International Legalization of Cannabis is a Boon for Canada
FinancialBuzz.com News Commentary
NEW YORK, June 19, 2018 /PRNewswire/ —
According to a research by Oristep Consulting, the global medical cannabis market in 2016 was USD 12.67 Billion and will reach USD 33.41 Billion by 2022 at a CAGR of 17.53% during the forecast period. Various scientific studies of the cannabinoid chemical have resulted in FDA-approved medications in pill form. The two main cannabinoids from the cannabis plant are THC and CBD, which are used for medical purposes as treatments for various conditions such as lack of appetite, nausea, pain, inflammation (swelling and redness), as well as muscle control problems. The report also specifies that North America leads the market, holding about half of the market share in 2016. Crop Infrastructure Corp. (OTC: CRXPF), BLOCKStrain Technology Corp. (OTC: BKKSF), Emerald Health Therapeutics, Inc. (OTC: EMHTF), MassRoots, Inc. (OTC: MSRT), Abattis Bioceuticals Corp. (OTC: ATTBF)
According to CBC, Canada is one of only two countries, the other being the Netherlands, that currently exports cannabis, allowing firms in Canada to reap the instant benefits of recent medical cannabis legalizations in more than 20 countries. CBC reported that the “offerings in today’s Canada medical marijuana market differ little from those used recreationally – the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018.”
BLOCKStrain Technology Corp. (OTC: BKKSF) has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. WeedMD, which recently announced a merger with Hiku Brands Company Ltd., is the first Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations to utilize BLOCKStrain’s proprietary platform, making it one of the first federally Licensed Producers of medical cannabis to integrate blockchain technology into its ecosystem. BLOCKStrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership. The platform will allow for the expansion of WeedMD’s library of world-class cannabis genetics while building customers’ trust. The digital solutions provided by BLOCKStrain are expected to be instrumental in providing WeedMD’s cultivation team with tools to rapidly search their records in real time instead of sifting through large volumes of paperwork in the company’s files, according to the Company. Furthermore, the digital archival system of BLOCKStrain is expected to prevent forms from being damaged, lost or tampered with and to make it easy to share with colleagues and regulatory bodies.
Abattis Bioceuticals Corp. (OTC: ATTBF) is a life science and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company recently announced that they have signed a letter of intent to integrate BLOCKStrain’s proprietary technology into Abattis’s product and services ecosystem. Through their collaboration, the parties hope to enable Abattis clients to instantly arrange for sales, shipping, testing and analysis of Abattis products and give clients comprehensive visibility over such products over their entire lifecycles. Abattis and BLOCKStrain also intend to explore development and integration opportunities to expand on Abattis’s current life sciences and biotechnology services offerings. BLOCKStrain not only reduces the workload and costs involved with testing but also provides full visibility of testing results for producers, government regulators and consumers. “BLOCKStrain provides a missing piece of the puzzle that helps both licensed producers and testing labs,” stated BLOCKStrain CEO, Robert Galarza. “Our system is built to alleviate the administrative bottleneck in the testing process”…