NEW YORK, March 9, 2018 /PRNewswire/ --

According to Hexa Research, the U.S. medical cannabis market size was valued at USD $5.44 Billion in 2016 and is expected to hit USD $19.48 billion by 2024. The industry is expected to witness swift growth during the forecast period due to the numerous medical benefits of cannabis products and the accelerating pace of legalization of such products in the United States. The report also indicated that the increasing demand for medical cannabis is due to the increasing ageing population. In 2016, rising number of patients diagnosed with chronic pain has resulted in increasing use of cannabis. The report estimated that the demand for medical cannabis for arthritis will grow at a CAGR of 17.8% over the projected period as it forecasted more adults and children will have arthritis. Cannabis infused edibles is also expected to grow at a CAGR of 17.8% over the forecast period. Pivot Pharmaceuticals Inc. (OTC: PVOTF), GW Pharmaceuticals plc (NASDAQ: GWPH), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), Cara Therapeutics, Inc. (NASDAQ: CARA), General Cannabis Corp. (OTC: CANN).

California's new recreational cannabis laws went into effect on January 1st, 2018. While California is the largest market, Canada is projected to show strong sales as well. Deloitte's report estimates the Canadian market will be worth at least $5B in sales in 2018. Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."

Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) also listed on the Canadian Stock Exchange under the Ticker 'PVOT'. Earlier this week the company announced, "The acquisition of Thrudermic, LLC ("TDL" or "Thrudermic"), a privately held North Carolina company. Pivot previously announced a licensing agreement with Thrudermic but has decided to exercise its option to acquire 100% of TDL. Pivot will pay $1.00 (USD) for all of the issued and outstanding units of Thrudermic, and issue an aggregate of 500,000 common shares in the capital of Pivot to Dr. Joseph Borovsky and Dr. Leonid Lurya for their intellectual property portfolio, including patents, good will and know-how in connection with the TDL Transdermal Nanotechnology. Dr. Borovsky, has been appointed Pivot's Vice President, Product Formulation, and Dr. Lurya has been appointed Executive Director, Product Formulation."

The TDL Transdermal Nanotechnology is intended for the formulation and delivery of dosable bio-cannabis products. On behalf of Pivot, Thrudermic recently filed three additional patent applications related to improved formulation and delivery for new routes of administration of cannabinoids and will increase the number of products in the Company's pipeline.

"Thrudermic is very excited to become part of the Pivot organization. Our lipid-based nano-dispersion technology is well suited for the emerging cannabis industry. Pivot's goal is to increase cannabinoid bioavailability, drug release rates and improve product stability, and consumers should be able to confidently take correct and accurate doses to help meet their health and wellness needs," states Dr. Borovsky.

Dr. Borovsky, formerly the director of research and development for Mead Corporation, received his Bachelor of Science degree in Chemistry from UCLA and his Ph.D. in Physical Organic Chemistry from the University of Massachusetts at Amherst. He also completed a year of post-doctoral research in Medicinal Chemistry at Washington State University College of Pharmacy and was a Research Fellow in Synthetic Organic Chemistry at Harvard University. Dr. Lurya is the inventor of Thrudermic transdermal technology and has authored several patents. He received his MD from the Moscow Medical Institute No. 2, Russia, and then completed his PhD in Biophysics, Chemical Physics Department at the Weizmann Institute of Science, Israel."

Dr. Patrick Frankham, Pivot's CEO, comments, "Thrudermic is Pivot's fourth disruptive formulation and delivery platform for cannabinoids. We are thrilled that Dr. Borovsky and Dr. Lurya have agreed to join us to develop and commercialize therapeutic bio-cannabis products. They are highly experienced formulations experts with many years of pharmaceutical industry know-how. Pivot continues to position itself as a leader in the delivery of dosable bio-cannabis, something that consumers and regulatory agencies will demand as legalization occurs."

GW Pharmaceuticals plc (NASDAQ: GWPH) is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW, along with its U.S. subsidiary Greenwich Biosciences, is advancing an orphan drug program in the field of childhood-onset epilepsy with a focus on Epidiolex (cannabidiol), for which GW has submitted regulatory applications in the U.S. On February 27, 2018, the company announced the European Medicines Agency (EMA) has granted orphan drug designation for cannabidiol (CBD) for the treatment of tuberous sclerosis (TS). GW is currently recruiting a Phase 3 clinical trial of Epidiolex® (cannabidiol) as an adjunctive therapy for the treatment of seizures associated with TS, with data expected in the second half of 2018. Subject to positive results, GW expects to submit regulatory applications in 2019 for Epidiolex in TS in both the U.S. and Europe.

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. Recently, the company announced the results of a positive meeting held with the U.S. Food and Drug Administration (FDA) regarding its planned development strategy for ZYN002 in Fragile X syndrome (FXS). FXS is a rare genetic developmental disability that is the leading known cause of both inherited intellectual disability and autism spectrum disorder. ZYN002 is the first and only pharmaceutically-produced cannabidiol (CBD) formulated as a patent-protected permeation-enhanced transdermal gel. Zynerba has received U.S. Orphan Drug designation for the use of CBD as a treatment of FXS. Currently, there are no approved therapies to treat FXS or its most common symptoms. Based on the company's dialogue with the FDA, the Company expects to initiate a single pivotal study mid-year 2018 to support a New Drug Application (NDA) for ZYN002 in FXS. The FDA and the Company are in agreement that the primary and key secondary endpoints for the study should assess observable behaviors in patients with FXS as reported by the caregiver using the validated Aberrant Behavior Checklist in Fragile X syndrome (ABC-FXS).

Cara Therapeutics, Inc. (NASDAQ: CARA) is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting peripheral kappa opioid receptors (KORs). 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. Dr. Joseph Stauffer, CMO Cara Therapeutics, said, "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain."

General Cannabis Corp. (OTCQB: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. On February 2, 2018, the company announced that its client, Green Leaf Medical LLC, a leading grower and supplier of medical cannabis in Maryland, has successfully harvested its first crop and has passed all state-required laboratory tests. Now producing an estimated 500-600 pounds of high-quality medical marijuana on a monthly basis, Green Leaf is one of the leading fully approved suppliers in Maryland. Green Leaf also announced that it has begun the next phase of its expansion, increasing the size of its facility to approximately 50,000 square feet, a 67 percent increase from current capacity. The expanded grow house should be completed before the end of the year, raising production totals to nearly 1,000 pounds per month.

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