The Legal Cannabis Market Developments in 2017

NEW YORK, March 27, 2017 /PRNewswire/ --

FinancialBuzz.com News Commentary 

According to a new report by Arcview Market Research, the legal cannabis consumer spending across North America, grew 34 percent to $6.7 billion and can be expected to grow at a 27 percent compound annual growth rate of (CAGR) over the next five years, from $6.7 billion in 2016, to $22.6 billion in 2021. This more than tripled the portion of Americans that will be able to purchase cannabis without a doctor's recommendation. Voters in California, Massachusetts, Nevada, and Maine passed adult-use measures in 2016. Arcview Editor-in-Chief Tom Adams stated, "When the #1 concentrate brand in CO grows 84 percent but its market share percentage remains constant, it becomes clear we are in a remarkable business boom. It reminds me of 1998, when Google was just one of dozens of search engines, or 1988 when Blockbuster was just one of dozens of video store chains; future market leaders are just now being launched." Therapix Biosciences Ltd. (NASDAQ: TRPX), GW Pharmaceuticals plc (NASDAQ: GWPH), Cara Therapeutics Inc. (NASDAQ: CARA), Insys Therapeutics Inc. (NASDAQ: INSY), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE).

Some countries are approaching medical cannabis as a possible new submarket of the pharmaceutical and biotech industry. Israel, for example, is attracting international investments as it tries to position itself as a cutting-edge exporter in the rapidly-growing market for medical-grade cannabis, Reuters reported. There are about 120 studies ongoing in Israel, which includes clinical trials looking at the effects of cannabis in autism, epilepsy, psoriasis and tinnitus.

Therapix Biosciences Ltd. (NASDAQ: TRPX) is an Israel-headquartered emerging specialty pharmaceutical company, developing unique Cannabinoid technologies in treatment of central nervous system (CNS) disorders.

Therapix Biosciences Ltd. describes itself as, 'a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists, focused on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company has initiated two internal drug development programs based on repurposing a U.S. Food and Drug Administration, or FDA, approved synthetic cannabinoid (dronabinol): Joint Pharma developing THX-TS01 targeted to the treatment of Tourette Syndrome, and BrainBright Pharma developing THX-ULD01 targeted to the high value and under-served market of mild cognitive impairments.'

On March 22nd, Therapix Biosciences announced, 'the pricing of its initial public offering in the United States of 2,000,000 American Depository Shares ("ADSs"). Therapix plans to use the net proceeds from the offering to advance the formulation and clinical development efforts for its two lead product candidates, including Phase II clinical trials, and for working capital and other general corporate purposes.

GW Pharmaceuticals plc (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform. Earlier in February, the company announced positive top-line results from an exploratory Phase 2 placebo-controlled clinical study, of a proprietary combination of tetrahydrocannabinol (THC) and cannabidiol (CBD) in 21 patients with recurrent glioblastoma multiforme, or GBM. GBM is a particularly aggressive brain tumor, with a poor prognosis. GW has received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for THC:CBD in the treatment of glioma.

Cara Therapeutics Inc. (NASDAQ: CARA) is a clinical-stage biotechnology company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus. The company is currently 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. Earlier in 2016, the company announced enrollment of the first patient in a Phase II clinical trial for the treatment of cocaine dependence using its pharmaceutical cannabidiol (CBD) product candidate. The study is being conducted by Dr. Didier Jutras-Aswad, MD, at the University of Montreal Hospital Research Center (CRCHUM) and is supported by the Canadian Institutes of Health Research.

Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company, dedicated to the development of innovative transdermal synthetic cannabinoid treatment. On March 13th, 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.

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