NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Cannabis has been used for medicinal purposes for centuries, but despite the therapeutic benefits of the plant, international regulators ultimately deemed it unsafe for the public due to its marijuana derivative. The marijuana plant, which is part of the cannabis family, is linked to containing the majority of THC cannabinoids, which cause the psychoactive effects that cannabis is generally associated with. However, extensive research and studies have revealed that marijuana can be successfully used to treat a variety of medical conditions. For example, researchers suggested that marijuana can effectively be used as an alternative to traditional opioids to treat moderate to severe pain. A study published in the Journal of Psychoactive Drugs evaluated over 1,000 subjects taking legal marijuana. Among the participants, 65% of the people said they were taking cannabis for pain treatment and 80% of the group found it very or extremely helpful. As a result, this led to 82% of the group reducing or eliminating their over the counter (OTC) medication intake. Notably, 88% of the group mentioned that they were able to completely stop taking opioid painkillers. Furthermore, 74% of the subjects said that marijuana helped them sleep better. Chronic pain and insomnia are two of the most prevalent medical conditions that adults suffer from and Dr. Gwen Wurm, Assistant Professor of Clinical Pediatrics at the University of Miami Miller School of Medicine, highlighted that 20% of American adults suffer from chronic pain and one in three do not get enough sleep in general. Furthermore, as research and studies continue to better develop our collective understanding of the plant, scientists are debunking the misconceptions revolving around marijuana. This, in turn, is driving the large influx of first-time users to the cannabis industry. As such, according to data compiled by Zion Market Research, the global legal marijuana market was valued at USD 16.71 Billion in 2017. By 2024, the market is projected to reach USD 62.96 Billion while registering a CAGR of 21% during the forecast period between 2018 and 2024. Pasha Brands Ltd. /zigman2/quotes/212784086/delayed CRFTF +20.18% /zigman2/quotes/212657074/delayed CA:CRFT +12.50% , Cronos Group Inc. /zigman2/quotes/206842762/composite CRON +0.20% /zigman2/quotes/202715342/delayed CA:CRON +0.78% , Zynerba Pharmaceuticals, Inc. /zigman2/quotes/204500323/composite ZYNE -0.73% , Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB -1.83% /zigman2/quotes/203734337/delayed CA:ACB -1.74% , Sundial Growers Inc. /zigman2/quotes/213489825/composite SNDL +0.99%
More than half the U.S. has legalized cannabis for medical purposes and Canada had moved to legalize medical cannabis for specific medical purposes back in 2001. Health Canada split medical patients into two different categories based on their medical diagnosis: Category 1 patients are eligible for a medical cannabis prescription if they suffer from severe pain, muscle spasms, anorexia, weight loss, nausea from cancer, HIV/AIDS, and epilepsy. Meanwhile, Category 2 patients are those who have debilitating symptoms of medical conditions, other than the ones listed in Category 1. Since then, the Canadian government had fully legalized adult-use cannabis in 2018, but still imposes regulations and certain restrictions on cannabis-based products. These emerging products are expected to deliver annual revenues of more than CAD 2.5 Billion and generate higher profits for retailers than cannabis products that are already legal, according to Deloitte's annual cannabis industry report, such as regular flower. Notably, certain Canadian provinces, such as Ottawa, are already finalizing their regulations in anticipation of the legalization of alternative cannabis products. And although Health Canada did not release any further comments on the matter, the Canadian federal government noted that the legalization of edibles, extracts, and topicals will come to pass "no later than October 17th, 2019." Deloitte also expects more first-time users to end into the industry and try cannabis for the time following the legalization as cultivators and producers are beginning to ramp up operations in efforts to create a large inventory for the future.
Pasha Brands Ltd. /zigman2/quotes/212784086/delayed CRFTF +20.18% /zigman2/quotes/212657074/delayed CA:CRFT +12.50% is also listed on the Canadian Securities Exchange under the ticker /zigman2/quotes/212657074/delayed CA:CRFT +12.50% . Earlier last week, the Company announced, "the acquisition of the Beard Brothers Collective brand. Beard Brothers was previously used by an established provider of craft cannabis concentrates, extracts, tinctures, oils, flower, topicals, edibles, rosin, distillate, and isolates, based in Victoria, BC.
