Data Projects the Global Medical Cannabis Market to Eclipse USD 33 Billion by 2022
NEW YORK, October 10, 2018 /PRNewswire/ --
According to a report published by Oristep Consulting, the global medical cannabis market was valued at USD 12.67 Billion in 2016 and will reach USD 33.41 Billion by 2022 while growing at a CAGR of 17.53% during the forecast period. The two main cannabinoids from the cannabis plant are THC and CBD, both are widely used as treatments for various conditions such as lack of appetite, nausea, pain, inflammation (swelling and redness), as well as muscle control problems. The report also indicates that by region, North America leads the market, having held about half of the market share in 2016. As for the recreational cannabis segment, the spread of legalization across North America is pushing its value projections to new highs. ICC International Cannabis Corp. (OTC: KNHBF), Leafbuyer Technologies, Inc. (OTC: LBUY), AXIM Biotechnologies, Inc. (OTC: AXIM), Invictus MD Strategies Corp. (OTC: IVITF), Auxly Cannabis Group Inc. (OTC: CBWTF)
The recent legislative victories for the cannabis industry are expected to have a highly positive impact on the economy. On June 19th, Canada legalized cannabis across the nation. Additionally, earlier this year, California began legal sales of cannabis products for recreational use and since then, further political changes have been planned. "The cannabis sector currently employs an estimated 125,000 to 160,000 full-time workers," industry analyst and Editorial Vice President of MJBizDaily, Chris Walsh, explained at The Marijuana Business Conference & Expo, according to a report from Fortune. "To put this in perspective, there are potentially more full-time marijuana industry workers than there are librarians or kindergarten teachers throughout the country - and over 6 times the number of coal miners in the U.S."
ICC International Cannabis Corp. (OTC: KNHBF) is also listed on the Canadian Securities Exchange under the ticker (CSE: WRLD). Earlier today the company announced that it, "has been granted a medical cannabis cultivation licence by the Greek government, superseding and augmenting its existing Hemp license. The licence grant is a conditional pre-approval for medical Cannabis cultivation in the Greek prefecture of Imathia.
ICC controls a 16-acre land package situated in northern Greece, which will be dedicated to medical grade cannabis cultivation, extraction, distribution, as well as research and development. Greece boasts over 300 days of unadulterated sunshine per year, resulting in attractive climate for outdoor Cannabis cultivation. ICC's distribution network of approximately 35,000 pharmacies throughout 16 countries will complement the company's Greek cultivation capabilities.
Greece is a European Union ("EU") member country and will operate as ICC's southern European cultivation and production hub. The EU has a population of over 500 million, affording ICC with a unique opportunity to service this high-growth marketplace. The service and tourism sectors amount to the majority of Greece's economic output, contributing close to 85 per cent of annual gross domestic product. Approximately 16.5 million tourists visit Greece each calendar year.
Eugene Beukman, chief executive officer and director of ICC, stated: "Receipt of the first medical Cannabis cultivation licence to be issued by Greece represents a strong endorsement of the Company's seed to sale initiatives globally, and in the EU in particular. This is a material milestone for both the industry and the Company, of which International Cannabis is very proud. Greece is a favoured tourist destination, which ICC believes could be the next great Cannabis holiday haven abroad. ICC's Greek contingent has been working towards this licence for the past 18 months and has built long-term relationships with local officials and government ministers. Through collaboration with ICC, Greece is presented with a unique opportunity to expedite the realization of the benefits of a legalized cannabis industry."
In connection with the transaction, ICC will pay US $200,000 in cash and will issue 12,000,000 shares."
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a leading cannabis technology platform. Earlier this month, the Company announced that yearly sales rose 42% in the fiscal year ended June 30th, 2018. The increase reflects the cash sales booked in this year versus the previous year. The Company reported that sales in new markets have been steadily increasing as marketing efforts have taken hold and sales staff have been put in place. "Our overall strategy of broadening our platform to become a true comprehensive marketing solution has allowed us to attract many new customers and upsell current ones. The average monthly spend for new customers has increased more than 50% in the last six months as we continue to offer a wider basket of solutions. We have also been investing heavily in development (online ordering, loyalty and block chain) and are starting to see the results in sales numbers." said Mark Breen, COO and VP of Sales of Leafbuyer.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) is an innovative biotechnology and pharmaceutical company focusing on research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. On September 13th, 2018, the Company announced that it has signed a Letter of Intent ("LOI") with Impression Healthcare Limited, Australia's largest home dental impression company, for exclusive distribution of all AXIM® Biotech products throughout Australia and New Zealand. Per the LOI, both parties will endeavor to co-develop new products, initially for pre-clinical and phase 1 trials (among other clinical trials), including an oral rinse liquid targeted for the treatment of oral mucositis, strep throat, oral infections and gum disease. Pending initial discussions and an internal review of AXIM® Biotech and its product offerings, Impression will collaborate with the company for the licensing and distribution of its current and future cannabinoid-based therapeutic products for distribution in Australia and New Zealand.
Invictus MD Strategies Corp. (OTCQX: IVITF) is a global cannabis company offering a selection of products under a wide range of lifestyle brands. In late September, the Company announced that it had completed its first shipment of recreational cannabis to British Columbia on time, following its inaugural shipment to Alberta. This significant milestone was made possible by the Company's balanced and deliberate approach towards cultivation and regulatory compliance. While Invictus focused on expansion of its cultivation facilities, Acreage Pharms secured excise stamps and Health Canada approved packaging for the adult recreational market early, allowing Purchase Orders to be completed on time and without issue. To date, Invictus' wholly-owned subsidiary Acreage Pharms has secured provincial agreements for the upcoming adult recreational market in British Columbia, Alberta and Saskatchewan, with others to follow-suit.
Auxly Cannabis Group Inc. (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Earlier in September, the Company announced that further to its previously announced interim supply agreement on January 17th, 2018, the Company, through its wholly owned subsidiary Dosecann Inc., has entered into a definitive supply agreement with Aphria Inc. Pursuant to the Agreement, Dosecann will have the option to purchase cannabis, including dried flower and cannabis oil for distribution to certain international markets, including Mexico, Portugal, and Serbia, as well as a limited amount for distribution into the Canadian market. Subject to Aphria receiving the necessary regulatory approvals for expansion of its cultivation facilities, Dosecann will have the option to purchase up to 20,000 kilograms of Cannabis Products on an annual basis, until such time, Dosecann will have the option to purchase up to 100 kilograms of Cannabis Products on a monthly basis.
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Company Codes: OTC-BB:KNHBF, OTC-BB:LBUY, OTC-BB:AXIM, OTC-BB:IVITF, OTC-BB:CBWTF