NEW YORK, Feb. 14, 2020 /PRNewswire/ -- Over the past several years, many researchers have delivered uplifting results from clinical trials that proved cannabis is a reliable and effective medical treatment. Now, medical cannabis is predominantly being used to alleviate symptoms associated with afflictions such as chronic pain, cancer, and epilepsy. Generally, most countries that are legalizing or decriminalizing cannabis are moving towards adopting CBD-based products. CBD, or cannabidiol, is derived from the hemp plant, which falls under the cannabis family. Notably, CBD does not provide users with psychoactive effects, but still offers the same therapeutic benefits as THC. And while CBD is more accessible and available, the proliferation of CBD-based products is expected to bolster the THC product market. "The industry is at about 5 percent of what it will be someday," concurs Tyler Stratford, Director of Client Operations for cannabis consulting firm Canna Advisors. "Even if the path forward isn't straight, we're certainly on a path forward. The tide has changed, and there's no turning it back now." Overall, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research. U.S. Lithium Corp. (OTC: LITH), Organigram Holdings, Inc. (NASDAQ: OGI), New Age Beverages Corporation (NASDAQ: NBEV), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), KushCo Holdings, Inc. (OTC: KSHB)
While most regions are legalizing cannabis primarily for medical purposes, a few countries have also decided to either decriminalize or legalize products for recreational use as well. Specifically, these countries are looking to legalize recreational use for the economic benefits as well as a means to end the war on drugs in high profile regions. In particular, countries such as Mexico, the U.S., and New Zealand are potentially likely candidates to implement nation-wide legislation in the coming future. Nevertheless, Canada and Uruguay are the only two countries that have fully legalized cannabis as of now. And while the sales of cannabis are helping boost the overall industry, they also help bolster the economies of the regions where the plant is legally sold. For instance, Washington has implemented a 37% sales tax on legal recreational cannabis and California has implemented a 15% sales tax. As a result, one of the strongest pro-legalization arguments is that states would be able to bring in a new source of tax revenue.
U.S. Lithium Corp. (OTC: LITH), soon to be renamed BioELife Corp., announced earlier this week that it had "completed production and began shipping its latest pain cream, ChiroRub 2000. The proprietary formulation, containing 2,000 mg of CBD, has been doctor and patient tested and is one of the most effective pain relief creams currently available on the market today. ChiroRub 2000 was developed in conjunction with leading physicians, chiropractors, and medical professionals who evaluated and validated the product's efficacy throughout several developmental phases.
Matthew DeNomme, principal with CBDNext, stated 'We are proud to be a master distributor of ChiroRub 2000. After extensive research, we're confident that ChiroRub 2000 is the most effective pain cream on the market and is priced at an exceptional value for our customers.'
'ChiroRub 2000 is one of our first product launches and has been validated through a network of medical professionals. It is one step toward our goal of improving people's lives through the use of non-addictive remedies that provide relief and are cost effective,' stated Gregory Rotelli, Chairman of the Board and President of LITH. Mr. Rotelli also stated, 'This further reflects our continuing commitment to product development in conjunction with our medical professional advisors and customers.'
BioELife partners with well-known farmers, certified contract manufacturers and key distributors to produce and distribute exceptional products at the lowest possible cost. Current products now include CBD Gummies, high quality hemp pre-rolls, and bulk premium flower in addition to ChiroRub 2000. Several of these products are being marketed by medical networks in various combination packages to maximize patient benefits and efficacy. Positive testimonials continue to substantiate the Company's products' effectiveness.
About the Company: US Lithium Corp's new strategic direction as BioELife Corp. was created by successful pharmaceutical entrepreneurs dedicated to using nature's resources to fight pain and infection while reducing the dependency on opioids and their terrible side effects. The Company is uniquely positioned to capitalize on the emerging Cannabinoid market that is growing at phenomenal rates and is expected to reach $20 Billion over the next five years. The Company has created a 'seed to shelf' value-added product development and marketing organization with direct contracts for raw materials, scientific proprietary formulation, manufacturing, and distribution of medically focused Cannabinoid products. In order to better reflect this new strategic direction, the Company is in the process of changing its name to BioELife, and its trading symbol, both of which should be completed within the next thirty days."
