NEW YORK, Oct. 16, 2019 /PRNewswire/ -- Cannabidiol, or CBD, has become the latest craze among health-conscious consumers. Specifically, consumers in the North American region are purchasing hemp-derived CBD products for health and wellness benefits. Typically, most CBD is purchased as a "dietary supplement" or to alleviate minor conditions such as headaches or sorenesses. Consumers can also simply purchase CBD-based products such as tinctures, creams, or patches at local convenience stores. Furthermore, extensive clinical trials have proven that CBD can be used to treat more serious medical conditions such as cancer, epilepsy, and multiple sclerosis. As a result, international markets began to adopt CBD for medicinal purposes. And while there are a number of studies suggesting that CBD can be used to treat a list of medical conditions, many countries have limited CBD prescriptions to treat only a couple of conditions. For instance, South Korea legalized CBD in March to specifically treat only HIV/AIDS, cancer-related symptoms, Dravet syndrome, Lennox-Gastaut syndrome and multiple sclerosis. On the other hand, in the U.S., consumers purchase over-the-counter (OTC) CBD products to replace generic drugs such as Tylenol, sleeping aids, and anti-anxiety medications. And according to a survey conducted by Hemp Industry Daily, more millennials are likely to use CBD to reduce stress and anxiety compared to baby boomers. However, baby boomers are more likely to use CBD to treat joint pain. Overall, the combined revenues from both the therapeutic and healthcare sectors are accelerating the CBD market growth. According to data compiled by Arcview Market Research and BDS Analytics, global sales of legal cannabis is expected to grow by 36% to USD 14.9 Billion in 2019. Moreover, by 2024, sales are projected to break USD 40 Billion. Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Aphria Inc. (NYSE: APHA) (TSX: APHA), Sorrento Therapeutics, Inc. (NASDAQ: SRNE), iAnthus Capital Holdings, Inc. (OTC: ITHUF) (CSE: IAN), Auxly Cannabis Group Inc. (OTC: CBWTF) (TSX-V: XLY)
Since the passage of the U.S. Farm Bill in 2018, the number of CBD consumers began to exponentially rise. A national January 2019 Consumer Reports survey of more than 4,000 CBD users found that nearly a quarter used CBD to replace traditional OTC drugs. Meanwhile, approximately half of the respondents who took CBD said they weren't taking other medications. On the other hand, 30% of the respondents said they were using CBD to supplement their regular medication. Lastly, 22% of the consumers said they used CBD to completely replace their medications. The studies were presented by Consumer Reports Deputy Editor Lisa Gill at a public hearing held by the U.S. Food and Drug Administration back in May. The FDA held the hearing to evaluate the public opinion on the matter of CBD after concerns arose about the efficacy and safety of the product. The agency noted that there were limited studies on CBD such as understanding the possible short-term and long-term effects. However, during the hearings, many supporters voiced their opinions and vouched for the efficacy of CBD. Nonetheless, the FDA is still continuing to assess CBD to further understand the cannabis derivative. Despite the FDA's stance, it ended up approving Epidiolex, which is used to treat Dravet syndrome and Lennox-Gastaut syndrome, a form of epilepsy that develops during childhood. And as more studies continue to debunk the misconception about CBD, the FDA will be more likely begin to approve CBD to treat other medical conditions. "CBD is the most promising drug that has come out for neuropsychiatric diseases in the last 50 years," said Dr. Esther Blessing, an Assistant Professor at New York University School of Medicine. "The reason it is so promising is that it has a unique combination of safety and effectiveness across of very broad range of conditions."
Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB) is also listed on the Canadian Securities Exchange under the ticker (CSE: NLB). Earlier this week, the Company's wholly owned subsidiary We Are Kured, LLC ("Kured") announced that, "it has successfully manufactured and fulfilled its first large white label 510 thread refill cartridge order for Indiana based distribution company, Must Haves, LLC ("Must Haves"). Must Haves is a well-established CBD distributor within the CBD community and has built strong relationships with CBD retailers around the greater Chicago, USA area.
As previously announced on September 5, 2019, Kured entered into a white label agreement with Must Haves, whereby Must Haves has agreed to purchase Kured's white label 510 thread CBD cartridges for distribution under Must Haves brand. The Must Haves branded 510 thread CBD cartridges include terpene profiles such as Trainwreck and Blueberry Cookies.
