The Creation of Jobs in the Legal Cannabis Market
FinancialBuzz.com News Commentary
NEW YORK, May 5, 2017 /PRNewswire/ --
According to a research by Arcview Market Research, retail sales taxes in state-sanctioned cannabis markets totaled more than $500 million in 2016 in Colorado, Washington, Oregon, and $836 million since adult-use sales began in 2014. Nearly 1.9 million North Americans are legally using cannabis to manage conditions as severe as polymorphic seizures and as common as chronic pain. Millions more are consuming it legally in adult-use states with little or no negative impact. The report also points out that illicit sales are now being rolled back at the fastest rates and in those states with the most mature legal adult-use markets. Americann Inc. (OTC: ACAN), Cara Therapeutics Inc. (NASDAQ: CARA), Insys Therapeutics Inc. (NASDAQ: INSY), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP)
Arcview forecasts growth will reaccelerate at the beginning of 2018, as adult-use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. The research indicates that the biggest political win for the legal cannabis industry in the U.S. election came in California. California pioneered the modern cannabis policy reform movement in 1996, when voters passed Proposition 215, which is the Compassionate Care Act. Though voters failed to approve adult use in 2010, they voted overwhelmingly in 2016 to make adult use legal in a state that represents the world's sixth-largest economy. Nevada also voted to legalize adult use, though a similar initiative failed narrowly in Arizona.
Americann Inc. (OTCQX: ACAN) an agricultural technology company that is developing medical cannabis cultivation properties, announced yesterday, the hiring of Dr. Brian Corr as Director of Horticultural Science and Operations.
Dr. Corr, a noted expert in controlled-environment horticulture, is a 40-year veteran in the traditional horticulture industry with companies such as Ball Horticulture and Syngenta (NYSE: SYT), which has a $43 billion market capitalization. Dr. Corr will lead AmeriCann's management services division.
"AmeriCann believes that for cannabis to reach its full potential as a medicine it requires the best facilities and operations," stated AmeriCann CEO Tim Keogh. "Dr. Corr provides the best of two worlds - the science of traditional horticulture with the specific needs of cannabis cultivation."
Dr. Corr stated, "AmeriCann and I share a vision for the efficient and scientific production of the highest quality medical marijuana possible to provide relief to patients. The state-of-the-art facilities that we are developing are unique for the cannabis industry and I am honored to take on this role with the company."
Cara Therapeutics Inc. (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus, by selectively targeting peripheral kappa opioid receptors. Cara is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Peripheral CB receptor modulators will be initially developed as a novel therapeutic approach for neuropathic pain, a condition currently without consistently effective therapies. Cara's most advanced CB compound, CR701, is in preclinical development.
Insys Therapeutics Inc. (NASDAQ: INSY) is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules, that improve the quality of life of patients. On February 15, 2017, Insys announced that the Company is providing for the use of Cannabidiol Oral Solution at doses up to 40 mg/kg/day in compassionate use studies in subjects with refractory pediatric epilepsy, following completion of 48 weeks of treatment in the ongoing long-term safety study. "We are pleased that investigators have deemed it appropriate to continue patients on Cannabidiol Oral Solution beyond 48 weeks of treatment and we remain dedicated to making our product available to them," said Dr. Santosh Vetticaden, Insys' Interim CEO, and Chief Medical Officer.
Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. On March 13, 2017, the company announced that it has completed enrollment in the Phase 2 STAR 1 (Synthetic Transdermal Cannabidiol for the Treatment of Epilepsy) clinical trial evaluating ZYN002 cannabidiol (CBD) gel in adult epilepsy patients with refractory focal seizures. The Company also announced that enrollment has completed in the Phase 2 STOP (Synthetic Transdermal Cannabidiol for the Treatment of Knee Pain due to Osteoarthritis) clinical trial evaluating ZYN002 CBD gel for the treatment of osteoarthritis.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) is a 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's lead product candidate, anabasum, is a novel synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation, and fibrotic processes. Recently, Corbus announced that the Company will be proceeding with a single Phase 3 study to support a New Drug Application ("NDA") for anabasum for the treatment of diffuse cutaneous systemic sclerosis ("systemic sclerosis").
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