NEW YORK, February 22, 2018 /PRNewswire/ --
A report compiled by New Frontier Data estimates that the legal cannabis market was worth $6.6
billion in 2016 and is forecast to grow to $24.1 billion by 2025, registering a compound
annual growth rate of 16 percent. By segment, the medical cannabis market was worth $4.7 billion in
2016 and is expected to grow to $13.3 billion by 2025. Sales of recreational cannabis throughout
the same period are expected to grow at a 21 percent CAGR, from $1.9 billion to $10.9 billion. The constant authentication of cannabis products for both medical and recreational use is a key
factor contributing to the development made in this industry. On November 8th, 2016, California has passed California Proposition, allowing individuals in California to use and grow cannabis for personal use. Cannabis Wheaton Income Corp. (OTC: CBWTF), Zynerba
Pharmaceuticals, Inc. (NASDAQ: ZYNE), AXIM Biotechnologies, Inc. (OTC: AXIM), Canopy Growth Corporation (OTC: TWMJF), Innovative
Industrial Properties, Inc. (NYSE: IIPR)
Starting January 1st 2018, the state of California has started
legal sales of cannabis products for recreational use. Tom Adams, Editor-in-Chief at Arcview
Market Research and Principal Analyst at BDS Analytics, explained, "Our data shows positive indicators across the board for the
legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot
initiatives and continued maturation of the existing Adult-use markets are the primary drivers of the growth this year. That's
nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and
California and Canada planning to launch Adult-use sales in
2018."
Cannabis Wheaton Income Corp. (OTC: CBWTF) is also listed on the TSX Venture Exchange under the ticker symbol 'CBW'. On
February 16 th, the company announced that it, "Has entered into a joint venture with
Peter Quiring, one of Canada's largest greenhouse builders and
operators, via a newly formed subsidiary ( "GreenhouseCo"), to develop, construct and operate a state-of-the-art purpose-built
greenhouse for cannabis cultivation in Leamington, Ontario with Mr. Quiring acting as Chief
Executive Officer of GreenhouseCo (collectively, the "Transaction")." As the founder and owner of 4 vertically-integrated
companies, all of which have greatly influenced the North American greenhouse ecosystem, Peter has over 25 years of experience
designing, fabricating, building and operating greenhouses across North America. He has
developed over 2,000 acres of greenhouses and currently owns and operates 175 acres of computer-controlled, state-of-the-art
greenhouses with over 600 employees in Southern Ontario. Operating one of the largest bell
pepper and tomato greenhouses in North America, he is currently growing over 15 million
kilograms of peppers and 25 million kilograms of tomatoes each year that are shipped across Canada and the United States. In addition, his fabrication company South
Essex Fabricating constructed the Double Diamond Farms facility which is currently being converted for cannabis cultivation.
Pursuant to the Transaction, GreenhouseCo initially plans to develop 1.4 million square feet of greenhouse ("Phase I") on 102
acres of fully owned land located in Leamington, Ontario (the "Facility"). The Facility will be
constructed by South Essex Fabricating and will be built on a fully serviced site with access to approximately 27 megawatts of
electricity. The Facility will be purpose-built with state-of-the-art automation and operate under a 100% closed-loop water
recycling system.
The Company estimates that the Phase I build-out will result in approximately 120,000,000 grams of cannabis per annum and
believes there is further potential to increase the Facility's output with additional technological improvements that will be
adapted from Mr. Quiring's existing greenhouses. GreenhouseCo also has the ability for additional expansion up to a total of 2.8
million square feet of greenhouse cultivation. The Company will assist GreenhouseCo in obtaining its ACMPR license for the
cultivation and sale of cannabis (the "License") through its Wheaton Licensing Program by providing GreenhouseCo with all of the
resources and expertise necessary to achieve the License. Mr. Quiring and the Company have also agreed to jointly pursue
international cannabis-related greenhouse cultivation opportunities for joint development and opportunities to license
GreenhouseCo's intellectual property relating to facility design and operation know-how.