Benjamin Martch CEO of Kured and CMO of NewLeaf Brands Inc. commented, 'These white label agreements have proven to be a great move for Kured and the clients that we work with. Kured's white label division offers custom vaporizer products of all different types utilizing our cutting-edge processes and formulations while keeping the ability for custom terpene profiles, look and feel open to the customer's desires. We are able to fill orders of any size or liking in an incredibly short amount of time due to our large in-house manufacturing capacity. We look forward to not only working with existing clients, but also assisting a number of future clients to fulfil their CBD needs.'
ABOUT NewLeaf Brands: NewLeaf Brands, Inc. is an innovative Cannabidiol ("CBD") lifestyle Company. Through the Company's wholly-owned subsidiaries We are Kured, LLC, Drink Fresh Water, LLC, ReLyfe Brand, LLC and TeaLief Brand, LLC the Company's main business activities encompass the development, marketing, and distribution of CBD products (including vaporizer pens/cartridges, hot/cold tea, softgel capsules and beverages) throughout North America, South America, and Europe. In addition, NewLeaf Brands, Inc. has extensive retail and cultivation land investments in Oregon, USA."
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Aphria Inc. (NYSE: APHA) (TSX: APHA) is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Aphria Inc., through its subsidiary Aphria Deutschland GmbH, recently launched the Company's first CBD-based nutraceutical, the first product in its CBD-based cosmetics line for the German market. Featuring CBD derived from hemp, the CannRelief brand of products are being produced in the European Union and distributed by the Company's subsidiary, CC Pharma, which has access to more than 13,000 pharmacies throughout Germany. "We are excited to introduce our first brand of CBD products for the German nutraceutical and cosmetics market," said Jakob Ripshtein, President of Aphria. "Supported by our extensive distribution network through CC Pharma, CannRelief provides a natural extension to Aphria's growing business opportunities in the German medical cannabis market. We look forward to providing a full range of CannRelief CBD products this year."
Sorrento Therapeutics, Inc. (NASDAQ: SRNE) is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to turn malignant cancers into manageable and possibly curable diseases. Sorrento Therapeutics, Inc. recently announced that it has established a new business unit to focus on the market potential for its innovative water soluble cannabidiol (CBD) formulation technology. Cannabidiol (CBD) has been under consideration within the pharmaceutical side of Sorrento for its interesting pharmacological properties and potential clinical benefits in multiple central nervous system, autoimmune or inflammatory disease and pain related indications. "Without distracting from our pharmaceutical business, we have the ability to leverage another Sorrento innovative technology – this time from our formulation experts – and make it available to the broader consumer market" stated Dr. Henry Ji, Chief Executive Officer and Chairman of Sorrento Therapeutics. "Longer-term, we may consider spinning off our CBD consumer business into an independently operated company if appropriate, while our research and clinical development team continues to explore the potential pharmaceutical applications of cannabidiol (CBD) for the medical markets."
iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) (CSE: IAN) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. CBD For Life, a subsidiary of iAnthus Capital Holdings, Inc., recently announced that it is continuing to expand its retail presence with a partnership with Dillard's, Inc. "We're excited for our products to be featured on the shelves of one of the largest and most well-regarded fashion retailers in the United States," said Beth Stavola, Co-Founder of CBD For Life and Chief Strategy Officer of iAnthus. "The ability to reach an even broader audience via the well-established customer base of a great partner like Dillard's brings us another step closer to achieving our end goal of establishing CBD For Life as a household name in beauty and wellness."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) (TSX-V: XLY) is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets. Auxly Cannabis Group Inc. recently announced that its wholly-owned subsidiaries, Dosecann Inc. and Kolab Project Inc. have both been authorized by Health Canada to sell cannabis oil under the Cannabis Regulations. The issuance of these sales licenses marks a significant milestone for Auxly in furthering its strategy to deliver branded derivative cannabis products to market when such products become legal later this year. The licences enable each of Dosecann and Kolab to commence initial sales of cannabis oil products to provincial and territorial purchasers; through Kolab's flagship retail store in Saskatchewan. Hugo Alves, Chief Executive Officer of Auxly, commented: "These sales licences are key regulatory milestone for Auxly in executing our business plan of launching derivative products later this year. I applaud the tremendous efforts of our teams at Kolab, Dosecann and Auxly's regulatory affairs department in securing these critical licences. We are firmly on track for our broader derivative product launch and look forward to bringing our portfolio of innovative derivative products to Canadian consumers later this year."
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