NEW YORK, June 29, 2018 /PRNewswire/ --
According to a report by Ameri Research Inc., the global legal cannabis market was valued at USD 14.3
Billion in 2016 and is projected to grow at a CAGR of 21.1% between 2017 and 2024, while also reaching a value of
USD 63.5 Billion by 2024. The cannabis industry is presently in strong growth mode, as legalization
and decriminalization of cannabis products across North America are spreading. The report also
indicates that legalization trends are moving beyond the U.S. region; data by Arcview Market Research shows that the growth of
the legal cannabis industry is expected to re-accelerate in 2018, as adult-use sales ramp up in Canada, California, and Massachusetts,
along with first-time medical sales in Florida. Additionally, Canada had legalized cannabis nationally on June 19 th of this
year. WeedMD Inc. (OTC: WDDMF), Intec Pharma Ltd. (NASDAQ: NETC), Therapix Biosciences Ltd. (NASDAQ: TRPX), Axim Biotechnologies,
Inc. (OTC: AXIM), Cronos Group Inc. (NASDAQ: CRON)
Citing another report from Deloitte, nearly two-thirds of current cannabis consumers are likely to buy cannabis products from
a legal channel. Jennifer Lee, Partner, Cannabis National Leader, and Consumer Advisory and
Analytics Practice National Leader, said: "Most current and likely cannabis consumers want a variety of products offered at
reasonable prices from suppliers who can vouch for the safety and origin of those products. Cannabis companies will need to have
secure supply chains to protect the quality and integrity of their products, and retailers will need to meet consumer
expectations, including providing a positive, engaging retailing experience and protecting the privacy of their customers,
especially online."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier this week the
Company announced, "that the first batch of cannabis plants have been transplanted to its modern greenhouse located
in Strathroy, Ontario and are scheduled for harvest by September 2018.
'Our initial crop of plants successfully entered our recently-licensed Strathroy greenhouse last week and our first
10,000 sq. ft. grow room is now fully operational,' said Keith Merker, Chief Financial Officer of WeedMD. 'With this hybrid,
large-scale, modern greenhouse, we will be able to produce quality cannabis with maximum efficiency. This facility will be the
prominent source of supply for our medical cannabis patients and for future adult-use consumers across Canada and
emerging international markets. I want to acknowledge and thank our incredibly dedicated, passionate and experienced
best-in-class cultivation team.'
Strathroy Greenhouse Facility Updates :
- Secured Health Canada cultivation license for the first four grow rooms at its Strathroy facility on June
11th, 2018.
- Initial harvest expected by September 2018.
- Phase I, 220,000 sq. ft. retrofit is scheduled for completion this fall, with plans to progressively bring a total of 20
grow rooms online expanding annual production to more than 21,000 kg.
- Phase II fully-funded expansion is underway with an incremental 175,000 sq. ft. conversion representing additional
potential annual yield of more than 12,000 kg, bringing the total to more than 33,000 kg by this year-end.
- Phase III involves retrofitting the remaining 215,000 sq. ft., bringing total square footage to 610,000 sq. ft, and total
annual production capacity to more than 50,000 kg.
For more information, access our investor presentation here and corporate video here."
Intec Pharma Ltd. (NASDAQ: NETC) is a clinical-stage biopharmaceutical company focused on developing drugs based on its
proprietary Accordion Pill platform technology. The Company recently announced financial results for the three months ended
March 31, 2018. The Company raised approximately USD 37.5 Million in
a public offering of 6.75 Million ordinary shares and 400,000 ordinary shares following the exercise of part of the underwriters'
over-allotment option. Furthermore, Jeffrey A. Meckler, Vice Chairman and Chief Executive Officer
of Intec Pharma., said, "Following on favorable PK data from our Phase 1 study of AP-CBD/THC, which combined two key components
of cannabis, we are moving forward with a series of Phase 1 PK studies of each of these components alone and in combination. We
will initiate the AP-THC study in the second half of 2018. We believe that exploring the individual components of cannabis
provides the potential to pursue additional opportunities in target pain indications."
Therapix Biosciences Ltd. (NASDAQ: TRPX) is a specialty clinical-stage pharmaceutical company specializing in the
development of cannabinoid-based therapies, proprietary formulation for the treatment of CNS and pain disorders. The Company
recently announced that the first subject was enrolled for its Phase IIa, sponsor-initiated clinical trial using the Company's
cannabinoid-based technology THX-110 for Obstructive Sleep Apnea, at Assuta Medical Center, the largest private hospital network
in Israel. The clinical trial is a single-arm, open-label trial, in which 30 subjects receive
one daily treatment of the drug via oral administration and is followed-up for one month with the primary efficacy endpoint
evaluating a significant change in the AHI. It is estimated by the American Academy of Sleep Medicine that 12 percent of the U.S.
adult population suffer from OSA, and the economic burden of undiagnosed sleep apnea in the United
States alone is at nearly USD 150 Billion annually.
Axim Biotechnologies, Inc. (OTCQB: AXIM), a world leader in cannabinoid research and development, today announced that
the company has secured additional funding needed to further its clinical development program through S-3 stock purchases. "This
financing highlights our investor's confidence in AXIM and our potential for success in cannabinoid-based pharmaceutical
research," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM Biotech.
"This deal will allow AXIM to move forward with a number of clinical projects including our bio-equivalent dronabinol chewing-gum
based product and the MedChewRx™ program for treatment of pain and spasticity in Multiple Sclerosis patients."
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence
across four continents. The Company operates two wholly- owned Canadian licensed producers regulated under Health Canada's Access
to Cannabis for Medical Purposes Regulations. Cronos Group recently announced it will hold its 2018 Annual and Special Meeting of
Shareholders on Thursday, June 28, 2018 at 9:30 a.m. at the offices
of Blake, Cassels & Graydon LLP located at 199 Bay Street, Suite 4000, Commerce Court West, Toronto. A live audio webcast and replay of the meeting will also be available in the investor relations
section of the Company's website.
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