Legal and Medical Cannabis Market Sales Expected to Accelerate
Published: Apr 11, 2018
NEW YORK, April 11, 2018 /PRNewswire/ -- According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is projected to grow at a CAGR of 21.1% between 2017 to 2024, while reaching an estimated value of $63.5 billion by 2024. The market is going through a period of healthy growth thanks to increasing legalization and decriminalization of cannabis products across North America. The report specifies that the legalization trend is moving beyond the U.S. region. Data by Arcview Market Research explains that growth of the legal cannabis industry is expected reaccelerate this year, as sales of products for recreational use set to start in Canada, California, and Massachusetts along with medical sales in Florida. Liberty Health Sciences Inc. (OTC: LHSIF), American Cannabis Company, Inc. (OTC: AMMJ), Lexaria Bioscience Corp. (OTC: LXRP), GB Sciences, Inc. (OTC: GBLX), MPX Bioceutical Corporation (OTC: MPXEF)
According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
Liberty Health Sciences Inc. (OTCQX: LHSIF) also listed on the Canadian Securities Exchange under the Ticker (CSE: LHS). Just earlier this morning the company announced breaking news that it, has recorded a 253% increase in monthly revenue since the start of 2018, and a 100% increase in its served patient count. The surge has been fueled by unprecedented growth in the number of registered medical cannabis patients and physicians in the state of Florida. So far this year, the number of registered patients in Florida has increased 46% to over 93,000 patients, and the number of recommending physicians has increased 44% as the physician community continues to witness the benefits of medical cannabis first-hand. The registered patient count in Florida is expected to continue to increase rapidly as more physicians recommend cannabis as a treatment option, and as more Florida residents become educated on the benefits of medical cannabis to treat certain qualifying conditions. The Florida Department of Health ("DOH") continues to make progress in processing the high volume of applications and issuing Medical Marijuana Use Registry identification cards, which is also helping to accelerate demand for Liberty's products throughout the state.
"Our patient-centric approach has been very well received in Florida," said George Scorsis, Director and CEO of Liberty. "Our Cannabis Education Centers, which we are continuing to roll-out across the state, provides comprehensive education, resources and compassionate one-on-one consultations geared towards educating patients on cannabis use as a safe treatment alternative to treat their symptoms. Liberty is proud to provide Florida's patients in need with convenient and timely access to high-quality, clean and safe pharmaceutical-grade medical cannabis when they need it the most."
In response to the rapidly growing patient demand, Liberty is expanding its home delivery model to bring 24-hour delivery service to patients across southern Florida. The Company has received approval from the DOH to establish a distribution center ("Hub") located in Fort Lauderdale. Supported by a fleet of eco-friendly hybrid vehicles, The Hub will provide one-day delivery service to patients in Broward, Miami-Dade and Palm Beach counties, an area with nearly 6 million people representing 29% of the state's population. Liberty is also expanding its fleet to provide one-day delivery service to patients in Alachua and Marion counties. This fast and convenient service will also be offered through Liberty's Cannabis Education Centre in The Villages and at the Company's future dispensary locations expected to open soon. In total the Company's one-day delivery service will reach 6.6 million people, or 32% of Florida's population.
"The growth in registered medical cannabis patients in Florida is far exceeding our expectations, but Liberty is fully prepared to meet the rapidly expanding demand with our production expansion currently underway at Chestnut Hill and Liberty 360 facilities and our new southern Florida distribution hub," said Scorsis. "We are committed to providing all of our patients across Florida with fast and convenient access to medical cannabis, regardless of their location in the state."
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. Earlier this year, the company announced that it has secured a consulting contract with Cloud 9 Apothecary in the state of California. In conjunction with the consulting agreement, ACC will acquire an equity stake in Cloud 9's project that is currently non-operational and in the development stage. This project, to be built-out and completed in Desert Springs, California, will comprise a closed-loop greenhouse containing a 22,000 square foot canopy of premium cannabis cultivars. With the construction of this facility, Cloud 9 Apothecary's plans focus on wholesale cultivation and product manufacturing. Plans to shift into a fully integrated business model, complete with dispensing solutions, will be made in the near future as Cloud 9 plans to scale up operations organically.
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. On March 22, 2018, the company announced it has received a new Notice of Allowance from the United States Patent and Trademark Office ("USPTO") providing for "composition of matter" claims that protect the specific combination of substances which enable improved taste and bioabsorption properties of its DehydraTECH(TM) technology for the delivery of cannabinoids. This is a significant addition to Lexaria's existing manufacturing "method of use" patent rights previously granted.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods, as well as biopharmaceutical research and development. Earlier this month, the company announced it has completed the technology transfer for the manufacturing of time-released nanoparticles containing a cannabinoid-based therapeutic for neuropathic pain from the University of Seville. As announced in Q4 of 2017, GB Sciences has obtained the exclusive worldwide license to the intellectual property covering this time-released cannabinoid formulation from the University of Seville ("USE"), the Centro de Investigacion Biomedica en Red de Salud Mental ("CIBERSAM") and the University of Cadiz.
MPX Bioceutical Corporation (OTCQB: MPXEF), an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. Recently, the company announced that the official opening of the its newest "Health for Life" medical marijuana dispensary in the Metropolitan Phoenix area, located at the junction of E. Main and Crimson in the suburb of Apache Junction. This brings the number of dispensaries under MPX management in Arizona's Sun Valley to four. The Crimson dispensary will meet the needs of patients in this comparatively underserviced southeast quadrant of the region by making available the full spectrum of MPX concentrates, an extensive variety of cannabis flower, and a broad selection of 3rd party, processed cannabis-infused edibles.
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