Founded in 2014 by brother-and-sister duo Bradley and Elissa Macauley, the Beard Brothers brand was previously associated with a non-profit, medicinal cannabis provider. Having worked closely with physicians and experts in cannabis therapy for years, the Macauley's were dedicated to providing consumers access to quality products that met their needs. The Macauley's award-winning concentrates and advanced extraction technologies have been lauded by manufacturers and consumers alike. Pasha hopes to make products available under the Beard Brothers through legal retailers across Canada after October 17, 2019.
"The Beard Brothers brand feels right at home with Pasha, helping to shape the new cannabis movement,' said cofounder Bradley Macauley, reacting to the news. 'Elissa and I truly feel blessed to be able to share our love for this sacred plant with our communities and the world, and we're grateful our products will reach more people thanks to Pasha."
Pasha has acquired all of Beard Brothers Collectives' trademarks, names, and intellectual property and will launch the brand in the Canadian regulated market in the coming months. Already, Beard Brothers Collective products have been included in several product offering packages presented to provincial wholesalers, including Ontario and British Columbia.
"Adding an established brand like Beard Brothers to our family of craft cultivators and purveyors shows that Pasha is setting the bar for craft products in all areas, including extracts and concentrates,' said Patrick Brauckmann, Executive Chairman of Pasha Brands. 'Bradley and Elissa have truly captured the essence of craft, both with their premium products and their patient-first model. We're committed to upholding that dedication as we prepare to provide Canadian cannabis consumers with access to these fantastic products."
Pasha is also pleased to announce the appointment of senior Vice-President of Southern Glazier's Wine and Spirits Doug Wieland to it's Board of Directors. As a new member of the Board, Doug will join fellow directors Patrick Brauckmann, Rosy Mondin, Scott Walters, and Hugo Alves. Wieland has spent over a decade working in beverage alcohol distribution in Canada, the majority of that time at Southern Glazer's Wine & Spirits, the world's largest distributor of beverage alcohol. Earlier this year, he oversaw the launch of a wine division focused on growing the company's business across the Canadian market.
In July, Pasha signed an agreement with Great North, a company established by the owners of Southern Glazer's and Canada's first national sales broker for legalized adult-use cannabis, to distribute Pasha's craft cannabis products throughout Canada. The agreement will give Pasha access to Great North's nationwide sales and distribution network, which includes experienced sales and marketing teams, established relationships with all government cannabis distribution boards, as well as coverage with Canada's numerous private retailers.
"Having spent the past year meeting the Pasha team and craft producers in BC Craft's supply chain, we believe that the next big move in Canada's cannabis sector will be craft products,' Wieland said at the time. 'I am thrilled to be joining Pasha's Board just as Canada's legal cannabis market prepares to usher in a new wave of consumer products."
"Doug's skillset lends itself perfectly to our operational plan at Pasha,' said Executive Director Patrick Brauckmann in reaction to the news. 'His experience at the head of one of the world's largest beverage alcohol distributors is an incredible asset to us, and I'm very much looking forward to working alongside him as we look to make Pasha the world's most recognized craft cannabis brand."
About Pasha Brands: Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC's craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella. Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada. Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Pasha's common shares trade on the CSE under the symbol "CRFT" and on the FSE under the symbol "ZZD". For more information, please visit www.pashabrands.com ."
