Medical Cannabis Market Set to Grow
Published: Jun 05, 2018
NEW YORK, June 5, 2018 /PRNewswire/ -- According to data by Hexa Research, the U.S. medicinal cannabis market size was valued at USD 5.44 Billion in 2016 and is expected to hit USD 19.48 billion by 2024. Some of the factors contributing to the growth of the industry are several medical benefits of cannabis products and the quickening pace of legalization in the United States. The report also explains that in 2016, a rising number of patients diagnosed with chronic pain had resulted in the growing use of cannabis. The report estimated that the demand for medicinal cannabis for arthritis will grow at a CAGR of 17.8% over the projected period as it forecasted more adults and children will develop arthritis. Cannabis infused edibles are also anticipated to grow at a CAGR of 17.8% over the forecast period. High Hampton Hldgs Corp. (OTC: HHPHF), CV Sciences, Inc. (OTC: CVSI), Lexaria Bioscience Corp. (OTC: LXRP), The Supreme Cannabis Company, Inc. (OTC: SPRWF), Mountain High Acquisitions Corp. (OTC: MYHI).
In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, The Arcview Group analysis is projecting an increase in sales of cannabis. The legalization of adult-use sales in California will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered. Troy Dayton, CEO of The Arcview Group explained, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers."
High Hampton Hldgs Corp. (OTC: HHPHF) also listed on the Canadian Securities Exchange under the Ticker (CSE: HC). Earlier in May the company announced that, "it has appeared in front of the Coachella City Planning Commission on May 2nd to present and respond to final questions regarding its 10.8 acre CoachellaGro property situated in the cannabis industrial park in Coachella, California. The purpose was to grant approval by the planning commission for a conditional use permit (CUP) for cannabis farming. The Company is pleased to report that the remaining questions were resolved to the satisfaction of the commission who has now approved and recommended to Coachella City Council to grant a conditional use permit for the CoachellaGro property, which is expected to be issued at the next city council meeting before month's end.
David E. Argudo, CEO of High Hampton, commented: "It has been a diligent application process with significant work completed by our executive management team and our experienced Infrastructure Engineers team, and we are very pleased to have received an approval from the Coachella Planning Commission to award a conditional use permit. Once City Council issues the permit, we can move forward with the selection of a construction team and breaking ground at CoachellaGro."
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences is developing a proprietary drug - CVSI-007 - combining cannabidiol (CBD) and nicotine for the treatment of smokeless tobacco use and addiction. While most believe that smoking is the only deadly form of tobacco use, smokeless tobacco is extremely addictive and has surpassed smoking in rate of growth as a cause of death from tobacco use. Currently, there is no FDA-approved drug that is indicated for treatment of smokeless tobacco cessation. CV Sciences is developing CVSI-007 to fill an unmet patient need for treating nicotine addiction.
Lexaria Bioscience Corp. (OTCQX: LXRP) an innovator in drug delivery platforms, recently announced a major new licensing agreement with Nuka Enterprises LLC, maker of 1906 brand cannabis chocolates and other edible products. Nuka has been utilizing Lexaria's technology within its award-winning 1906 brand chocolates for nearly two years, during which time 1906 entered the cannabis market; advanced from a start-up to Colorado's number-three cannabis chocolate brand available in over 150 locations; and touted by media, industry watchers and consumers as one of the most innovative brands in the cannabis space. "Nuka was our first commercial client and has been an ideal partner due to their focus on using technology and advanced science as a competitive advantage," said Chris Bunka, Chief Executive Officer of Lexaria Bioscience Corp. "Nuka's success with the 1906 brand of cannabis chocolates - recognized for their fast onset times, efficacy, taste and unique formulations - clearly demonstrate the market potential for DehydraTECHTM. This comprehensive, long-term relationship between Nuka and Lexaria is poised to redefine the cannabis industry and holds great potential for us in other markets."
The Supreme Cannabis Company, Inc. (OTC: SPRWF) is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Facility. The company is pleased to announce that it has entered into a definitive agreement pursuant to which Supreme Cannabis will complete a C$10,000,000 strategic equity investment in Medigrow. Upon completion of the Investment, Supreme Cannabis will hold an approximate 10% ownership interest in Medigrow. Supreme Cannabis expects strong demand to exceed supply for medical cannabis oil globally and believes Lesotho is well suited to produce quality cannabis oil and Medigrow possesses the expertise to meet the highest quality standards. Concurrent with the completion of the Investment, Supreme Cannabis and Medigrow have agreed to enter into a long-term global distribution partnership for medical cannabis oil (as defined in the Access to Cannabis for Medical Purposes Regulations). Located in the Kingdom of Lesotho in southern Africa, Medigrow is licensed by the Lesotho Ministry of Health to cultivate and manufacture medical cannabis and cannabis oil products.
Mountain High Acquisitions Corp. (OTCQB: MYHI) is a holding company focused on the acquisition and development of businesses and other assets within the cannabis sector. The company's mission is to serve licensed cannabis growers and producers, providing access to turnkey infrastructure solutions and cost-cutting technologies. The company recently announced that it has completed the acquisition of GreenLife BotaniX, Inc., a California-based developer and marketer of CBD hemp oil infused nutraceutical products. The hemp oil is lab-tested multiple times during the manufacturing process, from seed to shelf. GreenLife hemp oil is also tested for yeast/mold/fungus and bacteria like E. coli to ensure safety and quality. This combination of high quality organic source hemp, state-of-art oil extraction, and rigorous testing is intended to bring consumers the best hemp oil products on the market under the "SuperCBD" brand name.
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