NEW YORK, Oct. 18, 2021 /PRNewswire/ -- The legal cannabis market is permeating throughout the U.S. states and is helping to create a multi-billion-dollar industry. While medical cannabis still dominates that broad cannabis marketplace, the growing awareness and legalization efforts are expected to further propel the overall industry forward. The more welcoming perception towards cannabis legalization can be attributed to, in large part, the passage of the 2018 Farm Bill, which legalized production of industrial hemp, transforming it into a mainstream agricultural product. Soon after, numerous categories of CBD products started to appear. Now, the growing awareness about the therapeutic benefits of cannabidiol has influenced people to buy such products, even at relatively high costs. As a result, mainstream retailers are now focusing on selling CBD-based products, as these have a higher profit margin. Overall, the global legal cannabis market size is now expected to reach USD 73.6 Billion by 2027, according to a report published by Grand View Research. Cannabix Technologies Inc. /zigman2/quotes/203462343/delayed BLOZF +1.22% /zigman2/quotes/206089806/delayed CA:BLO 0.00% , Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB +3.80% , Canopy Growth Corporation /zigman2/quotes/200603886/composite CGC +3.67% , Cronos Group Inc. /zigman2/quotes/206842762/composite CRON +2.11% , Tilray, Inc. /zigman2/quotes/209129655/composite TLRY +3.44%
Medical cannabis products are still more popular in the United States when compared to products for recreational use. After the U.S. passed the Farm Bill in 2018, hemp-derived CBD products became increasingly popular among consumers. Many used such products to help alleviate medical symptoms such as chronic pain, depression, stress, anxiety, and insomnia. Therefore, in recent years, doctors throughout the U.S. started prescribing patients with CBD to treat their ailments. Nonetheless, the concern over cannabis abuse is still a major drawback for the market. For instance, the National Institute on Drug Abuse highlighted that the long-term effects of constant cannabis use for recreational purposes can alter brain development and cause memory impairment and affect learning functions. Consequently, this can affect a user's ability to perform daily functions. As a result, companies within the cannabis marketspace began to develop the necessary technology for law enforcement agencies to better police drivers operating a vehicle while under the influence of marijuana.
Cannabix Technologies Inc. /zigman2/quotes/203462343/delayed BLOZF +1.22% /zigman2/quotes/206089806/delayed CA:BLO 0.00% just announced breaking news that, "engineers have made major advancements on its high-field asymmetric waveform ion mobility spectrometry ("FAIMS") breathalyzer for analyte sensitivity and portability.
In recent live breath testing of marijuana smokers, the Cannabix FAIMS bench device has demonstrated the sensitivity, resolution and discrete responses needed to isolate Δ9-tetrahydrocannabinol ("THC") - the psychoactive component of marijuana that causes impairment as well as other key marijuana metabolites (such as 11-hydroxy THC) and other cannabinoids from the thousands of other compounds present in breath. This kind of selectivity is significant because it provides far more pharmacokinetic information than detection of THC alone, and can allow for greater discernment of a subject's recency of cannabis use. This has been achieved with a testing set up requiring only a few breaths which is collected and analyzed on-site within seconds, without any sample preparation needed. Development of the Cannabix FAIMS drug screen device is aimed primarily for the law enforcement market.
Furthermore, over recent months engineers have focused on systematically reducing the size of the FAIMS electronics and components, and developing a fully battery powered system, further paving the way for a portable device. Engineers are building a novel system that meets the power and heat dissipation requirements in the field for a complex high voltage square wave generator. Critical achievements in relation to power supply, air flow, cooling, electronics and detector module are well underway and showing promising early results.
Cannabix is using its FAIMS technology to detect Δ9-tetrahydrocannabinol ("THC"), a non-volatile compound, in breath. Breath testing for THC would allow law enforcement to identify recent marijuana use that better aligns with impairment. The Cannabix device has been designed and built in a series of modules that together allow for sample intake, ionization, filtering and detection – all done under atmospheric pressure. In particular, the device uses ion mobility filtering techniques (related to mass spectrometry – the gold standard analytical technique for molecular detection). In addition, the device has the ability to couple directly to a mass spectrometer in order for chemical species validation."
Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB +3.80% reported last week a New Acre Project sponsorship to support ALUS. The commitment is intended to fund environmental programs in the communities where Aurora facilities are located. The sponsorship creates shared value for Aurora's customers, consumers, and patients by taking action to address climate change, help communities solve local environmental challenges and protect biodiversity through the restoration of natural habitats. "As a proudly Canadian company, and global leader, Aurora deeply values the communities where we work and live," says Miguel Martin, CEO. "As corporate citizens, we have a responsibility to our environment beyond offsetting, whether that's by improving processes within our business to be more environmentally-conscious or supporting our communities to thrive."
Canopy Growth Corporation /zigman2/quotes/200603886/composite CGC +3.67% reported last week and Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC are pleased to announce that they have entered into definitive agreements providing Canopy Growth with the right, upon federal permissibility of THC in the U.S., to acquire 100% of the outstanding membership interests of Wana, the #1 cannabis edibles brand in North America by market share. Wana manufactures and sells gummies in the U.S. state of Colorado and licenses its intellectual property to partners, who manufacture, distribute, and sell Wana-branded gummies across the U.S., including California, Arizona, Illinois, Michigan, and Florida giving Wana a total footprint of 12 U.S. states currently, and across Canada. Wana expects to have license agreements in place in more than 20 U.S. states, including in future adult-use markets in New York and New Jersey, prior to the end of calendar 2022.
Cronos Group Inc. /zigman2/quotes/206842762/composite CRON +2.11% announced last month the achievement of the first target productivity milestone in their partnership to produce eight cultured cannabinoids. Ginkgo, which recently announced a business combination with Soaring Eagle Acquisition Corp. , serves customers across industries seeking to develop new and better products using biology. Using Ginkgo's platform for organism design and development, Cronos Group has successfully achieved the productivity target for cannabigerolic acid (CBGA), which will support the Cronos Group's planned CBG product launch this fall. Launched in 2018 with the goal of accessing rare molecules in the cannabis plant in order to create innovative and differentiated products that would otherwise be cost-prohibitive, the partnership between Cronos Group and Ginkgo aims to develop eight molecules. The program convenes Cronos Group's deep understanding of the biological structure and function of cannabinoids with Ginkgo's unparalleled experience designing microorganisms for the production of cultured products across pharmaceuticals, agriculture and more. "As leading companies in our respective industries, Cronos Group and Ginkgo are uniquely positioned to elevate the cannabis industry through cannabinoid and product innovation to unlock the next generation of its potential," said Kurt Schmidt, President and CEO of Cronos Group. "Ginkgo's platform enables companies across a multitude of industries to reach their customers with better products. We are proud to use our combined capabilities to make the benefits of cannabinoids more accessible to consumers."
Tilray, Inc. /zigman2/quotes/209129655/composite TLRY +3.44% reported earlier in August the launch of medical cannabis edibles in THC and CBD-rich varieties of chocolates and soft chew gummies. The new Tilray-branded medical cannabis edibles are now available for patients across Canada and add to the brand's comprehensive offering of cannabis medicines, including whole flower, oils, vapes, and pre-rolls developed with patient health and wellbeing in mind. Irwin D. Simon, Tilray's Chairman and Chief Executive Officer, said, "Whether it's pain management, anxiety treatment, or everything in between, patients are asking for more choices in the medical cannabis category, and Tilray remains committed to the innovations that improve patient wellbeing. As cannabis regulations evolve around the world, we look forward to offering our global patient community the highest-quality medicines they depend on for health, wellness and wellbeing."
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