FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “AREV International Brands Ltd. Becomes World’s First Cannabis Company to Utilize New Genotyping Technology.”
AREV Brands International Ltd. (CSE: AREV) (OTC: AREVF), is pleased to announce that it has contributed DNA samples from select BC Bud Depot genovarsTM to the inaugural batch run on the world’s first BeadArray genotype chip to be designed specifically for the cannabis genome. The Illumina Infinium HTS microarray, designed and wholly owned by Lighthouse Genomics Inc., allows up to 96 samples to be economically tested in a single batch run. Through its holding BC Bud Depot, AREV has entered into a Letter of Intent to undertake genetic quality screening of all BC Bud Depot strains and genovarsTM. This advancement in genomics technology provides BC Bud Depot access to what is now the world’s most efficient and cost-effective method of gathering quality, targeted data from the cannabis genome.
AREV Brands International Ltd. produces and delivers functional compounds and ingredients from its world-class extraction systems. AREV is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. AREV innovates through extraction to produce extracts from specific selected plant and exude from trees that address 5 areas of health including Anxiety, Pain Management, Insomnia, Central Nervous System Disorders & Libido.
As the cannabis market continues to expand around the globe, research has confirmed that cannabidiol products are growing in popularity as well. Cowen & Co. analysts noted that nearly 7% of Americans are already using CBD-based product, clarifying that most consumers are using CBD as a supplement. Primarily, legal CBD is derived from the hemp plant, which falls under the cannabis family, while marijuana-derived CBD must comply with seed-to-sale state laws, which makes it illegal to transport products across state lines. However, hemp-derived CBD products are perfectly legal throughout almost every U.S. state as CBD is generally more accepted when compared to THC as it does not provide consumers with psychoactive effects. Despite the biological difference between THC and CBD, the two compounds are linked to providing similar therapeutic benefits. Clinical trials and research have suggested that CBD can suppress consumers’ illnesses or symptoms associated with cancer, anxiety, chronic pain, and depression. Moreover, clinical trials have led to the U.S. Food and Drug Administration’s approval of Epidiolex to treat two forms of childhood epilepsy. As a result, Cowen projects that CBD users will grow to 10% of U.S. adults or 25 million consumers by 2025. Consumers in the U.S. can easily find CBD products at their local stores and even pharmacies now. The growth of the CBD marketplace also compliments the THC marketplace, fueling recreational cannabis sales as well. The U.S. dominates the cannabis market as it accounts for the majority of the global share due to its early adoption. Furthermore, in combination with Canada’s recent legalization, the North American region is already positioned to witness exponential growth. According to data compiled by IMARC Group, the North American legal cannabis market was valued at USD 8 Billion in 2017. By 2023, the market is projected to reach USD 35 Billion while registering a CAGR of 28% from 2018 to 2023.
Despite the impact CBD has made throughout the U.S., regulators are still maintaining strict control of the plant. For instance, earlier in 2019, New York City health officials ordered bakeries and restaurants to stop adding CBD to their beverages and food, while Maine and Ohio have curbed CBD sales. However, the FDA recently held a hearing to receive public feedback and opinion about CBD regulations. Under current FDA regulations, it is illegal to add CBD into food supplies or market it as a dietary supplement. However, FDA Commissioner Scott Gottlieb said he is open to hearing positive, large-scale data and research regarding the efficacy and safety of the compound. Cowen also noted that the majority of consumers between the ages of 18 to 34 are using liquid extracts, which accounted for 44% of the market, followed by topicals at 26%, capsules at 22% and beverages at 19%. “It’s critical that we address these unanswered questions about CBD and other cannabis and cannabis-derived products to help inform the FDA’s regulatory oversight of these products,” Gottlieb said. “Especially as the agency considers whether it could be appropriate to exercise its authority to allow the use of CBD in dietary supplements and other foods.”
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