For our latest "Buzz on the Street" Show featuring Pasha Brands Ltd. recent corporate news, please head over to: https://www.youtube.com/watch?v=80i_hHzj91Q
Cronos Group Inc. /zigman2/quotes/206842762/composite CRON +0.20% /zigman2/quotes/202715342/delayed CA:CRON +0.78% is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group Inc. recently announced that it had entered into a definitive agreement to acquire four of Redwood Holding Group, LLC's operating subsidiaries. Redwood manufactures, markets and distributes hemp-derived cannabidiol (CBD) infused skincare and other consumer products online and through retail and hospitality partner channels in the United States under the brand, Lord Jones™. Redwood's products use pure hemp oil that contains natural phytocannabinoids and terpenes found in the plant. "Rob and Cindy have built a differentiated, best-in-class platform with hemp-based CBD formulations that stand for quality and consistency. Our goal is to preserve the integrity of all Rob and Cindy have created, while also learning from them and leveraging Cronos Group's resources to capitalize on the significant demand for skincare and other consumer products derived from hemp. Leading the industry forward responsibly and being a part of the conversation with industry stakeholders remains a top priority for Cronos Group in this evolving area," said Mike Gorenstein, Cronos Group's Chairman, President and Chief Executive Officer.
Zynerba Pharmaceuticals, Inc. /zigman2/quotes/204500323/composite ZYNE -0.73% is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Zynerba Pharmaceuticals, Inc. recently announced that the U.S. Food and Drug Administration (FDA) had granted Fast Track Designation for the Company's lead development candidate Zygel™ (ZYN002 CBD gel) for treatment of behavioral symptoms associated with Fragile X Syndrome (FXS). FDA's Fast Track program is designed to facilitate the development of drugs intended to treat serious conditions and fill unmet medical needs and can lead to expedited review by FDA in order to get new important drugs to the patient earlier. Zygel (CBD gel) is the first and only pharmaceutically-manufactured CBD formulated as a patent-protected permeation-enhanced clear gel, designed to provide controlled drug delivery into the bloodstream transdermally (i.e. through the skin). Recent studies suggest that FXS and other neuropsychiatric conditions may be associated with a disruption in the endocannabinoid (EC) system. "The FDA's decision to grant Fast Track Designation for Zygel underscores the significance and severity of the unmet medical need that exists for patients living with Fragile X Syndrome and their caregivers," said Armando Anido, Chairman and Chief Executive Officer of Zynerba. "We believe that Zygel has the potential to be the first treatment indicated to directly address the core behavioral symptoms of this syndrome, and we look forward to working closely with the FDA to obtain approval to market Zygel as soon as possible."
Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB -1.83% /zigman2/quotes/203734337/delayed CA:ACB -1.74% , headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 625,000 kg per annum and sales and operations in 25 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. recently announced the completion of the previously announced plan of arrangement with Hempco Food and Fiber Inc. pursuant to which Aurora has acquired all of the issued and outstanding common shares of Hempco not already owned by Aurora, reflecting a valuation of approximately CAD 63.4 Million on a fully diluted basis. Hempco is now a wholly-owned subsidiary of Aurora. The Hempco Shares will be delisted from the TSX Venture Exchange, and Aurora will apply to the relevant securities commissions for Hempco to cease to be a reporting issuer under Canadian securities laws. "Aurora is defining the future of cannabis and hemp, globally," said Terry Booth, Chief Executive Officer of Aurora. "Through the addition of Hempco, we have assembled a world-class portfolio of high-quality hemp assets that together form the basis of a strong new operating division that will develop CBD-from-hemp around the world. Aurora Hemp brings together the cultivars, strategic partners, brands, and distribution networks to service medical, consumer, and wellness markets and further advances Aurora's entry into the US hemp food and hemp-derived CBD markets."
Sundial Growers Inc. /zigman2/quotes/213489825/composite SNDL +0.99% proudly crafts pioneering cannabis brands to Heal, Help and PlayTM. Sundial Growers Inc. recently announced that it had received amendments to its Standard Cultivation and Standard Processing licenses from Health Canada for an additional 115,000 sq. ft. of cannabis cultivation at its flagship facility in Olds, Alberta. The newly licensed space includes 34 additional purpose-built modular rooms for the cultivation of premium cannabis, almost doubling the total number of flowering rooms to 74 in Olds. "Our master growers and expert staff have successfully completed more than 150 harvests. We are very excited about the premium quality and industry leading yields our state-of-the-art facility in Olds is producing," said Torsten Kuenzlen, Chief Executive Officer of Sundial. "The additional flowering rooms will further accelerate our production capacity, allowing us to expand into more provinces and provide our high-quality cannabis to a wider consumer base."
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