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The medicinal cannabis industry may appear to be lagging behind the legal niches of CBD and recreational cannabis, but the reality is, leaders in the space are still generating strong revenues behind increased momentum regarding how cannabis is viewed as a viable medical treatment. More researchers and medical professionals are interested in cannabis, and the need for education is pronounced. Efforts to educate patients are also gaining steam, especially as more people turn to medical marijuana for assistance in managing the symptoms of many different conditions. In order to capitalize on this momentum, companies are releasing new products with the hope of capturing new and emerging markets. The medicinal cannabis market has been steadily growing over the past few years and it is expected to grow to $55.8 billion by 2025, according to Grand View Research. Much of this growth will be due to momentum building on itself, but educational efforts, product advancements and a reduction in alcohol’s popularity will also play roles in the growth. Active cannabis companies in the markets this week include Empower Clinics Inc. (CNSX:EPW.CN) (OTC:EPWCF), GW Pharmaceuticals plc. (NASDAQ:GWPH), MedMen Enterprises Inc. (OTC:MMNFF) (CNSX:MMEN.CN), Aphria Inc. (OTC:APHQF) (TSX:APH.TO), Canopy Growth Corporation (NYSE:CGC) (TSX:WEED.TO).
Empower Clinics Inc. (CNSX:EPW.CN) (OTCPK:EPWCF) BREAKING NEWS: Empower Clinics, a leading owner and operator of medical cannabis and wellness clinics in the US, today announced a comprehensive agreement with Titration Technologies, LLC, an innovator in cannabis product development, to manufacture, package, and fulfill Empower’s ‘Sollievo’ CBD medical cannabis products throughout North America.
Empower’s “Sollievo” (Italian for “relief”) products specifically target the most common qualifying medical conditions, involving pain, sleep, stress, and digestion. The products, available as tinctures or topical creams, are non-THC CBD, meaning that they are non-psychotropic: they do not directly affect mood, perception, or consciousness.
As part of the agreement, Titration will produce Empower-formulated CBD medical cannabis products, which Empower will sell under its ‘Sollievo’ product brand on Empower’s Website, at Empower clinics, as well as select third-party wellness clinics throughout the US and Canada. The products will be available at http://www.empowerclinics.com in the coming weeks.
“This agreement enables patients in all 50 states and Canada to access Empower’s CBD products, which is an important milestone as we continue to expand our business and service areas,” said Craig Snyder, Empower CEO. “As we grow our footprint of medical cannabis and wellness clinics, product sales are an important market channel and revenue stream for us. We are excited to be working with a proven leader like Titration and their team of respected plant scientists.”
Under the agreement, Titration will provide product manufacturing, packaging, warehousing, and fulfillment for Empower. “Empower has been rapidly building its business and we are looking forward to working with them in providing a superior line of CBD products,” said Jason Sonchik, Titration Director of Quality Control. Read this and more news for Empower Clinics at: http://www.financialnewsmedia.com/news-epw/
Other recent developments in the cannabis industry include:
GW Pharmaceuticals plc. (NASDAQ:GWPH) closed Tuesday up slighly at $146.20 with a volume north of 430,000 by the market close. Last week, the company announced the closing of the previously announced underwritten public offering on the Nasdaq Global Market by GW of 1,900,000 American Depositary Shares (“ADSs”) and the full exercise by the underwriters of their option to purchase 285,000 additional ADSs from GW at a price to the public of $158.00 per ADS, raising gross proceeds of $345,230,000 (before deducting underwriting discounts, commissions and offering expenses). Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan and Cowen and Company, LLC acted as joint book-running managers for the offering. The ADSs described above were offered by GW pursuant to a shelf registration statement filed by GW with the Securities and Exchange Commission (“SEC”) that became automatically effective on April 17, 2017.
MedMen Enterprises Inc. (OTCQB:MMNFF) (CNSX:MMEN-CN.CN) recently announced it launched a comprehensive suite of new cannabis products under the brand [statemade] during the opening of its second store in Las Vegas, MedMen Paradise. [statemade] is aimed at the modern cannabis consumer and leverages MedMen’s retail brand and reach. The products launch exclusively at MedMen Paradise in Nevada and the Company plans to manufacture and sell [statemade] in all markets where it is licensed to operate including Arizona, California, Florida and New York, as well as other future markets. “We’ve built one of the most popular and trusted retail brands in cannabis today,” said MedMen co-founder and President Andrew Modlin. “And if there is one thing we’ve learned from serving hundreds of thousands of customers at our stores is that the modern cannabis consumer wants high-quality products in a variety of forms. They want to enhance their well-being and enjoy new experiences with the assurance that what they are putting in their bodies has been fully tested and safe. [statemade] offers one of the most comprehensive suites of products available in the market today using MedMen’s class leading cultivation and manufacturing expertise.”
Aphria Inc. (OTCQB:APHQF) (TSX:APH-TO.TO) recently unveiled its comprehensive portfolio of adult-use brands that will be available for sale in the adult-use market. Backed by more than a year and a half of extensive qualitative and quantitative research, including focus groups and influencer consultations, the Company has developed a portfolio of brands designed to meet the needs of specific consumer segments. The brands feature a range of price points and offer a variety of product formats and consumption options tailored to consumer preferences. “When we embarked on our journey to develop our adult-use brands, we were committed to truly understanding what cannabis users would look like after legalization,” said Megan McCrae , Vice President of Marketing at Aphria. “We undertook extensive research to understand each segment of the market and build a broad portfolio of brands that would speak to each of those varied and diverse groups. This consumer-centric approach is the cornerstone of every one of our thoughtfully-created brands and will continue to drive our ongoing product development and brand positioning.”
Canopy Growth Corporation (NYSE:CGC) (TSX:WEED-TO.TO) recently announced on Tuesday that it has completed a legal transfer of cannabis products to a research partner in the United States. To the Company’s knowledge, this transfer is the first export of legal cannabis products from Canada to the United States pursuant to an import permit issued by the federal United States Drug Enforcement Administration (DEA). The shipment was completed for the sole purpose of supporting medical research and development. Currently, sources of federally regulated cannabis in the United States are limited in scope and genetic diversity. Canopy Growth believes that it can add value to the market and enable the development of rigorous testing standards for products, while advancing the understanding of the risks and benefits of medical cannabis. The advancement of this research stands to serve Americans, Canadians and those around the world who may benefit from legal, approved cannabis based medical treatments.
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