Data Projects the Global Medical Cannabis Market to Exceed USD 28 Billion by 2024
NEW YORK, /PRNewswire/ -- According to the data compiled by Energias Market Research, the global medical cannabis market is expected to increase from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024 and at a CAGR of 19.1% from 2018 to 2024. There are numerous key aspects that are expected to help drive the growth of the industry, including a growing awareness of medical treatments for various conditions, as well as a growing number of R&D investments. Sales of cannabis products for recreational use are also projected to grow as a result of California's new cannabis laws which went into effect earlier this year. While the State is the largest market, Canada is expected to have strong sales as well, as a report by Deloitte estimates the Canadian market will be worth at least USD 5 Billion in sales in 2018. CLS Holdings USA Inc. (OTC: CLSH), Cronos Group Inc. (NASDAQ: CRON), Invictus MD Strategies Corp. (OTC: IVITF), Lexaria Bioscience Corp. (OTC: LXRP), CannaRoyalty Corp. (OTC: CNNRF)
Focusing on the United States, the legal cannabis market is projected to reach USD 11 Billion in consumer spending in 2018. An Arcview Market Research and BDS Analytics report explains that despite federal prohibition the U.S. legal cannabis industry experienced 31% growth in 2017 and has reached USD 8.5 Billion in spending. "The end of marijuana prohibition is in sight and what that means for this market cannot be overstated," said Troy Dayton, CEO of the Arcview Group. "There are billions of dollars in institutional capital chomping at the bit to take advantage of this shift, but so far haven't found a major way in. This leaves a limited window for businesses to get a foothold and build value for liquidity events that might come sooner than any of us thought possible just a few months ago."
CLS Holdings USA Inc. (OTCQB: CLSH) last week announced breaking cannabis news that, "increased sales for the month of August 2018 at its Oasis Cannabis location in Las Vegas, Nevada. August 2018 sales were up 11.8% over sales in August 2017. This meaningful growth was driven by a 400% increase in wholesale revenues under the City Trees Brand.
Ben Sillitoe, CEO of CLS Nevada, commented, 'We are extremely pleased with the growth in our City Trees brand and overall sales at Oasis. We are in the midst of layout, signage and marketing improvements which we believe will further improve our visibility, market penetration and sales growth.'
Management of CLS plans to keep shareholders and other investors updated frequently on corporate developments.
About Oasis Cannabis (http://oasiscannabis.com): Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the first quarter of 2019."
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. Cronos Group Inc. and Ginkgo Bioworks Inc., the organism company, recently announced a landmark partnership to produce cultured cannabinoids. Using its platform technology for organism design and development, Ginkgo will complement Cronos Group's technologies for producing a full spectrum of cannabinoids. As part of this unprecedented deal, Cronos Group has agreed to issue a specific number of common shares in tranches subject to Ginkgo's achievement of certain production milestones. "Cronos Group is building the world's most innovative cannabinoid platform," said Mike Gorenstein, Chief Executive Officer of Cronos Group. "The potential uses of cannabinoids are vast, but the key to successfully bringing cannabinoid-based products to market is in creating reliable, consistent, and scalable production of a full spectrum of cannabinoids, not just THC and CBD. We are thrilled to partner with Ginkgo; their biological engineering capabilities and disruptive technology platform are unrivaled. Together we can revolutionize the cannabis industry."
Invictus MD Strategies Corp. (OTCQX: IVITF) is a global cannabis company offering a selection of products under a wide range of lifestyle brands. Invictus MD Strategies Corp. recently announced that its wholly-owned subsidiary, Acreage Pharms Ltd., has been granted conditional approval to become a registered supplier with the Saskatchewan Liquor and Gaming Authority once legislation is implemented on October 17th, 2018. In the interim, and subject to any federal restrictions, Acreage Pharms is eligible to supply product to authorized provincial wholesalers and retailers in advance of October 17th. "We are thrilled to become a registered supplier in Saskatchewan, our third provincial agreement behind British Columbia and Alberta," said Dan Kriznic, Chief Executive Officer and Chairman for Invictus. "We can feel the momentum building ahead of legalization on October 17th, 2018 and are actively seeking agreements with additional provinces to help ensure governments across Canada have enough supply to meet consumer demand."
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria Bioscience Corp. recently reported significant bioavailability results from its randomized, placebo-controlled, double-blind European human clinical study that evaluated TurboCBDTM - a proprietary, DehydraTECH(TM) powered, cannabidiol ("CBD") fortified hemp oil capsule developed by Lexaria. The degree and speed of CBD absorption into blood plasma and potential cardiovascular and cognitive performance enhancement in 12 healthy male volunteers were studied. These results corroborate and confirm earlier in vitro and in vivo studies that have evaluated Lexaria's DehydraTECHTM technology and have consistently measured higher levels of drug delivery much more quickly than positive controls with matching CBD concentrations. Although this study evaluated absorption only of CBD and its metabolites, Lexaria believes nearly identical bioavailability enhancement results would be achieved if the cannabinoid studied was THC instead of CBD.
CannaRoyalty Corp. (OTCQX: CNNRF) is a North American cannabis consumer product company currently focused on building a leading distribution business in California, the world's largest regulated cannabis market. CannaRoyalty Corp. has recently announced that it has entered into a binding letter of intent with Tidal Royalty Corp., a leading provider of royalty financing to licensed U.S. cannabis operators, whereby Tidal Royalty will acquire the Company's equity stake and royalty entitlement in Alternative Medical Enterprises LLC for a consideration of USD 8 Million. CannaRoyalty will maintain the right to license MUEV products in California, Nevada, Canada and other select markets. "The sale of our equity stake and royalty in AltMed advances our stated strategy of realizing value for shareholders on assets that are deemed non-core to our business. The substantial gains from our successful investment in AltMed will provide CannaRoyalty with capital to continue to expand its distribution and brand network in the California market, while offering CannaRoyalty shareholders a significant return on investment," said Marc Lustig, Chairman and Chief Executive Officer of CannaRoyalty.
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Company Codes: OTC-BB:CLSH, NASDAQ-NMS:CRON, OTC-BB:IVITF, OTC-BB:LXRP, OTC-BB:CNNRF