NEW YORK, January 12, 2018 /PRNewswire/ —
A report published by Ameri Research Inc. indicates that the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $63.5 billion. According to Ameri, the legal cannabis market is witnessing robust growth due to the increasing decriminalization of cannabis products across North America and Europe. The rising demand of cannabis for both medical and recreational use is a key factor driving the growth. In addition, it is estimated that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not realized. The states of California, where sales of reactional cannabis products have officially become legal this month, is expected to greatly contribute to the industry. Pivot Pharmaceuticals Inc. (OTC: PVOTF), Cronos Group Inc. (OTC: PRMCF), Cronos Group Inc. (OTC: PRMCF), Zynerba Pharmaceuticals (NASDAQ: ZYNE), GW Pharmaceuticals plc (NASDAQ: GWPH)
A report published by New Frontier Data indicates that young adults between the ages of 18 and 34 account for 80 percent of cannabis e-commerce and delivery purchases in California. Giadha Aguirre de Carcer, New Frontier Data CEO, said: “Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state. As the largest state in the country – and the largest potential market for cannabis products – the implications for the growth of the industry because of California’s adult use market cannot be overstated.”
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker ‘PVOT’. On January 9th the company announced breaking news that, “the Company has signed a Service Agreement with SoluBest Ltd., an Israeli-based research organization that specializes in the development of client tailored formulation and pilot production services and scale-up. SoluBest, located at the prestigious Weizmann Institute of Science campus, has been selected to develop Pivot’s topical bio-cannabis pipeline of products.
Pivot also wishes to announce that pursuant to its previously announced Binding Letter of Intent to license Thrudermic LLC’s transdermal nanotechnology, Dr. Joseph Borovsky and Dr. Leonid Lurya have agreed to lead the development of Pivot’s topical bio-cannabis programs at SoluBest. These programs include BiPhasix semi-solid topical cream and Thrudermic’s transdermal technology for