PALM BEACH, Fla., Aug. 4, 2020 /PRNewswire/ — The cannabis infused products market is expected to gain market growth in the forecast period of 2020 to 2027. A recent report from industry insider Date Bridge market Research also says that the CBD Oil Extract Market is expected to reach $25.57 billion by 2027 growing at a CAGR of 21.0% in the forecast period of 2020 to 2027. Data Bridge Market Research analyses the market to witness the growth at an annual pace of 22.0% in the above-mentioned forecast period. It said: “The growing awareness about the well-being and mental health benefits is driving the market scope of cannabis infused products. Cannabis infused products market is growing with the successive application of marijuana or hemp in the manufacturing of products for daily purposes like, skincare, cosmetics, haircare, intimate lubricants, pharmaceuticals, gummies, and pills, infused beverages and others. The crosswise adoption of these products is helping the market to grow. The recreational herbs use and penetration of it in cannabis infused food and beverages will help the market grow. The strict government rules and terming it illegal in certain countries will act as the restraint for the market, whereas the accelerating usage of hemp fibers in textile industry will act as the opportunity for the market growth.” Mentioned in today’s commentary include GW Pharmaceuticals plc (NASDAQ: GWPH), Rapid Therapeutic Science Laboratories, Inc. (OTCPK: RTSL), cbdMD, Inc. (NYSE: YCBD), Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED).
The report continued: “The growing awareness amongst the patients regarding the benefits of CBD oil will help in driving the growth of the market. For producing such excellent CBD Oil Extract Market 2020 research report, principal attributes such as highest level of spirit, practical solutions, dedicated research and analysis, innovation, talent solutions, integrated approaches, most advanced technology and commitment plays a key role. Legalization of cannabis-based CBD products, rising preferences of oil and tinctures extracted from cannabis, adoption of CBD-based products in various medical treatments, growing retail sector will likely to enhance the growth of the CBD oil extract market in the forecast period of 2020-2027. On the other hand, growing number of research activities for the growing number of benefits along with government approvals will further boost various opportunities that will lead to the growth of the CBD oil extract market in the forecast period.”
Rapid Therapeutic Science Laboratories, Inc. (OTCPK: RTSL) Breaking News: Rapid Therapeutic Science Files with FDA to Register Facility and Products – Rapid Therapeutic Science Laboratories (the “Company” or “RTSL”), a SEC fully-reporting, growth-oriented manufacturing and marketing company focused on employing FDA-approved Metered Dose Inhaler (MDI) technology to deliver aerosolized cannabinoids, such as CBD, CBG, and CBN, announces that it has formally engaged FDA Compliance Solutions, LLC to begin the initial FDA regulatory process of registering their new facilities and ultimately all products. FDA Compliance Solutions, LLC will act as RTSL’s agent through the entire registration process. FDA Compliance Solutions submitted RTSL’s initial filing required by the FDA in May 2020.
This registration process will establish the initial account and fulfill preliminary FDA compliance notification requirements by documenting current domestic manufacturing locations, and product offerings in the secure approved FDA electronic directory database for all products in commercial distribution in the United States. Registration will incorporate presentation of associated product advertising and labeling (exterior packaging, instructions for use, websites, and promotional materials).
Donal R. Schmidt, Jr., CEO states “We look forward to having our facilities and products fully registered. This will ensure our products adhere to the highest standards of safety and efficacy as required by the FDA for any type of medical product being sold in the US or abroad. Except for our cannabinoids, all our consumables and excipients are already listed in Drug Master Files (DMF) with the FDA. This is the first step in ultimately obtaining a fully compliant product in the anticipated regulatory environment related to cannabinoids. By seeking registration in conjunction with our new ISO 13485 manufacturing laboratory facility, we are leading the cannabinoid space in the standards that the rest of the medical world utilizes.”