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Organigram Holdings, Inc. (NASDAQ: OGI) announced back in 2019 that it has shipped more than one hundred and thirty thousand units of pure cannabidiol (CBD) oil destined for markets across Canada. The recent legalization of adult-use, recreational cannabis in Canada has resulted in an increased demand for CBD, a naturally occurring compound in cannabis which has no psychoactive effect. "Since legalization, Canadian consumers have proven themselves to be not only receptive to, but surprisingly well educated about, the benefits of CBD," says Greg Engel, CEO, Organigram. "Consumers have embraced the idea of cannabis as it relates to overall wellness. While medical patients have long since discovered the potential benefits of CBD, we didn't anticipate how that awareness would translate into the recreational market but are pleased to be able to help meet this consumer demand."
New Age Beverages Corporation (NASDAQ: NBEV) announced last year the approval by the Japanese Narcotics Control Division and the Japanese Ministry of Health for New Age's CBD products in Japan and the company's subsequent launch into the market effective immediately. New Age is the first major company to gain approval by the Japanese Ministry of Health and Narcotics Control Division to sell its portfolio of CBD products in the country. New Age created a separate, wholly-owned subsidiary in 2018 under which it commercializes all of its CBD-infused products, including its line of Marley CBD-Infused Beverages and its portfolio of 'Nhanced creams, oils, and roll-ons, and the forthcoming Noni+CBD product. The products will be sold immediately through over 50,000 direct-to-consumer product consultants in Japan. Fumiyuki Isami, Senior Director in Japan for New Age, commented: "New Age is proud to introduce our lineup of CBD products to Japanese consumers and to be first with CBD in Japan. We believe we have one of the highest quality CBD portfolios worldwide and have leveraged all of our scientific insights and research and development expertise to develop these superior performing and highly efficacious products. We have been working intensively with the Japanese Narcotics Control Division and the Ministry of Health for the past eight months to meet all of their stringent testing and requirements. This week, we finally cleared those hurdles, the first major company in the country to do so."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) reported in 2019 that the U.S. Food and Drug Administration (FDA) had granted Fast Track Designation for the Company's lead development candidate Zygel™ (ZYN002 CBD gel) for treatment of behavioral symptoms associated with Fragile X Syndrome (FXS). FDA's Fast Track program is designed to facilitate the development of drugs intended to treat serious conditions and fill unmet medical needs and can lead to expedited review by FDA in order to get new important drugs to the patient earlier. Zygel (CBD gel) is the first and only pharmaceutically-manufactured CBD formulated as a patent-protected permeation-enhanced clear gel, designed to provide controlled drug delivery into the bloodstream transdermally (i.e. through the skin). Recent studies suggest that FXS and other neuropsychiatric conditions may be associated with a disruption in the endocannabinoid (EC) system. "The FDA's decision to grant Fast Track Designation for Zygel underscores the significance and severity of the unmet medical need that exists for patients living with Fragile X Syndrome and their caregivers," said Armando Anido, Chairman and Chief Executive Officer of Zynerba. "We believe that Zygel has the potential to be the first treatment indicated to directly address the core behavioral symptoms of this syndrome, and we look forward to working closely with the FDA to obtain approval to market Zygel as soon as possible."
KushCo Holdings, Inc. (OTCQX: KSHB) is the premier producer of ancillary products and services to the cannabis and hemp industries. KushCo Holdings, Inc. recently announced the creation of its new Retail Services division. The new business unit will focus on providing comprehensive retail solutions, through strategic partnerships with best-in-class sales agencies, to leading CBD brands. KushCos retail services division will focus on industry education and compliance, as well as building distribution networks of CBD brands across conventional retail channels. With Retail Services experienced leadership optimizing growth opportunities, this division will expand the Company's platform and fuse two industries that have historically operated independent of each other. In his position as Vice President of Retail Services, Ryan Savage will oversee sales agency partnerships, including C.A. Fortune, a leading full-service national consumer product sales and marketing agency focused on lifestyle brand partnerships. In addition, he will manage the expansion of CBD into the retail space across all channels, driving sales through the management of brands, brokers and customers to increase distribution and revenue growth. Ryan Savage has spent the past 15 years gaining knowledge of multiple aspects of the consumer packaged goods (CPG) industry. He has worked with many diverse, major retailers including Sprouts, Trader Joes, Target, Amazon, and Kroger, in both a branded and private label capacity.
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