NEW YORK, August 10, 2018 /PRNewswire/ --
According to data provided by Ameri Research Inc., the global medical cannabis market was valued at USD 8.9 Billion in 2016 and is projected to grow at a CAGR of 18.2% between 2017 and 2024, crossing the USD 30 Billion mark in global sales by 2024. The medical and recreational cannabis market is witnessing a period of robust growth, thanks in part to increasing legalization and decriminalization of cannabis products across North America and Europe. The report also indicates that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not yet realized. CLS Holdings USA Inc. (OTC: CLSH), Arena Pharmaceuticals Inc. (NASDAQ: ARNA), GW Pharmaceuticals plc (NASDAQ: GWPH), Cronos Group Inc. (NASDAQ: CRON), Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP)
A research by Technavio shows that the legalization of cannabis for recreational and medical products continues to represent an emerging trend which is gaining traction around the globe. Currently, 28 States across the U.S. have legalized marijuana, while 15 others have authorized the use of CBD products. "The incorporation of new techniques in cannabis cultivation has resulted in the higher growth rate of the global legal cannabis market. The use of these advanced techniques has led to improved quality of the marijuana-derived CBD-oil products, which augurs well for the growth of the market," says a Senior Analyst at Technavio.
CLS Holdings USA Inc. (OTCQB: CLSH) earlier this week announced breaking news that, "the closing of a USD 3 Million equity investment from Navy Capital Green International Ltd., a cannabis-focused institutional fund based in New York City. Under the terms of the agreement, Navy Capital and or select others may invest an additional USD 2 Million, with a 15% overallotment, for a total of up to USD 5,750,000.00 by August 15th, 2018.
Navy Capital has a vast network of relationships in the cannabis industry and is extremely interested in the CLS patented extraction and processing technology.
CLS now has all the funds in place to complete its build-out of its Las Vegas cultivation and production facility. In addition, CLS will utilize a portion of the proceeds to update its existing Oasis Cannabis dispensary location and improve its signage.
John Kaden, Managing Partner and Chief Investment Officer of Navy Capital, stated, 'We believe CLS Holdings possesses the premier vertically-integrated cannabis business in Nevada and when combined with the Company's opportunities in other major U.S. states and its cutting-edge scientific developments, we expect that CLS quickly will establish itself as one of the top companies in the emerging U.S. cannabis market.'
Jeff Binder, Chief Executive Officer of CLS, commented, 'We look forward to the added value that Navy Capital brings to CLS. It is a terrific corporate development to have an additional partner, of Navy Capital's stature, and we are excited by the expertise they bring to CLS.'
About Navy Capital - Navy Capital's research-oriented, fundamentally-driven investment process focuses on identifying attractive opportunities within the legal cannabis space. Navy Capital seeks to find the best in class businesses within key verticals of the global cannabis industry. Those verticals include Consumer, Healthcare, Technology, Industrials, and Agriculture. Navy Capital invests in 20-30 publicly traded and select private companies that will gain market share over time in their respective verticals. Businesses that have recurring revenue and management teams that have a large share of their net worth in the company and are deeply passionate about their culture and customers are the most attractive to it. For additional information, please visit: https://www.navycapital.com
About Oasis Cannabis (http://oasiscannabis.com) - Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the fourth quarter of 2018."
Arena Pharmaceuticals Inc. (NASDAQ: ARNA) is focused on delivering novel, transformational medicines with optimized pharmacology and pharmacokinetics to patients globally. Arena recently provided a corporate update and reported financial results for the second quarter ended June 30th, 2018. Arena Pharmaceuticals provided a pipeline update. Etrasimod - Next generation, oral, selective sphingosine-1-phosphate (S1P) receptor modulator intended for the potential treatment of multiple immune and inflammatory diseases: Ulcerative colitis (UC): Submitted meeting request to the FDA; Phase 3 planning ongoing; Crohn's disease (CD): Submitting meeting request to the FDA; Phase 2/3 planning ongoing; Primary biliary cholangitis (PBC): Phase 2 trial ongoing. Olorinab - Peripherally restricted, oral, full agonist of the cannabinoid 2 (CB2) receptor intended for the potential treatment of visceral pain, specifically pain associated with Crohn's disease: Completed enrollment in Phase 2 study in June, data expected in late September. Second Quarter 2018 Financial Results: Revenues totaled USD 4.0 Million, consisting of USD 3.1 Million in collaboration revenue, and USD 0.9 Million in royalty revenue; Net loss attributable to stockholders of Arena was USD 31.8 Million, or USD 0.65 per share. "We have made significant progress over the past three months across our clinical programs, including the initiation of our ADVANCE Phase 3 program for ralinepag in patients with PAH. We are excited for the opportunity to potentially advance the treatment paradigm for patients suffering from this critical illness," said Amit D. Munshi, President and Chief Executive Officer of Arena.
GW Pharmaceuticals plc (NASDAQ: GWPH) has established a world leading position in the development of plant-derived cannabinoid therapeutics through its proven drug discovery and development processes, intellectual property portfolio and regulatory and manufacturing expertise. GW recently announced its financial results for the third quarter ended June 30th, 2018. Operational Highlights include: Epidiolex (cannabidiol) - Regulatory: FDA approval for the treatment of seizures associated with LGS or Dravet syndrome; Epidiolex rescheduling expected within 90 days of FDA approval; European submission under review by the EMA with decision expected in Q1 2019; FDA issuance of a priority review voucher (PRV) for Epidiolex. - Manufacturing: Commercial product being manufactured and prepared for shipping to the U.S.: Continued investment in expanded facilities to meet anticipated long-term demand. Revenue for the nine months ended June 30th, 2018 of GBP 10.7 Million (USD 14.2 Million) compared to GBP 6.1 Million for the nine months ended June 30th,2017. "The recent FDA approval of Epidiolex represents a major medical advance for patients with Lennox-Gastaut Syndrome and Dravet syndrome. We anticipate rescheduling to be completed within 90 days of FDA approval and for product launch to take place in the Fall," stated Justin Gover, GW's Chief Executive Officer.
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. Cronos Group recently announced that it has entered into a supply agreement with one of the largest cannabis companies in the world by revenue in the first quarter of 2018, Cura Select Canada Ltd. Cura is on a mission to be the leading provider of premium cannabis oil and hemp oil to the legal U.S. and international markets and will enter the Canadian market to supply domestic and international channels through this agreement. Cura is widely respected in the industry for the methodology and innovation of its extraction techniques and its focus on setting standards for quality products across the industry. Cura has pioneered a highly refined system that fulfills a scalability and quality need unique to a company of this size, with an ability to produce one million grams of oil per month at each of its facilities. The Company has signed a five-year take-or-pay supply agreement to purchase a minimum of 20,000 kilograms of cannabis per annum from Cronos Growing Company Inc.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP) is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company recently announced its financial results for the second quarter ended June 30th, 2018. The Company also provided an update on its corporate progress, clinical status and anticipated milestones for lenabasum, its novel synthetic, oral endocannabinoid-mimetic drug designed to control inflammation and fibrosis. "The first half of this year was marked by important progress in key corporate, clinical and regulatory milestones across all of our indications," commented Yuval Cohen, Ph.D., Chief Executive Officer Corbus. "With two Phase 3 international clinical programs and Corbus owning the unencumbered global rights to lenabasum, we believe our strategic optionality is very strong. Having demonstrated to-date, favorable safety and improvement in clinical efficacy outcomes, we believe lenabasum is positioned to potentially become the leading therapy in these first two orphan autoimmune indications affecting up to 200,000 patients in the USA, EU and Japan."
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