This effort will lay the introductory groundwork for full implementation of cGMP (current Good Manufacturing Practices) operational control. These regulations have the force of law (Quality System Regulation – 21 CFR 820 – 06/01/97), with the primary intent of ensuring provision of safe, pure, and effective products. Rapid Therapeutics’ goal of delivering quality products, while safeguarding the health of our many consumers remains the highest priority. Read the full Press Release and more for RTSL at: https://www.financialnewsmedia.com/news-rtsl
In other active company news in the markets this week:
GW Pharmaceuticals plc (NASDAQ: GWPH) recently announced the U.S. Food and Drug Administration (FDA) has approved EPIDIOLEX® (cannabidiol) oral solution to treat seizures associated with tuberous sclerosis complex (TSC) in patients one year of age and older. Along with this new indication, the age range has been expanded to include patients one year of age and older who experience seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome. TSC is a rare disease that causes benign tumors to grow in vital organs of the body and is a leading cause of genetic epilepsy.1 EPIDIOLEX, the first plant-derived cannabinoid prescription medicine and the only FDA-approved form of cannabidiol (CBD), was initially approved by the FDA in June 2018 for the treatment of seizures associated with LGS or Dravet syndrome in patients two years of age and older. GW has also received approval for this medicine in the European Union under the tradename EPIDYOLEX® and a TSC EMA submission is currently under review.
Aphria Inc. (NASDAQ: APHA) (TSX: APHA), a leading global cannabis company, recently reported its financial results for the fourth quarter and fiscal year ended May 31, 2020. All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
“At Aphria, we are setting ourselves apart from the rest of the cannabis industry,” said Irwin D. Simon, Chairman and Chief Executive Officer. “We have generated some of the strongest sales growth, we have one of the strongest balance sheets and cash positions, compelling consumer brands and a well-diversified global business. We are grateful for the dedication of our employees for whom our commitment to protect their safety is unwavering and remains a founding principle of our company. Our strong finish to fiscal year 2020 demonstrates that this was a transformative year for Aphria, as our net revenue increased 129% from fiscal year 2019. We continue to focus on capturing strong market share in Canadaby executing upon our strategic plan and positioning Aphria as a leader in category innovation. With exciting new product categories and line extensions launching in the very near future, we believe our award-winning adult-use portfolio remains unmatched in the industry. By building on this foundation, we remain focused on the highest return opportunities for growth and long-term value creation.”
Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) a world-leading diversified cannabis, hemp, and cannabis device company, recently announced the launch of its new U.S. e-commerce website: ShopCanopy.com (“ShopCanopy”).
ShopCanopy serves as the online home for Canopy Growth’s growing portfolio of U.S. hemp-derived CBD product lines, and a one-stop shop for over 25 product SKUs from brands such as First & Free, This Works, and BioSteel. The site will continue to feature new brands from Canopy Growth, including the highly anticipated launch of Martha Stewart CBD. “We’re pleased to offer our customers a convenient, one-stop destination for exploring and purchasing Canopy Growth’s products in the U.S.,” said Sol Clahane, Vice President and General Manager – US Region, Canopy Growth. “As our exciting portfolio of hemp-based CBD products continues to grow and diversify, it’s our ambition to offer competitively-priced, high quality products for each consumer need state and price point.”
cbdMD, Inc. (NYSE: YCBD) one of the leading, most trusted and most recognized cannabidiol (CBD) consumer brands, announced recently that it has filed a new patent application with the U.S. Patent and Trademark Office which will allow it to pursue patented protection in several key areas, including novel formulations and delivery systems, as well as methods of manufacturing and use. The recent submission by the company is part of its ongoing intellectual property strategy to ensure appropriate protection around its product lines and to be forward-thinking as to the direction of the CBD market.
“cbdMD has always been a leader of innovation the CBD industry. Pursuing intellectual property will remain a priority for us as we continue to strengthen and grow the company’s assets within a fiscally disciplined mindset,” said Martin A. Sumichrast, Chairman and co-CEO at cbdMD, Inc. “The filing of this new patent application furthers supports our mission of being a preeminent science-based company in a currently congested CBD marketplace. Continued research and development for real world applications drives innovation and protecting those proprietary technologies and ideas is consistent with cbdMD’s business plan. We look forward to our future innovation and continuing to pursue additional IP protection.”
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