NEW YORK, August 23, 2016 /PRNewswire/ --
The legal marijuana market in the
United States is projected to grow substantially in 2016. A
recent report by New Frontier and ArcView Market Research projected
the marijuana market in the United
States to grow to $7.1 billion
in 2016, which represents a 26% growth comparing to 2015.
Veritas Pharma Inc. (OTC: VRTHF), Cara
Therapeutics Inc (NASDAQ: CARA), Zynerba Pharmaceuticals
Inc. (NASDAQ: ZYNE), Terra Tech Corp.
(TRTC), GW Pharmaceuticals PLC (NASDAQ: GWPH)
The report shows that recreational marijuana alone has topped
sales of $998 million in 2015, which
represents growth of 184% year over year. Yet, while recreational
marijuana seems to be growing in sales faster than the medical
products, it is important to remember that recreational marijuana
is only legal in four states - Alaska, Colorado, Oregon and Washington. Medical products, on the other
hand, is legal in 24 states. Additional 16 states have legalized
CBD-only marijuana, which is a non-psychoactive product
specifically designed for certain medical applications like
treating intractable seizures in children.
As the medical marijuana becomes more mainstream and more states
adopt its use, small and large companies are looking to position
themselves in the sector. The medical marijuana products can be
used for a very wide range of applications. Veritas
Pharma Inc. (OTC: VRTHF) for example current R&D efforts
are to develop the most effective cannabis strains (cultivars)
specific to pain, nausea, epilepsy and PTSD, assisting the critical
need for real science to support medical marijuana claims. The
company's commercial mission is to patent protect its IP
(cultivars/ strains) and sell or license to cancer clinics,
insurance industry and pharma, targeting multi-billion dollar
global markets.
Veritas Pharma Inc. (VRTHF) recently announced
that Cannevert Therapeutics Ltd., the Company's exclusive partner
and high-level R&D arm, has been awarded a research grant
through Mitacs Inc. for research and development work related to
the discovery of new cannabis strains for specific disease
conditions. Veritas' CEO, Dr. Lui
Francioisi stated, "this is a positive development for our
investors as it directly funds Cannevert in a manner that is
non-dilutive to Veritas shareholders." Mitacs is a national
not-for-profit organization that has designed and delivered
research and training programs for 15 years, with aims to support
industrial and social innovation through partnership with
provincial governments, federal government, academia, and
industry.
Legalization of medical marijuana gave legal and financial
incentive to pharmaceutical companies like Cara Therapeutics
Inc. (NASDAQ: CARA) and Zynerba Pharmaceuticals
Inc. (NASDAQ: ZYNE) to explore the possibilities of
cannabinoid. Cara is studying cannabinoid receptors and is
developing lead molecules that selectively modulate peripheral CB
receptors without targeting CNS cannabinoid receptors. These
receptor modulators will be developed as a therapeutic approach for
neuropathic pain, a condition currently without effective
therapies. Zynerba's product candidate CBD Gel - ZYN002 is a
non-psychoactive cannabinoid, and is in Phase 2 clinical
development for patients with refractory epilepsy.
GW Pharmaceuticals PLC (NASDAQ: GWPH) research on
cannabinoid is quite extensive. The company indicates that there
are over 60 cannabinoid compounds identified to date. GW is
researching a large number of cannabinoids, each of which has
different effects and applications.
Another industry that has seen some new innovative practices
after legalization of medical marijuana in certain states. Terra
Tech Corp (TRTC) MediFarm LLC subsidiaries are focused on
medical cannabis cultivation and permitting businesses throughout
Nevada. The Company's wholly-owned
subsidiary GrowOp Technology, specializes in controlled environment
agricultural technologies.
As public perception and patient preference continues to trend
positively towards the medical use of marijuana, only time will
tell if society will full accept it.
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