that Walgreens planned to sell CBD creams, patches and sprays in nearly 1,500 stores in select states.
TAAT Lifestyle & Wellness Ltd. (CSE: TAAT) announced earlier last week breaking news that, "The common shares of TAAT Lifestyle & Wellness Ltd. have been approved for listing on the Canadian Securities Exchange.
Listing and disclosure documents will be available on the CSE website on the trading date (June 22, 2020).
TAAT Herb Co., the flagship brand of TAAT Lifestyles & Wellness, is an early-stage life sciences company based in Las Vegas, Nev., innovating nicotine-free, tobacco-free and low-tar alternatives to traditional cigarettes. With a unique proprietary blend of all-natural ingredients and meticulous engineering of the user experience, TAAT's tobacco-flavoured cigarettes emulate every aspect of legacy tobacco products with no noticeable compromise to the user. Enhanced with cannabidiol (BD), a non-psychoactive derivative of hemp, TAAT cigarettes provide benefits that include the mitigation of tobacco withdrawals and the reduction of tobacco dependency. With an expert-led go-to-market strategy, TAAT's objective is to position itself in the $925-billion (U.S.) global tobacco industry to capitalize on the growing worldwide demand for better-for-you alternatives to traditional cigarettes."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), the leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders, presented data in March further describing the baseline characteristics of the pediatric and adolescent patients in the fully-enrolled Phase 2 BRIGHT trial of Zygel™ (CBD transdermal gel; ZYN002) in children and adolescents with autism spectrum disorder (ASD), indicating that the trial enrolled a broad population of patients with moderate-to-severe ASD. "ASD is a complex neurodevelopmental disorder characterized by difficulties with behaviors, communication, and social interaction," said Zynerba's Chief Medical Officer, Joseph M. Palumbo. "Pediatric and adolescent patients with ASD may also present with profound clinical anxiety, above the rate seen in neurotypical children, further complicating their condition and treatment regimen. Unfortunately, current ASD management options are restricted to cognitive behavioral therapy and a small number of approved pharmacologic treatments, highlighting the substantial unmet need for novel therapies in this population. We believe that we have enrolled an appropriate population of patients into our well-designed exploratory BRIGHT trial to enable a robust analysis of outcomes to help inform the design of future double-blind, placebo-controlled studies."
Tilray, Inc. (NASDAQ: TLRY) announced earlier this year its entry into a strategic agreement with Canndoc Ltd., a wholly-owned subsidiary of InterCure Ltd., through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda., to export a wholesale shipment of up to 2.5 tons of medical cannabis from Portugal to Israel. "The cooperation between Canndoc, an Israeli cannabis pioneer and Tilray, a global cannabis pioneer, is a significant breakthrough for both Canndoc and the entire Israeli market," said Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors. "This enables the two companies to offer a broad product range for Israeli patients and patients worldwide in the near future. This is an important milestone for Canndoc's growth strategy."
Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced last year that it has formed a Chinese joint venture, Shenzhen Yunma Biotechnology Co., Ltd. (, with LifeTech Scientific Co., Ltd. to commercialize Sorrento's proprietary water soluble cannabidiol (CBD) formulation technologies for consumer and pharmaceutical applications in Asia (excluding Japan). In addition, Shenzhen Yunma's subsidiary, Yunnan Masheng Health Science Co., Ltd., has obtained a Yunnan industrial hemp plantation permit, as well as governmental pre-approval to establish an industrialized processing, CBD extraction and isolation operation in Kunming (Yunnan Province, China). Sorrento holds 40% of the equity in the Shenzhen Yunma joint venture and LifeTech holds the remaining 60% of the equity. Sorrento has contributed the exclusive license to Sorrento's water-soluble CBD technology for the Asian territory to Shenzhen Yunma. With the hemp and CBD supplies from Yunnan Masheng secured, Shenzhen Yunma will build manufacturing capacity to potentially deliver hundreds of metric tons of CBD annually to the global markets.
Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced recently that Governor Greg Abbott has signed into law Texas House Bill 1325 (the "Texas Hemp Legislation"), which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State. As previously announced, in anticipation of the passage of the hemp legislation in Texas, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company's proprietary GATES® technology) for cultivation of high-CBD hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp and Village Farms plans to apply for the requisite licenses as soon as it is permitted to do so. No time frame has yet been provided by the State of Texas for the licensing process.
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