Global Medical Cannabinoid Market Expected To Reach $44 Billion By 2024
Palm Beach, FL –October 2, 2019 – The global cannabis – Cannabinoid market reportedly reached $13.4 Billion in 2018, and it is expected to reach even greater heights in the near future… in fact the market is expected to grow at a CAGR of 22.9% during 2019-2024, reaching a value of US$ 44.4 Billion by 2024, according to a research report by IMARC Group. It “what’s old is new again” given the fact that historically, cannabis has been used medicinally for years in ancient Indian, Chinese, Egyptian and Islamic cultures. Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, MS, AIDS, ALS, Alzheimer’s, PTSD, Parkinson’s, Tourette’s, etc. Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restriction. Active companies in the industry making moves to ready that include: MCTC Holdings, Inc. (OTCPK: MCTC), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), KushCo Holdings, Inc. (OTCQX: KSHB), CV Sciences, Inc. (OTCQB: CVSI).
According to IMARC: “In comparison with other treatment alternatives, cannabis is safer and has less severe side effects. Owing to this, it is utilized in combination with other treatments to either combat side effects or to increase their effectiveness. For instance, it is used along with traditional opioid painkillers which enable patients to reduce the frequency and dosage of opioids gradually. Additionally, a steadily aging population is playing a vital role in spurring the demand for medical cannabis as geriatric patients are more likely to develop chronic diseases and require frequent physician visits. Apart from this, manufacturers are investing in R&D activities and clinical trials to develop safer forms of cannabis. Further legalization of medical marijuana is anticipated to drive the market growth globally. As a result of these factors, the market is expected to grow at a CAGR of 22.9% during 2019-2024, reaching a value of US$ 44.4 Billion by 2024.”
MCTC Holdings, Inc. (OTCPK: MCTC) BREAKING NEWS: MCTC Holdings today announced the filing of its third patent relating to bioavailability and delivery of cannabinoids and other active ingredients to the human body. The recent provisional patent filing is for a unique 4D, shape changing cannabinoid and active ingredient delivery system for beverages and some foods. In physics, the 4th dimension refers to normal three-dimensional space – length, width and depth – augmented with the fourth dimension of time. Relative to MCTC’s invention, the 4th dimension is a combination of both time and the presence of liquid as the device reacts to both in order to both change shape and to infuse beverages with cannabinoids.
The MCTC cannabinoid delivery system, which was developed in conjunction with Cannabis Nanosciences, Inc., is an edible 3D printed object that when placed in a beverage changes into a predetermined shape while infusing the beverage with a precise amount of cannabinoids, other active ingredients or flavorings. The technology can be used with various forms of cannabinoid infusion technologies, including MCTC patent pending cannabinoid nanoparticle technology, which utilizes a water soluble form of vitamin E as a bioenhancer.
“This is an additional innovation for cannabinoid delivery produced by MCTC,” commented Arman Tabatabaei, CEO of the Company. “We see many applications for this technology both within the cannabinoid industry and relative to the delivery of other active ingredients. Recent advances in 3D printing and cannabinoid infusion make this technology possible and cost effective to produce. We plan to commercialize this technology via an internally funded effort.”
This patent filing follows MCTC other recent filings on cannabinoid nanoparticles combined with d-α-Tocopheryl polyethylene glycol 1000 succinate, known as TPGS, which is a proven bioenhancer based on non-GMO sunflower oil and on an edible dissolvable nanoparticle enhanced film for delivery of cannabinoids, vitamins and other active ingredients.
MCTC recently announced its researchers had achieved sub-micron sized polymeric particles of cannabidiol (CBD) with and without inclusion of TPGS as a bioenhancer. Work continues on numerous other forms of polymeric nanoparticles and nanofibers containing cannabinoids and other compounds. Additionally, the Company has developed several formulations of nanofibers for transdermal applications and other non-nanotechnology cannabinoid delivery systems. Read this and more news for MCTC Holdings at: https://www.financialnewsmedia.com/news-mctc/
Additional industry related developments from around the markets:
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) recently announced that it will hold its Annual General Meeting of shareholders (the “Meeting”) on Friday, November 8th, 2019 at 10:00am MT. All registered shareholders are welcome to attend at the Renaissance Hotel located at 4236 36 St E, Edmonton International Airport, AB T9E 0V4. In conjunction with the Meeting, Aurora has filed its Information Circular and related proxy materials which are available for download under its profile on both SEDAR and EDGAR.
