Sales Estimates in the US
The recreational marijuana market in the US is currently $2.4-$2.6 billion dollars annually and projected to reach $8-$10 billion dollars over the next five years
The development, marketing and sale of “medical marijuana” is a fast-growing industry in the United States, spurred by the adoption of new laws legalizing its use. To date there are more than 20 states, plus the District of Columbia, where patients with medical needs can currently receive cannabis through state-licensed distributors. These states include: Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Hampshire, Oregon, Vermont, and Washington. As of April 2014, there are another 8 states with proposals to approve medical marijuana that have been drafted. Thriving businesses have sprung up in states where cannabis growing and associated dispensaries have become legal.
While it is difficult to obtain the actual sales figures for this emerging market, according to IBIS World, the national market was estimated at approximately $2 billion in 2013, with a nearly 14% compound annual growth rate (CAGR) for the past five years. In the five years through 2018, IBISWorld estimates that the number of firms and revenue in this market “will increase significantly,” growing at over 24% CAGR.
There are a multiple companies that engaged in the research and development of cannabis for specific markets. Most businesses, however, are small laboratories with limited technical and scientific expertise. In addition, many of these companies are neither pursuing medical cannabis therapeutics utilizing rigorous scientific testing nor seeking approval by the FDA. To date there are approximately 30 medical cannabis companies listed on the stock exchange. One of these companies is Cannabis Science, Inc. whose primary focus is currently on skin cancer and infectious diseases. Another example, Medical Marijuana, Inc., is a publically traded company located in San Diego that claims it has 85 proprietary and patented cannabinoid delivery methods under the brands CanChew, HempMeds, KannaLife, and others.
A recent report discussed public cannabis companies and reviewed the industry. Other than GW Pharmaceuticals, it appears that most of the listed companies' principal focus differs from that of CannRx. CannRx intends to develop products that will be submitted as a New Drug Application (“NDA”) to the FDA. While GW Pharmaceuticals (“GW”), a publically traded company with a valuation of over $1 billion, also intends to do so, the Company’s strategy will differ from that of GW.
Due to Izun Pharma Limited patented technology and CannRx’s patent pending systems, our choice of therapeutic indications and the development of our rapid assays kits will be unique to the market.
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