NEW YORK, July 9, 2019 /PRNewswire/ -- Cannabis has been used for medicinal purposes for centuries, but despite the therapeutic benefits of cannabis, international regulators ultimately deemed the plant unsafe for the public due to its marijuana derivative. The marijuana plant, which is part of the cannabis family, is linked to containing the majority of THC cannabinoids, which cause the psychoactive effects that cannabis is generally associated with. However, extensive research and studies have uncovered that marijuana can be effectively used to treat a variety of medical conditions. For instance, researchers suggested that marijuana can effectively be used as an alternative to traditional opioids to treat moderate to severe pain. A study published in the Journal of Psychoactive Drugs evaluated over 1,000 subjects taking legal marijuana. Among the participants, 65% of the people said they were taking cannabis for pain treatment and 80% of the group found it very or extremely helpful. As a result, this led to 82% of the group reducing or eliminating their over the counter (OTC) medication intake. Notably, 88% of the group mentioned that they were able to completely stop taking opioid painkillers. Furthermore, 74% of the subjects said that marijuana helped them sleep better. Chronic pain and insomnia are two of the most prevalent medical conditions that adults suffer from and Dr. Gwen Wurm, Assistant Professor of Clinical Pediatrics at the University of Miami Miller School of Medicine, highlighted that 20% of American adults suffer from chronic pain and one in three do not get enough sleep in general. However, in regions where marijuana is legal for medical treatment, patients can obtain a prescription from their doctor to treat their ailments. Furthermore, as research and studies continue to better develop our collective understanding of the plant, scientists are debunking the misconceptions revolving around marijuana. This, in turn, is driving the large influx of first time users. According to data compiled by Zion Market Research, the global legal marijuana market was valued at USD 16.71 Billion in 2017. By 2024, the market is projected to reach USD 62.96 Billion, registering a CAGR of 21% during the forecasted period between 2018 and 2024. Canopy Rivers Inc. (OTC: CNPOF) (TSX-V: RIV), TerrAscend Corp. (OTC: TRSSF) (CSE: TER), Aphria Inc. (NYSE: APHA) (TSX: APHA), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), Origin House (OTC: ORHOF) (CSE: OH).
Prior to the emergence of the legal cannabis industry, many adults purchased OTC medications or obtained prescriptions. And while OTC drugs were more common, there was still a significant number of adults on prescription drugs. According to a WedMD, citing a study by Consumer Report, nearly 55% of Americans were taking prescription medicines regularly. Moreover, those who use prescription drugs were taking on average about four doses each day on top of other OTC drugs, vitamins, and dietary supplements. Consequently, consumers often developed a tolerance towards the prescriptions, causing them to purchase more each time. Subsequently, many consumers decided to venture into the cannabis marketplace and explore their options. Typically, most consumers smoke cannabis to treat their conditions. However, with the development of the industry, a variety of additional products were introduced into the market. For instance, cannabis extracts became highly popular within the marketspace because of their potency and effectiveness. Consumers can intake these extracts in multiple ways, such as vapor pens, joints, pipes, and pills. Moreover, extracts can be turned into edibles or be applied onto the skin in forms of topicals, lotions, or patches. Overall, the immediate and potent effects of extracts are ideal for medical patients because it can treat their needs on the spot. "Cannabis extracts are a growing segment of the cannabis market as consumers begin to discover their versatility and health benefits when compared to traditional form of cannabis consumption," said Jeffrey Stamberger, Founder of OC Weed Review.
Canopy Rivers Inc. (OTC: CNPOF) (TSX-V: RIV) is also listed on the TSX Venture Exchange under the ticker (TSX-V: RIV). Yesterday, the Company congratulated, "its portfolio company TerrAscend Corp. ("TerrAscend") (CSE: TER) (OTCQX: TRSSF) on its announcement today that it has received an amendment to its licence from Health Canada allowing for the sale of cannabis oils from its facility in Mississauga, Ontario. Sales of TerrAscend's cannabis oils are set to begin immediately through its medical marketplace, Solace Health. This news comes two months following TerrAscend's announcement that it had been issued a Good Manufacturing Practice (GMP) certificate in accordance with the rules governing medical products in the European Union, in conjunction with establishing a sales and distribution agreement with iuvo Therapeutics GmbH, a German pharmaceutical wholesaler.
'With another key milestone achieved by TerrAscend in a matter of a few short months, the company continues to demonstrate its ambition to become a global provider of pharmaceutical-grade cannabis products,' said Narbe Alexandrian, President and CEO of Canopy Rivers. "Cannabis oil is gaining popularity in Canada, the US and in other emerging global medical markets, and this sales licence enables TerrAscend to meet growing demand for non-combustible cannabis products.'
In October 2018, to accommodate TerrAscend's strategic pursuits internationally, including select opportunities in the United States, Canopy Rivers agreed to restructure its investment and waive certain restrictive covenants that were granted by TerrAscend, in connection with its original investment. For more information regarding Canopy Rivers' investment in TerrAscend, please refer to the final prospectus of the Company dated February 21, 2019, filed with Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com. For additional information about TerrAscend, please refer to TerrAscend's profile on SEDAR or their website at www.terrascend.com.
About Canopy Rivers: Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem. For more information, please visit www.canopyrivers.com."