The Company also announced today that it has granted an aggregate of 2,114,703 stock options, 33,186 deferred share units (“DSUs”) and 376,895 restricted share units (“RSUs”) to directors and officers of the Company. The stock options are exercisable at a price of $7.91 per share for a period of five years from the date of grant. Both options and RSUs vest annually over 36 months and the DSUs vest quarterly over 12 months.
Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) Developments: Spectrum Therapeutics (“Spectrum”), the medical division of Canopy Growth Corporation is pleased to announce a donation to the Fondation de l’Hôpital du Sacré-Coeur de Montreal (Montreal Sacre Coeur Hospital Foundation) to support the Canadian Sleep and Circadian Network’s (“CSCN”) associated national campaign: Sleep On It which aims to raise awareness about the importance of good quality sleep on health.
Spectrum’s donation to the campaign has been made, based on CSCN’s request to support their initiative to organize the sleep scientific community around the question of cannabis use for sleep disorders. Although an increasing volume of anecdotal data indicates the growing usage of cannabis from individuals coping with sleep disorders, clinical scientific evidence on its effectiveness is still limited. Hence, via this donation, CSCN will be able to provide to the public, health management decision makers as well as the sleep scientific community, a review of currently available data and identify the research gaps that need to be filled. This review is expected to be completed during the second half of the 2020 calendar year.
By partnering with the leader in the cannabis industry, CSCN’s objective is to combine the expertise of clinicians, physicians and researchers across the country to facilitate and scientifically support the development of a white paper based on a comprehensive review of all existing literature and facts about the use of cannabis in sleep disorder management. The report is also expected to be published during the second half of the 2020 calendar year and will introduce an updated clinical research program looking at all areas that impact quality of sleep, including pain, aging, and sleep disorders such as insomnia. Ultimately, the white paper will provide insights and guidance on future research directions and further requirements for evidence on the potential application of medical cannabis in treating sleep disorders.
KushCo Holdings, Inc. (OTCQX: KSHB) recently announced it has entered an exclusive distribution agreement with De La Rue, a global leader in anti-counterfeiting and authentication solutions. In accordance with the agreement, KushCo will offer the growing cannabis industry standard and custom branded anti-counterfeit security labels. The solution will also provide unique IDs to support product serialization and a digital verification system to enable authentication throughout the regulated cannabis supply chain.
The regulated cannabis industry is being actively targeted by counterfeiters aiming to benefit from the industry’s explosive growth. The KushCo proposition will provide companies with enhanced packaging, with the most secure visual authentication technology using 3D photopolymer images, unique serialization, e-verification, label tracking, and data capturing capabilities.
CV Sciences, Inc. (OTCQB: CVSI) a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, recently announced further expansion of its industry-dominating PlusCBD™ Oil brand with Harris Teeter. CV Sciences’ expansion in the Food, Drug and Mass (FDM) retailer channel broadens distribution and availability of the Company’s best-selling PlusCBD™ Oil Original and Extra Strength Balms, and PlusCBD™ Oil Roll-Ons to 150 Harris Teeter locations in North Carolina, South Carolina, Virginia, Florida and Maryland. This expansion brings CV Sciences’ PlusCBD™ Oil distribution to more than 5,400 retail locations throughout the U.S.
“We are pleased to continue to grow distribution and availability of the PlusCBD™ Oil brand in the FDM channel through our distribution partnership with Harris Teeter,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “CV Sciences has made significant distribution gains this year as FDM retailers such as Harris Teeter enter the hemp CBD market with a focus on making high quality, safe and efficacious products available to their shoppers. We see considerable opportunities to expand distribution of PlusCBD™ Oil as consumers and retailer demand for our products continues to increase.”
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