Sunday, 28 November 2021 12:20 GMT

Legal and Medical Cannabis Market Expected to Show Strong Growth -

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Disclosure NewswireTM

iCrowdNewswire - Sep 28, 2017


According to a report by Hexa Research theU.S. medical cannabismarket was valued atUSD 5.44 billionin 2016, andis expected to be valued atUSD 19.48 billionby 2024. The legal cannabis market is expected to be driven by its numerous medical benefits particularly in for fields of oncology, chronic pain and diabetes. Chronic pain was the largest segment owing to the presence of a large number of patients last year. In 2016,Washington D.C.together with other 28 states legitimated the use cannabis for medical purpose.Favorable regulatory environment across numerous states, including the largest markets,CaliforniaandColorado, is expected to contribute to the strong projected growth. Global Payout, Inc.(OTC: GOHE), Cara Therapeutics Inc. (NASDAQ: CARA), American Cannabis Company, Inc. (OTC: AMMJ), Cannabis Science, Inc. (OTC:CBIS), OWC Pharmaceutical Research Corp. (OTC: OWCP)

"Significant changes are already underway inCaliforniafor 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," said Giadha Aguirre de Carcer, New Frontier Data CEO. "As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because ofCalifornia'sadult use market cannot be overstated."

Global Payout, Inc.(OTC: GOHE) announced onSeptember 18ththat, "executive management members of its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company") successfully represented the Company this past week at the 4thannual Cannabis World Congress & Business Exposition held inLos Angeles, CA.
The expo has become one of the most prominent cannabis-related conferences held in the U.S. and brings together exhibitors who feature the latest technologies, solutions, and resources for businesses operating within the cannabis industry. While in attendance at the expo, members of the Company's executive management team, includingVanessa Luna, COO, strategically utilized it as an opportunity to network with other key figures and business owners throughout the industry to effectively promote and represent the MTRAC brand."

"Representation at events such as this present such a unique and powerful opportunity to grow our presence and establish new partnerships within an industry that is incredibly tight-knit and yet growing at an unprecedented rate," said MTRAC COO,Vanessa Luna. "I am encouraged by the many different connections we established during this expo, and I am optimistic about the likelihood of a decent number of them possibly materializing into new partnerships for our company at some point in the near future," Ms. Luna further remarked.

Cara Therapeutics Inc.(NASDAQ:) 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. Cara's most advanced CB compound, CR701, is in preclinical development. CR701 has been evaluated in a rodent model of neuropathic pain that produces both hyperalgesia (sensitization of nerve endings to painful stimuli) and allodynia (painful perception of innocuous stimuli) comparable to human conditions. Dr.Joseph Stauff, CMO of Cara Therapeutics, said, "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain."

American Cannabis Company, Inc.(OTCQB: AMMJ), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, announced onSeptember 21st, that it has signed an exclusive distribution agreement with Earth Alive, a leading Canadian clean-tech company that develops and manufactures state-of-the-art microbial technology-based products. This agreement allows for the commercialization of Earth Alive's premiere cannabis microbial inoculant product, called Dr. Marijane. Dr. Marijane is a certified organic root probiotic that promotes increased vegetative growth, improves the bioavailability of fertilizer programs, and sustains healthy development and structuring of plant roots.

Cannabis Science, Inc.(OTC:CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, announces the full publication of initial research results on using nanoparticle drones to target lung cancer with radiosensitizers and cannabinoids in the world-renowned cancer research journal,Frontiers in Oncology, released on September 19th."The laboratory work from CBIS' collaborations are moving apace and more results are to be reported soon," stated Mr.Raymond C. Dabney, Cannabis Science Inc., President & CEO, Co-Founder. Currently, early results show that using smart drug-delivery systems to deliver cannabinoids directly to tumor cells leads to increased tumor cell kill in animal models of lung and pancreatic cancer, which are some of the deadliest cancers.

OWC Pharmaceutical Research Corp.(OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines.OnJune 27th, OWC Pharmaceutical Research announced that its wholly-owned,Israel-based subsidiary, One World Cannabis Ltd., has filed a patent application with the United States Patent and Trademark Office for its active cannabinoid-based topical cream. This new patent application follows the previously filed ‘provisional' patent application. The added protection that this patent application provides for OWC's intellectual property will enable the Company to accelerate its ongoing discussions and negotiations regarding scientific, medical and commercial collaboration.

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