Apr 14, 2021 (Financial News Media via COMTEX) -- Palm Beach, FL - April 14, 2021 - The medical cannabis market has made some remarkable accomplishments in the past few years with the launch of innovative products. The clinical trials and approval of some cannabis-infused products have opened up the market for cannabinoid-based pharmaceuticals. The market for cannabis pharmaceutical is still in the nascent phase with higher opportunities. The growing legalization of marijuana globally is encouraging more investment in the space, and for pharmaceutical companies to expend more resources on the development of cannabinoid-based pharmaceutical drugs. A report from Grand View Research projected that the global cannabis pharmaceuticals market size was valued at USD 67.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 76.8% from 2020 to 2027. The report said: "The rapidly progressing transformation of cannabis from herbal preparations to prescription drugs is anticipated to boost the growth of the market. Furthermore, the growing use of cannabis-based pharmaceuticals for multiple indications including inflammation, chronic pain, epilepsy, sleep disorders, anorexia, schizophrenia, and symptoms of multiple sclerosis, is another major factor driving the growth of the market. Emergence of Cannabis 3.0 that essentially highlights the necessity of value-based outcomes rather than perception based outcomes. This concept revolves around a shift from the traditional approach of smoking whole cannabis flower/bud to the consumption of processed, quantified, and packaged products derived from cannabis." Active Cannabis companies in the markets this week include Ikanik Farms, Inc. , Cresco Labs (otcqx:CRLBF) /zigman2/quotes/205276242/delayed CA:CL -2.78% , Village Farms International, Inc. /zigman2/quotes/207525872/composite VFF -0.12% /zigman2/quotes/208441869/delayed CA:VFF +0.20% , Aphria Inc. , Organigram Holdings Inc. /zigman2/quotes/209289540/composite OGI +5.18% CA:OGI -0.44% .
Grand View added that: " Pharmaceutical (approved) products... and others (in pipeline) will not only boost the medical cannabis market but, as these drugs are developed and regulated through a stringent process, will also improve physician and patient perspective on quantifiable benefits of cannabis-based drugs. Furthermore, it will also help companies to conduct clinical studies to broaden the application areas. The growing number of clinical trials for various health conditions, due to the therapeutic properties of cannabis especially Cannabidiol (CBD) is also influencing the growth of the market... The surge in the number of authorizing physicians providing medical cannabis to patients owing to an increase in clinical evidence, rise in the awareness, comfort with the process, and the growing number of patients looking for medical cannabis as a potential alternative to traditional drugs is likely to drive the demand worldwide."
Ikanik Farms, Inc. BREAKING NEWS: Ikanik Farms Completes Cooperative Agreement with SGS Colombia SAS, Developing International Cannabis Certification – Ikanik Farms, Inc. (" Ikanik Farms " or the "Company") is pleased to announce that Pideka SAS. (“Pideka”), a wholly-owned subsidiary of Ikanik Farms, has successfully completed its cooperative agreement with SGS Colombia SAS ("SGS") to design, initiate, develop, and implement a normative standard for the international certification of medicinal cannabis. This certification works to establish a new baseline standard for the quality and safety of pharmaceutical grade cannabis products known as the “GPTCP”, or “Good Production Transformation & Commercialization Practices Cannabis Pharma”.
"Completing this collaborative certificate with SGS Colombia is a milestone achievement and a reflection of the company's dedication to best-in-class quality for the cannabis industry." said Brian Baca, CEO of Ikanik Farms.
About the GPTCP Certification – The GPTCP certificate ensures the company maintains international standards and differentiates itself by adhering to a global benchmark standard of quality for the production cannabis.
With the collaborative development of the SGS certified seal of self-regulation and sustainability, industry best practices are promoted and fosters a competitive approach to quality, through best in class and standardized processes across the industry, providing end consumers with product confidence.
The GPTCP encompasses facets of the requirements under various standards such as the BPA, BPM, INVIMA, ICA, ISO 9001, SG-SST, EUGMP at both the national (Colombian) and international levels.
