Developments in the Legal Cannabis Market
BY PR Newswire
— 9:00 AM ET 04/19/2017
NEW YORK, April 19, 2017 /PRNewswire/ --
According to New Frontier Data, a technology-driven analytics company specializing in the cannabis industry, reported that the legal cannabis market was worth an estimated $6.6 billion in 2016. This market is projected to grow at a compound annual growth rate (CAGR) of 16% and reaching more than $24 billion by 2025. The report also indicates that the medical segment of the market is projected to grow at 12% CAGR through 2025, or growing from $4.7 billion in 2016 to an estimated $13.3 billion in 2025. These projections are based on the assumption that no additional states will pass legalization legislations by the end of the forecast period. Bang Holdings Corp. ( BXNG ) , Cannabis Sativa. Inc. (OTC: CBDS), AXIM Biotechnologies, Inc. ( AXIM ) , Eco Science Solutions, Inc. ( ESSI ) , Aurora Cannabis Inc. (OTC: ACBFF)
New Frontier CEO & Founder Giadha Aguirre De Carcer, commented on the importance of states revealing the successes as well as the issues which they have encountered, "We applaud, in particular, the work of Washington State which has set the gold standard in transparency by making all the data collected by its seed-to-sale system publicly available. This level of transparency is enormously valuable as it enables all stakeholders across the industry, including operators, investors, regulators and policymakers to have a quantifiable view into this highly dynamic industry."
Bang Holdings Corp. ( BXNG
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) through its subsidiary Bang Digital, a digital advertising company that provides content and its influencer-based marketing network to the legal cannabis industry, announced yesterday, its early success with its public relations campaign for the upcoming launch of the International Church of Cannabis in Denver, Colorado.
Bang recently announced a contract to launch and manage all of the digital media for the Church on March 22, 2017. Since implementing this contract, the Company has garnered international press coverage from several renowned global media outlets based outside of the United States, including France, Australia, England, India, Russia, and Kenya - in addition to the significant amount of major media and news outlets across the United States.
"We have been live with Dr. Drew discussing the International Church of Cannabis, we've been featured on TMZ twice, and we've been written about in the New York Post, Huffington Post, Denver Post, Russia Today, MSN, AOL, and organizations as far as Switzerland, Germany, Poland, India and Australia," said Steve Berke, Chief Executive Officer of Bang Digital Media.
"The level of global interest in the International Church of Cannabis is a true testament to the ability of our unique marketing platform to successfully target cannabis enthusiasts around the globe; one of the fastest growing and lucrative demographic markets. It truly has been a humbling experience to play such an instrumental role in introducing this peaceful movement to the world."
Cannabis Sativa. Inc. recently announced that it entered into an agreement to acquire the intellectual property for the White Rabbit brand of cannabis sprays and cannabis mints. The acquisition will include the exclusive and proprietary product formulations, product mixes, manufacturing methods and branding. The White Rabbit product line currently consists of fast acting low dose cannabis oral sprays and popular low dose cannabis mints. Both the spray and the mints are formulated as CBD only, THC only and CBD/THC blends.
AXIM Biotechnologies, Inc. ( AXIM
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) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. The company's flagship products include CanChew®, a CBD-based controlled release chewing gum, and MedChew Rx, a combination of CBD/THC gum that is undergoing clinical trials for the treatment of pain and spasticity associated with multiple sclerosis. On March 07th, 2017, the company announced enrollment of 40 patients and commencement of its Phase II clinical trial for the treatment of irritable bowel syndrome (IBS) with the company's CanChew Plus® CBD gum. Final data collection for primary outcome measure is estimated to complete in April 2017, with the full study estimated to complete in June 2017.
Eco Science Solutions, Inc. ( ESSI
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) is a technology-focused Company targeting the multi-billion dollar health, wellness and alternative medicine industry. In February, the company announced that it has agreed to become a Presenting Partner Sponsor for Kaya Fest's inaugural event. The purpose of Kaya Fest is to educate the people of the many uses of the cannabis plant as well as to inspire and encourage positive public awareness since medical marijuana has become legal in many states. Jeff Taylor, Chief Executive Officer of Eco Science Solutions, Inc. ( ESSI
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), stated: "Our goal at Eco Science Solutions ( ESSI
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) is to continue to bring awareness and education of the various alternative health and medical options and benefits to the mainstream market, for which cannabis-related products is one of our strategic categories."
Aurora Cannabis Inc. announced recently that has completed the acquisition of Peloton Pharmaceuticals Inc. ('Peloton'), a Montreal-area late-stage ACMPR-applicant. Peloton is completing construction of a state-of-the-art 40,000 square foot cannabis production facility in the City of Pointe-Claire, Québec, which received a 'ready to build' letter from Health Canada in 2014. "The Peloton acquisition is another major strategic advance for Aurora, expected to provide us in the near term with additional high quality, low-cost production capacity, as well as an important presence in Montreal, with the capability to serve Québec and the Atlantic Provinces, and to further expand our industry-leading e-commerce strategy," said Terry Booth, CEO. "In addition, the cost of this acquisition - a fraction of the market valuation of current publicly traded licensed producers - it represents an excellent value for Aurora and our shareholders."
