Data Shows the Global Medical Cannabis Market is Set to Reach USD 28 Billion by 2024

NEW YORK, /PRNewswire/ --According to a report provided by Energias Market Research, the global medical cannabis market is projected to increase in value 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 many significant developments that help increase the growth rate of the market, such as the increasing acknowledgment of medicinal benefits and higher demand for cannabis in the treatment of various diseases, as well as growing research and development investments. The data also shows that sales of cannabis products for recreational use are also likely to rise as California’s new laws regarding recreational sales went into effect earlier this year. Chemesis International Inc. (OTC: CADMF), MedMen Enterprises Inc. (OTC: MMNFF), Integrated Cannabis Company, Inc. (OTC: ICNAF), United Cannabis Corporation (OTC: CNAB), Cannabics Pharmaceuticals Inc. (OTC: CNBX)

Canada had recently passed a nationwide legalization of recreational cannabis use, following Uruguay to become the second country to do so. According to CBC, Canada is one of only two countries, besides the Netherlands, that exports cannabis products, which allows companies in Canada to gain instant revenue from 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.”

Chemesis International Inc. (OTC: CADMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: CSI). Earlier last week, the Company announced, “the opening of its wholly owned subsidiary Chemesis Latin America. Through this subsidiary, the Company is exploring and completing advanced due diligence on opportunities for cultivation, production and export from the Latin American market. The Company believes it will be able to quickly gain market share in Latin America through the use of its networks and existing expertise.

Chemesis’ long-term growth strategy is focused on international expansion. Globally, regulation changes are occurring for both medical and recreational cannabis, and as these changes occur, Chemesis intends to be a first mover by leveraging its existing networks and developing brands suited for the Latin American market. Mexico is a great example of these changes, as president-elect, Andres Manuel Lopez Obrador, who has the job of overseeing rule making and regulations around Mexico’s new marijuana law, unveiled a plan to change the country’s drug strategy in several big ways.

Colombia, another front-runner in the Latin American cannabis market, is rapidly growing its capabilities. The government is hoping to grow up to 40.5 tons of cannabis per year, which would account for approximately 44% of the licenses issued globally. Colombia is estimated to capture as much as one-fifth of the global market, a value of $40 billion a year.

“Chemesis Latin America is a big step forward in our global growth strategy,” said CEO, Edgar Montero. “We believe Chemesis has a major advantage in this region, as the recent acquisition of Natural Ventures can be leveraged to quickly capitalize on upcoming opportunities. With progressive regulations, Latin America becomes a key market that will be a major part of our portfolio. The Company has positioned itself to take advantage of significant opportunities in both Mexico and Colombia. This allows Chemesis to execute on its ambitious growth strategy to identify opportunities that will build long-term shareholder value. The company plans to announce the specific countries and jurisdictions where it will be operating in the near future.”

About Chemesis International Inc.: Chemesis International Inc. is a vertically integrated global leader in the cannabis industry, currently operating within Puerto Rico, and California. Chemesis is developing a strong foothold in key markets, from cultivation, to manufacturing, distribution, and retail. Chemesis has facilities in both Puerto Rico and California, allowing for cost effective production and distribution of its products. In addition, Chemesis leverages exclusive brands and partnerships and uses the highest quality extraction methods, to provide consumers with quality cannabis products. Chemesis will add shareholder value by exploring opportunities in emerging markets while consistently delivering quality product to its consumers from seed to sale.”

MedMen Enterprises Inc. (OTCQB: MMNFF) is a leading cannabis company in the U.S. with assets and operations across the country. MedMen Enterprises Inc. recently announced it has secured prime retail locations with long-term leases in Ft. Lauderdale, Miami Beach, West Palm Beach, St. Petersburg and Key West. The Company continues to expand its footprint in premium retail districts with high visibility and heavy foot traffic. Florida is the third most populous state in the U.S. with a rapidly growing medical cannabis market and large potential adult use market. The state has high tourist activity and is home to the largest elderly community in the nation. According to Arcview, medical cannabis sales are estimated to be approximately USD 1.4 Billion by 2021. “Our entry into Florida through this acquisition demonstrates our growing national footprint as well as our ability to execute,” said Adam Bierman, MedMen Chief Executive and Co-Founder. “Our real estate team is hard at work preparing to put MedMen branded stores in the most coveted locations in Florida - locations in highly desirable and defensible market areas with high foot traffic and proximity to popular brand retailers.”

Integrated Cannabis Company, Inc. (OTCQB: ICNAF) is comprised of dedicated scientists and product engineers who are passionate about health and creating health and lifestyle products utilizing advanced delivery systems and formulations. The Company recently announced the completion of a market-ready Tetrahydrocannabinol (THC)-infused spray product and the required licensure for manufacturing of the product in Colorado. Over the past ten months the Company has engaged and worked with contractors, consultants and various state and municipal regulators in order to successfully gain licensing and approvals for facilities that manufacture CBD- and THC-infused products in the State of Colorado. “We are pleased to be adding THC products to our proprietary line of sprays and plan to launch via distribution in Colorado beginning in Q4 and shall pursue other legal markets thereafter,” said Mr. John Knapp, CEO of Integrated Cannabis.

United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. United Cannabis Corporation recently announced that it has signed an Agreement with Releaf Global Pty Ltd. to form and operate an Australian corporation for the purpose of commercializing the Company’s patented Prana Bio Nutrient Medicinals, cannabis-centric products and technologies in Australia and other territories. On February 24th, 2016, Australia legalized medical marijuana for patients with painful and chronic conditions and provided for approved companies to import, store and sell cannabis while domestic production ramped up to support patient demand. Australia’s Office of Drug Control in the Federal Department of Health issued the first license under the medicinal cannabis provision earlier this year, on February 17th. Earnest Blackmon, United Cannabis’ Chief Executive Officer, commented, “Australia represents a substantial opportunity for United Cannabis. Our Prana line is ideally suited for new markets as it provides patients and caregivers with a guided program to develop therapies targeted to a given patient’s unique concerns.”

Cannabics Pharmaceuticals Inc. (OTCQB: CNBX) is a U.S public company that has developed a platform which leverages novel drug-screening tools and artificial intelligence to develop cannabinoid-based therapies for cancer that are more precise to a patient’s genetic profile. The Company recently announced that it has received encouraging results in its preclinical study showing one of its proprietary cannabinoid compounds causing a higher rate of cancer cell death compared to traditional chemotherapy. Cannabics is rapidly expanding its database of cancer and cannabinoids and established a library of cannabinoid compounds to explore the biological versatility and entourage effect. Additionally, the Company has been granted a patent in Israel on its core technology of screening the effectiveness of cannabis compounds on human biopsies. The research and development center, in Israel, has leveraged its capabilities and accomplished the implementation of the patented technology. Dr. Eyal Ballan, Co-founder and Chief Technical Officer, said: “I am excited to share the positive results and hope for meaningful collaborations with industry leaders in cancer treatment. There is an advantage in developing cannabis medicine since we explore compounds that are been delivered to patients worldwide and to finetune the antitumor potential in such a dispersed treatment has a promising value.”

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