The quality certification and delivery of high-caliber products is one of the Company's key objectives, supported through operating certifications obtained for its operations, including (GACP, GMP FARMA, ISO-9001, and EUGMP) Read More Details about Ikanik Farms by visiting: https://www.ikanikfarms.com/ and https://www.iknkbrands.com/investors
Other recent developments in the cannabis industry include:
Cresco Labs /zigman2/quotes/205276242/delayed CA:CL -2.78% (otcqx:CRLBF) a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, recently announced the launch of Wonder Wellness (“Wonder”) Gummies and availability in Illinois. The new low-dose edibles are enhanced with botanicals to complement the overall cannabis experience, and their simple packaging communicates desired effects so wellness-minded category newcomers can consume with confidence to add cannabis as a part of their daily lifestyles.
“We're focused on growing our share through an innovation strategy that capitalizes on both market dynamics and edibles portfolio white space,” said Greg Butler, Chief Commercial Officer at Cresco Labs. “Effect-forward, 5 mg gummies represent one of the largest market segments, and Wonder Wellness offerings address some of the most desirable consumer needs of relaxing, getting better sleep, and being happy. Wonder Wellness is built for the exact occasions when wellness-minded consumers are looking for products to enhance or improve their everyday experiences.”
Village Farms International, Inc. /zigman2/quotes/207525872/composite VFF -0.12% /zigman2/quotes/208441869/delayed CA:VFF +0.20% recently announced its financial results for the three months and year ended December 31, 2020. All figures are in U.S. dollars unless otherwise indicated. “The fourth quarter was a solid finish to a year of significant achievement for Village Farms and our wholly owned Canadian cannabis subsidiary, Pure Sunfarms, which saw great success as it transitioned its focus to retail branded sales from nearly all sales in 2019 being non-branded, mainly to other producers,” said Michael DeGiglio, CEO, Village Farms. “Following a 40% sequential increase from the second to the third quarter of 2020, Pure Sunfarms sales of branded retail products to provincial distributors increased another 28% sequentially from the third to the fourth quarter, as our branded dried flower products continued to be the top seller with the Ontario Cannabis Store, and our first Cannabis 2.0 products were well received by consumers. This contributed to our ninth consecutive quarter of profitability, even as we invested during the quarter to support our future growth.”
Aphria Inc. recently reported its financial results for the third quarter and nine months ended February 28, 2021. All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
Irwin D. Simon, Chairman and Chief Executive Officer, commented, “Our global team executed well in the very fluid, ongoing COVID-19 operating environment. We proactively managed our expenses and maintained our positive adjusted EBITDA for the third quarter of fiscal 2021. The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business; however, we believe Aphria remains well-positioned with our leading brands and market share to experience a robust increase in our top-line as the market improves. In the U.S., we had a solid first full quarter of contribution from SweetWater even with lower on-premise sales compared to the prior year quarter as many foodservice industry establishments were still operating with limited capacity. Going forward, we are excited about the strategic opportunities for incremental growth as we look to parlay our branded consumer products into additional complementary product offerings in Canada, the U.S. and internationally.”
Organigram Holdings Inc. /zigman2/quotes/209289540/composite OGI +5.18% CA:OGI -0.44% , the parent company of Organigram Inc. a leading licensed producer of cannabis, recently announced its results for the second quarter ended February 28, 2021 (“Q2 2021”).
“Although Q2 2021 results were challenged by industry dynamics, COVID-19 and staffing limitations at our facility, we believe there are excellent prospects ahead for the industry, Organigram and our shareholders,” said Greg Engel, Chief Executive Officer of Organigram. “Nearer term, we are currently tracking to generate higher revenue in Q3 2021 as our new product portfolio continues to gain traction and we become better staffed to fulfill demand. Our recent acquisition of The Edibles and Infusions Corporation positions us to generate revenue from the largest single category of edibles, soft chews or gummies. We also see the potential for meaningful gross margin improvement over time as we revitalize our dried flower portfolio with new Edison and Indi strains and execute on a number of opportunities including the refinement of our cultivation, post harvesting and packaging processes. Longer term, we are extremely excited about developing innovative and appealing products to consumers in collaboration with BAT. All of this is made possible and supported by strong liquidity and a balance sheet that is largely debt-free.”
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