According to data published by Hexa Research, the U.S. medical cannabis market size was valued at USD $5.44 Billion in 2016 and is expected to hit USD $19.48 billion by 2024.
NEW YORK, April 18, 2018 /PRNewswire/ -- According to data published by Hexa Research, the U.S. medical cannabis market size was valued at USD $5.44 Billion in 2016 and is expected to hit USD $19.48 billion by 2024. The industry is projected to witness rapid progress during the forecast period owing to the several medical benefits of cannabis products and the accelerating pace of legalization of such products in the United States. The report also specified that the growing demand for medical cannabis is due to the increasing ageing population. In 2016, rising number of patients diagnosed with chronic pain has resulted in increasing use of cannabis. The report estimated that the demand for medical cannabis for arthritis will grow at a CAGR of 17.8% over the projected period as it forecasted more adults and children will have arthritis. Cannabis infused edibles are also anticipated to grow at a CAGR of 17.8% over the forecast period. Sugarmade, Inc. (OTC: SGMD), United Cannabis Corporation (OTC: CNAB), Leafbuyer Technologies, Inc. (OTC: LBUY), Vitality Biopharma, Inc. (OTC: VBIO), CV Sciences, Inc. (OTC: CVSI)
According to Benzinga, Viridian Capital President Scott Greiper said that the cannabis market received $1.23 billion investments in the first five weeks of 2018, up from $178 million a year earlier. Viridian Capital Advisors’ Vice President Harrison Phillips explained: “Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion.”
Sugarmade, Inc. (OTC: SGMD) earlier today announced breaking news that, “Relative to the Trump administration abandoning a Justice Department threat to crack down on recreational cannabis in states where it is legal under state law. Late last week, the White House confirm an important policy change that the federal government would not interfere with state marijuana laws and that President Trump would champion a new law that gives states the authority to set their own cannabis-related policies.
Mr. Jimmy Chan, CEO of Sugarmade commented, “We view last week’s announcement as one of the most significant events in the cannabis industry over the past few years. Lack of stated federal government policy has had a significant restrictive effect on growth and investment within the cannabis marketplace. As a result of this clarification, we plan to get even more aggressive in our growth and expansion agenda. We are already planning very strong growth for the coming fiscal year with our revenues expected to move from approximately $4.1 million to over $30 million.”
Sugarmade believes its Los Angeles area location affords unique growth opportunities relative to the federal government’s recently clarified position concerning state self-determination of cannabis legalization. Over the past year, Sugarmade has passed on several business opportunities due to the prospect of federal government intervention in the California and other regional markets. With the Trump administration clarification, Sugarmade now plans to become more aggressive in vetting these potentially highly lucrative growth opportunities.
Mr. Chan continued, “While there will still be major restrictions on doing business in cannabis related products on an interstate business, we expect many businesses, including financial institutions, to loosen policies relative to interstate business. We think this is particularly advantageous to California-based business, especially considering the more than $2.4 trillion economic output of California and the fact there are only five countries in the entire world with economies larger than California’s. We see a very bright future for Sugarmade and our investors.”
While Sugarmade had planned to limit its business operations to four main areas during the coming fiscal year - 1) Supplies for the booming legal cannabis cultivation sector, 2) Ancillary products to other cannabis market participants, 3) Seasoning Stix and Sriracha Seasoning Stix, a set of patented culinary seasoning products, and 4) the legacy CarryOutSupplies.com business - the Company’s team now sees additional growth opportunities throughout the cannabis sector, especially relating to intrastate business.”
United Cannabis Corporation (OTCQB: CNAB) is a pioneer in the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. On March 15, 2018, the company announced that Jamaica’s University of the West Indies’ Ethics Committee has reviewed and approved its proposal to conduct clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain. Cannabinoid Research & Development (CRD), a subsidiary of United Cannabis, is a Jamaican based corporation pursuing local licensing to advance the use of medical cannabis therapies through biomedical research and development for the nutraceutical industry. CRD focuses on genetic restoration, cannabinoid isolation techniques, scientific research, educational programs, and promotes domestic job opportunities.
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a leading cannabis technology platform. Earlier this month, the company announced significant enhancements to its website. The company has launched a products and brands page that will connect cannabis product manufacturers directly to the cannabis consumer. These developments give cannabis product companies a novel, robust digital advertising platform to reach the hundreds of thousands of cannabis consumers. The technical advances can be viewed across the Leafbuyer domain. Following the Company’s SIMPLE SEARCH model, new “Brands” and “Products” tabs permit consumers to discover product manufacturers in eighteen different categories. The rollout features a new premium products page to help consumers learn about a brand, explore products, and find a convenient purchase location.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company announced the pending formation of a wholly-owned Canadian subsidiary, Vitality Genetics, Ltd., which will focus on and enable the performance of a wide variety of cannabinoid genetics research and development programs. Vitality Biopharma’s current operations are in California where it develops cannabinoid pharmaceuticals in a federally-compliant manner, after having received approvals from the California Dept. of Justice and the Drug Enforcement Administration. The Company is now planning limited operations in Canada in order to benefit from Health Canada regulations regarding medical cannabis and the federal commitment to nationwide approval for adult use of cannabis. In addition, the Company plans to utilize the new subsidiary to conduct research relevant to Vitality’s ongoing therapeutics development programs in collaboration with leading Canadian researchers and companies, which will be streamlined due to clear regulations in place at the federal level by Health Canada. This work may include studies of the bioavailability of cannabinoid products, the role of the gut microbiome, and a diverse array of cannabinoid research projects at the intersection of plant, microbial, and human health.
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 focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. In March, the company announced today its financial results for the fourth quarter and year ended December 31, 2017. Sales for Q4 2017 were $7.2 million and $20.7 million for the full year 2017 demonstrating the Company’s continued organic expansion into all sales channels including the natural product retail, wholesale and direct-to-consumer channels. The Company’s natural product retail channel now includes more than 1,500 locations nationwide. CV Sciences plans to continue developing new sales channels and is encouraged by the strength of its branded products as evidenced by SPINS(R) Scan data, which positions the Company as the #l selling hemp product line in the natural products industry.
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