Hugo Alves, President and Director of Cannabis Wheaton, stated "This is a huge milestone for
the Cannabis Wheaton story and we couldn't be happier to pursue this venture by partnering with Peter. In getting to know Peter
during this transaction it has become clear that he possesses exceptional greenhouse and operational knowledge and his
track-record as one of North America's most accomplished greenhouse builders and operators
speaks for itself. We believe that our leading cannabis industry expertise and platform combined with Peter's proven capabilities
will be a recipe for success. This joint venture is another example of the quality of partners and breadth of production
diversification that Cannabis Wheaton is building out for its upstream production platform. This is an exciting project both in
terms of its scale and technological sophistication and we are honored to be partnering with the best in the business to ensure
that this facility becomes one of the largest and best run greenhouse cultivation facilities in the country.
Peter Quiring, Founder and President of NatureFresh and South
Essex commented, "Over the past 25 years, I have had the pleasure of building four integrated companies, including
NatureFresh™ Farms, and South Essex Fabricating. These four companies have been founded on driving innovation and utilizing new
technology, but I have learned that empowering people and building strong relationships is the most valuable part of being a
leader. Today, I am pleased to announce my new exciting joint venture with Cannabis Wheaton and have full confidence in the
management and teams that we have built together within my existing companies. I know that these teams will continue to perform
beyond my expectations and serve our community and customers with the same exceptional quality. I look forward to bringing my
experience and values to this new partnership with Chuck, Hugo and their team at Cannabis Wheaton."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty neuropsychiatric pharmaceutical company
dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or
near-rare neuropsychiatric diseases with high unmet medical needs. On January 3, 2018, the company
announced that it will concentrate its focus on rare (meeting the US FDA designation of an orphan disease, affecting fewer than
200,000 people in the U.S.) and near-rare (affecting fewer than one million people in the U.S.) neurological and psychiatric
disorders with high unmet medical needs. In 2018, the Company intends to develop ZYN002 in a pivotal Phase 2/3 program in Fragile
X syndrome (FXS) and in Phase 2 programs in refractory epilepsies, including adult refractory focal epilepsy and developmental
and epileptic encephalopathies (DEE) in pediatric and adolescent patients. Additionally, the Company plans to initiate Phase 2
development of ZYN001 in Tourette Syndrome by year end 2018. Zynerba is currently developing ZYN002, the first and only
patent-protected, pharmaceutically-produced CBD that is formulated as a permeation-enhanced gel for transdermal delivery.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabinoid-based
pharmaceutical, nutraceutical and cosmetic products. On February 6, 2018, the company announced
that it has entered into a binding distribution agreement for its proprietary cannabinoid-based nutraceutical chewing gum product
CanChew+® ("product") to be distributed throughout the country of Thailand. The non-exclusive
agreement, which was reached on January 24, 2018, and will remain in effect for one year, retains
AXIM as the sole owner and manufacturer of the product while assigning trademark and likeness rights to the distributor
specifically for the country of Thailand. The agreement sets clear financial obligations for the
distributor including a minimum purchase and upfront production costs.
Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis and hemp company, offering distinct
brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Recently, the company announced that it has
received a cultivation licence for the first of its two sites operating under the BC Tweed Joint Venture Inc. banner. The rapid
licensing of the Aldergrove site, the largest federally licensed cannabis site anywhere in the
world, continues a pattern of professional execution for the Company as it prepares to meet an unprecedented increase in demand
in a few short months once legal adult-use markets commence. The initial licensing covers over 400,000 sq. ft. of growing space,
allowing vegetative growth so that the mature plants can be spread into the full 1.3 million sq. ft. in the coming months for
flowering and ultimate harvest.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland
corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced,
state-licensed operators for their regulated medical-use cannabis facilities. On December 18, 2017,
the company announced that it closed on the previously announced acquisition of the property located at 5900 West Greenhouse
Drive in Willcox, Arizona, which comprises approximately 358,000 square feet of greenhouse and
industrial space. The Pharm is one of the largest wholesalers of medical-use cannabis in the state of Arizona. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease
agreement with a subsidiary of The Pharm, which intends to continue to operate the property as a medical-use cannabis cultivation
and processing facility in accordance with Arizona medical-use cannabis regulations.
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