For our latest "Buzz on the Street" Show featuring Canopy Rivers Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=5Uh3ZkzgOfU
TerrAscend Corp. (OTCQX: TRSSF) (CSE: TER) provides quality products, brands, and services to the global cannabinoid market. TerrAscend Corp. recently announced that its subsidiary, TerrAscend Canada, has received an amendment to its license from Health Canada to allow it to sell cannabis oils from its EU-GMP certified facility in Mississauga, Ontario. Sales of TerrAscend's cannabis oils will begin immediately through its medical marketplace, Solace Health, and to the Canadian adult use market in the coming weeks. The Company is also pursuing export of its oils to international medical markets and will share news of these milestones as it achieves them. "The addition of oils to our product line enables us to better meet the needs of our patients and customers, who demand safe, standardized products," said Michael Nashat, TerrAscend's Chief Executive Officer. "It also helps us meet the growing demand for non-combustible cannabis products. As with every product, we make our oils with a relentless, pharmaceutical-grade focus on quality, safety and consistency. Today is an important milestone in our journey to be the world's most trusted provider of top quality cannabinoid products."
Aphria Inc. (NYSE: APHA) (TSX: APHA) is a leading global cannabis company driven by an unrelenting commitment to our people, the planet, product quality and innovation. Aphria Inc. recently announced that its German subsidiary Aphria Deutschland GmbH ("Aphria Germany") had been awarded a fifth lot for the cultivation of medical cannabis in Germany as part of the Company's previously awarded license from the German Federal Institute for Drugs and Medical Devices ("BfArM"). The additional lot was provisionally awarded to Aphria Germany in April and was secured following a review by a German court, which affirmed the original decision by the BfArM. With this decision, Aphria Germany won the maximum output from the German tender process – a total of five lots – and stands as the only licensed producer in Germany with the permission to grow all three strains of medical cannabis approved by the BfArM. Aphria Germany is building its over 8,000 square meter indoor growing facility in Neumünster and is completing work on a state-of-the-art GMP-certified cannabis vault in Bad Bramstedt for the import of cannabis flowers and oil from Canada, Australia and Denmark. Aphria Germany also holds a 25.1% interest in Berlin-based Schöneberg Hospital, which provides access to both doctors and patients for education on the benefits of medical cannabinoids. The company also recently introduced CannRelief, a CBD-based nutraceutical and cosmetics product line for the German market, produced in the EU and distributed by CC Pharma, a subsidiary of Aphria with access to more than 13,000 pharmacies throughout Germany. "We are thrilled about our successful conclusion to the German tender process, which has awarded Aphria with the most comprehensive license in the country," said Hendrik Knopp, Managing Director of Aphria Germany. "This award affirms Aphria's leading position in the German medical cannabis market. Construction on our indoor cultivation facility continues to progress rapidly and we look forward to supplying Germany's first domestically-grown medical cannabis in early calendar 2020."
Cresco Labs Inc. (OTCQX: CRLBF) (CSE: CL), based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. Cresco Labs Inc. recently announced that its Mindy's Kitchen brand has been ranked the top selling edible in Nevada according to Headset, the first real-time data analytics and business intelligence platform for the cannabis industry. In partnership with Cresco Labs, James Beard Award-winning chef Mindy Segal created the industry's first culinary-backed, cannabis-infused edibles, with a six-state distribution planned for 2019. In Nevada, Mindy's Pink Lemonade Gummies, Strawberry Sparkling Wine Hard Sweets and Wild Cherry Gummies, ranked first, ninth and tenth, respectively, by Headset, for edible sales in the state. Mindy's Artisanal Edibles include a line of decadent chocolate brittle bars and homespun baked goods infused with clear distillate allowing the best ingredients to shine through. The Mindy's Kitchen brand – a collaboration between Mindy and her talented group of chefs – offers fun, fruity confections for everyday enjoyability and effectiveness. The confections are infused with RSO and winterized sativa, indica and hybrid oil that complement the approachable flavors. Mindy's Edibles are produced and distributed in partnership with Silver State Wellness in Nevada. "We launched Mindy's Edibles in Nevada in mid-August and, in less than six months, our products are now carried in 62 out of 67 dispensaries in the state," said Cresco Labs Chief Executive Officer and Co-Founder Charles Bachtell. "Our proven ability to create brands that resonate with each consumer segment and establish a dominant retail market position is a key differentiator for Cresco Labs."
Origin House (OTCQX: ORHOF) (CSE: OH) is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. CannaRoyalty Corp. d/b/a Origin House, a leading North American cannabis products and brands company, recently announced that the Company has signed a memorandum of understanding ("MOU") to take over the exclusive distribution of Kurvana products across Northern California, thus terminating Kurvana's distribution arrangements with other third-party distributors in that region. As part of the MOU, the parties have also agreed to explore the transition of distribution in Southern California, subject to fulfilment of mutually acceptable conditions. Kurvana is the #1 premium vape pen brand in California. The company currently offers 3 distinct lines of cannabis oils that deliver multiple options for connoisseurs and beginners, including the flagship Kurvana ASCND line of high-potency vape pens. "Through its unique approach of creative engineering, scientific discovery, and manufacturing excellence, Kurvana has established itself as the leading premium California cannabis brand with impressive revenue growth, year over year," said Afzal Hasan, President and General Counsel at Origin House. "As an existing distributor of Kurvana-branded products in Northern California, we have first-hand insight into the brand's popularity and potential for future success. Through this arrangement, we are excited to reinforce our relationship with Kurvana and support its mission of delivering best-in-class cannabis products to California's discerning consumers. We are confident that our partnership will form a solid foundation for Kurvana's growth trajectory, while offering significant benefits to Origin House shareholders."
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