NEW YORK, Jan. 6, 2021 /PRNewswire/ -- The cannabis industry has had some major accomplishments in recent years. 16 states have now fully legalized the use of cannabis products for both medical and recreational use. Furthermore, in last year's election, New Jersey, a major potential market for the industry voted in favor of legalization as well. However, because of how complex the legal infrastructure is in regards to the cannabis market, it is still impossible to purchase any legal products and people can still be arrested for cannabis possession in the state. "It's sort of unclear whether there's now a constitutional right to possess cannabis," said Amol Sinha, the Executive Director of the American Civil Liberties Union of New Jersey, according to a report by Forbes. "But I think it behooves the government to pass something quickly, so we don't have to engage in litigation to see what's legal and what's not." While it takes time for the legal hurdles to be cleared, once they are cleared the state benefits from an increase in tax revenue and proper regulation of the industry. HempFusion Wellness Inc. , GW Pharmaceuticals plc /zigman2/quotes/209686240/composite GWPH +0.36% , Tilray, Inc. /zigman2/quotes/209129655/composite TLRY -4.50% , Harvest Health & Recreation Inc. /zigman2/quotes/207218380/composite HRVSF +1.89% , Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB -2.24%
Overall, the legal cannabis market is spreading throughout the U.S. and is helping to create a multi-billion-dollar industry. While medical cannabis still dominates that broad cannabis marketplace, increasing awareness and legalization efforts are expected to further propel the overall industry forward. Nevertheless, medical cannabis can already be found in many regions around the world, in addition to parts of the U.S., such as Australia, Canada, France, Germany, Thailand, and South Korea. Additionally, according to data compiled by Imarc Group, the global medical cannabis market was estimated to expand upwards of USD 11 Billion in 2017. By 2023, the market is expected to reach USD 37 Billion while registering a CAGR of 22% during the forecast period.
HempFusion Wellness Inc. just announced breaking news after the market close yesterday that, "a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares and certain other securities have been posted for trading on the Toronto Stock Exchange (the "TSX") at the market opening on January 6, 2021, subject to customary closing procedures. Additional details in connection with the Company's TSX listing will be provided in a subsequent news release expected to be disseminated the morning of January 6, 2021…
HempFusion is a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition. HempFusion distributes its family of brands, including HempFusion, Probulin Probiotics, Biome Research, and HF Labs, to approximately 4,000 retailers across all 50 states of the United States and select international locations. Built on a foundation of regulatory compliance and human safety, HempFusion's diverse product portfolio comprises 46 SKUs including, tinctures, proprietary FDA Drug Listed Over-The-Counter (OTC) Topicals, Doctor/Practitioner Lines and more. With a strong focus on research and development, HempFusion has an additional 30 products under development. HempFusion is a board member of the US Hemp Roundtable, and HempFusion's wholly-owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data. HempFusion's CBD products are based on a proprietary Whole Food Hemp Complex™ and are available in-store or by visiting HempFusion online at www.hempfusion.com or www.probulin.com ."
GW Pharmaceuticals plc /zigman2/quotes/209686240/composite GWPH +0.36% along with U.S. subsidiary Greenwich Biosciences, announced last month that JAMA Neurology has published results of the company's positive Phase 3 clinical trial of EPIDIOLEX® (cannabidiol) oral solution in seizures associated with tuberous sclerosis complex (TSC). EPIDIOLEX, a pharmaceutical formulation of cannabidiol (CBD), is the first prescription, plant-derived cannabis-based medicine approved by the U.S. Food and Drug Administration (FDA) for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or TSC in patients one year of age and older. "People living with TSC may experience focal seizures and spasms as infants and continue to suffer from seizures throughout their lifetime," said Elizabeth Thiele, M.D., Ph.D., director of pediatric epilepsy and director of The Carol and James Herscot Center for Tuberous Sclerosis Complex at Massachusetts General Hospital, professor of neurology at Harvard Medical School, Boston and lead investigator of the trial. "This study demonstrated that for patients with TSC and a high baseline burden of treatment-resistant, primarily focal, seizures, EPIDIOLEX significantly reduced the frequency of seizures compared with placebo."
Tilray, Inc. /zigman2/quotes/209129655/composite TLRY -4.50% announced earlier last year that Australian researchers have published preliminary results finding that one of the company's GMP-produced products is showing promise reducing nausea and vomiting for cancer patients undergoing chemotherapy in a world's first clinical trial. Results published in Annals of Oncology found a significant improvement in the control of chemotherapy-induced nausea and vomiting. A quarter of the patients taking medicinal cannabis experienced no vomiting and nausea, compared to 14 percent of people who took a placebo. The pilot phase of the study ran for two-and-a-half years with 81 participants enrolled. To be included in the study, patients had to have already experienced nausea and vomiting during chemotherapy despite having taken nausea prevention medication. "The side-effects associated with chemotherapy are some of the primary causes of treatment discontinuation", says Philippe Lucas, Vice President of Global Patient Research and Access at Tilray, "so improving the control of nausea and vomiting can not only improve the quality of life of patients, by allowing those affected by cancer to complete their treatment it can also potentially save lives."
Harvest Health & Recreation Inc. (otcqx:HRVSF) provided comments back in November on the successful ballot initiative to allow recreational cannabis consumption in Arizona. "The recreational initiative in Arizona represents a well-rounded approach to allow the expansion of access to cannabis in Arizona," said Chief Executive Officer Steve White. "We fully expect the implementation of Prop 207 will positively impact tax revenue and social justice in Arizona, while strengthening employer protections and enhancing public safety. As the largest operator of medical dispensaries in the state, we look forward to serving recreational customers under this new program." The adult use initiative legalizes the sale, possession and consumption of one ounce of cannabis for adults at least 21 years old. The Arizona Department of Health Services oversees the testing, inspection, and sale of cannabis products. Existing medical market operators in good standing can submit applications for adult use sales as soon as January 19th, 2021 with department review required within 60 days of submittal. It is expected that the total Arizona cannabis market will reach USD 2 Billion at maturity.
Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB -2.24% announced in November that it has entered into a strategic Supply Agreement with Cantek Holdings, one of Israel's leaders in the medical cannabis field. Under the terms of the Agreement, Aurora will supply Cantek with dried bulk flower over a two-year period, with the option to extend. The Company intends to provide Cantek with a minimum of 4,000 kgs of bulk dried flower annually, which will be processed into finished product, and co-branded under the Aurora and Cantek brand names for the Israeli market with the potential for additional international market sales. "We are excited about our strategic relationship with Cantek, a leader in the Israeli market. This Agreement provides Aurora with a great opportunity to expand our medical cannabis brand and industry leading science in one of our key international markets of focus," said Miguel Martin, Chief Executive Officer of Aurora. "Today's announcement demonstrates more than just a supply agreement. It's about the strength and quality of the Aurora medical brand being validated once again by the world's medical cannabis markets, including countries like Israel in which we had no distribution prior to today. We consider this Agreement to be a significant step for Aurora, and we look forward to bringing our high-quality medical cannabis products to patients in Israel."
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