NEW YORK, December 27, 2017 /PRNewswire/ --
According to Hexa Research, the U.S. medical cannabis market is expected to reach $19.48 billion by 2024. The projected growth is largely driven by the medical benefits of cannabis. Symptoms and conditions that may be treated by cannabis include cancer, HIV, AIDS, Alzheimer's disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. According to the research, the solid cannabis edibles in 2016, within the U.S. market generated $2.47 billion in revenue and are expected to continue to dominate the cannabis industry. California, the first state to legalize medical use for cannabis had the highest revenue in 2016 and is expected to grow at a CAGR of 13 percent to 2024. Pivot Pharmaceuticals Inc. (OTC: PVOTF), General Cannabis Corp. (OTC: CANN), Cara Therapeutics Inc. (NASDAQ: CARA), Aphria Inc. (OTC: APHQF), India Globalization Capital, Inc. (NYSE: IGC)
A report by New Frontier Data indicates the impact legal cannabis products expect to have on the pharmaceutical market. Giadha Aguirre De Carcer, CEO & Founder, New Frontier Data, explained, "The United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy. It is one of many industries that will be impacted by the growth of the legal cannabis market and we are already starting to see that trend in legal medical states where use of key prescription drugs is down by 11%. If cannabis were to be adopted nationally, we would begin to see a trend of patients turning to medical cannabis as a substitute or complement to pharmaceuticals."
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) recently listed on the Canadian Stock Exchange under the Ticker 'PVOT'. Just earlier today the company announced breaking news that it has entered into a forty-five (45) day standstill period with a TSX listed company in order to explore a business opportunity of mutual interest and benefit, that may result in a co-research and development program, a product launch and/or commercialization agreement, or some other form of potential partnership ("Potential Transaction").
The standstill period will end on February 6, 2018. During this time Pivot will not, directly or indirectly, conduct or enter negotiations or engage in any other discussions or communications with any third party regarding a Potential Transaction, any sale of all or substantially all of the assets of Pivot, or any merger, amalgamation, plan of arrangement or other business combination involving Pivot.
Dr. Patrick Frankham, Pivot's CEO, states, "The Pivot team has been working tirelessly to secure a best-in-class partner to monetize our patented technologies and to bring our impressive pipeline of products to market in preparation for the legalization of cannabis in Canada and areas of the US and EU. During the past few months we have garnered interest from established companies in the nutraceutical and cannabis industries. Pivot's management is committed to exploring all potential avenues to consummate a transaction with the company that we have a standstill agreement with as they share our vision of developing, manufacturing and commercializing premium science-based cannabis products to serve the health needs of consumers. On behalf of the Board of Directors of Pivot, I would like thank our shareholders for their continued support and wish them a healthy and prosperous 2018."
General Cannabis Corp. (OTCQB: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. On December 21, 2017, the company announced it signed a $955,000 two-year contract today to manage a grow facility in California. This represents the largest single contract the company has undertaken since inception. The Company also plans to provide significant other services, including hardware and supply procurement, in addition to the initial contract terms. "We have been developing potential clients in California for the past year, where cannabis becomes legalized for adult use on Jan. 1, 2018," said Robert Frichtel, CEO of General Cannabis. "California will become the world's largest legalized and regulated cannabis market at the beginning of the new year. We are pleased to have gained a solid foothold in what is projected to be a $7 billion state-wide market."
Cara Therapeutics, Inc. (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors(KORs). Cara is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Cara's most advanced CB compound, CR701, is in preclinical development.
Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Aphria is committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders. On December 21, 2017, the company announced that it has committed to make a $10 million equity investment in the combined company, which is expected to be renamed Hiku Brand Company Ltd. ("Hiku"). The combination of Tokyo Smoke and British Columbia based DOJA would bring together two premium lifestyle brands to serve the anticipated recreational cannabis market. Aphria's investment represents an advancement of the Company's strategy to be a leader in the recreational market, once legalized in Canada.
India Globalization Capital, Inc. (NYSE: IGC) is engaged in the development of cannabis based combination therapies to treat Alzheimer's, pain, nausea, eating disorders, several end points of Parkinson's, and epilepsy in dogs and cats. IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. On December 7, 2017, the company announced that it has launched two new websites to detail the Company's cannabinoid pipeline for the indications of pain, seizures, eating disorders and Alzheimer's. The company has six provisional patent filings in the phytocannabinoid-based combination therapy space for the indications of pain, medical refractory epilepsy, and cachexia. In addition, in May 2017, the company acquired exclusive rights to a patent filed by the University of South Florida Research Foundation entitled "THC as a Potential Therapeutic Agent for Alzheimer's Disease."
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