FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Canopy Rivers Portfolio Company Terrascend Receives Cannabis Oil Sales Licence in Canada.”
Canopy Rivers Inc. (TSX-V: RIV) (OTC: CNPOF) congratulates its portfolio company TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) on its announcement today that it has received an amendment to its licence from Health Canada allowing for the sale of cannabis oils from its facility in Mississauga, Ontario. Sales of TerrAscend’s cannabis oils are set to begin immediately through its medical marketplace, Solace Health. This news comes two months following TerrAscend’s announcement that it had been issued a Good Manufacturing Practice (GMP) certificate in accordance with the rules governing medical products in the European Union, in conjunction with establishing a sales and distribution agreement with iuvo Therapeutics GmbH, a German pharmaceutical wholesaler.
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
Cannabis has been used for medicinal purposes for centuries, but despite the therapeutic benefits of cannabis, international regulators ultimately deemed the plant unsafe for the public due to its marijuana derivative. The marijuana plant, which is part of the cannabis family, is linked to containing the majority of THC cannabinoids, which cause the psychoactive effects that cannabis is generally associated with. However, extensive research and studies have uncovered that marijuana can be effectively used to treat a variety of medical conditions. For instance, researchers suggested that marijuana can effectively be used as an alternative to traditional opioids to treat moderate to severe pain. A study published in the Journal of Psychoactive Drugs evaluated over 1,000 subjects taking legal marijuana. Among the participants, 65% of the people said they were taking cannabis for pain treatment and 80% of the group found it very or extremely helpful. As a result, this led to 82% of the group reducing or eliminating their over the counter (OTC) medication intake. Notably, 88% of the group mentioned that they were able to completely stop taking opioid painkillers. Furthermore, 74% of the subjects said that marijuana helped them sleep better. Chronic pain and insomnia are two of the most prevalent medical conditions that adults suffer from and Dr. Gwen Wurm, Assistant Professor of Clinical Pediatrics at the University of Miami Miller School of Medicine, highlighted that 20% of American adults suffer from chronic pain and one in three do not get enough sleep in general. However, in regions where marijuana is legal for medical treatment, patients can obtain a prescription from their doctor to treat their ailments. Furthermore, as research and studies continue to better develop our collective understanding of the plant, scientists are debunking the misconceptions revolving around marijuana. This, in turn, is driving the large influx of first time users. According to data compiled by Zion Market Research, the global legal marijuana market was valued at USD 16.71 Billionin 2017. By 2024, the market is projected to reach USD 62.96 Billion, registering a CAGR of 21% during the forecasted period between 2018 and 2024.
Prior to the emergence of the legal cannabis industry, many adults purchased OTC medications or obtained prescriptions. And while OTC drugs were more common, there was still a significant number of adults on prescription drugs. According to a WedMD, citing a study by Consumer Report, nearly 55% of Americans were taking prescription medicines regularly. Moreover, those who use prescription drugs were taking on average about four doses each day on top of other OTC drugs, vitamins, and dietary supplements. Consequently, consumers often developed a tolerance towards the prescriptions, causing them to purchase more each time. Subsequently, many consumers decided to venture into the cannabis marketplace and explore their options. Typically, most consumers smoke cannabis to treat their conditions. However, with the development of the industry, a variety of additional products were introduced into the market. For instance, cannabis extracts became highly popular within the marketspace because of their potency and effectiveness. Consumers can intake these extracts in multiple ways, such as vapor pens, joints, pipes, and pills. Moreover, extracts can be turned into edibles or be applied onto the skin in forms of topicals, lotions, or patches. Overall, the immediate and potent effects of extracts are ideal for medical patients because it can treat their needs on the spot. “Cannabis extracts are a growing segment of the cannabis market as consumers begin to discover their versatility and health benefits when compared to traditional form of cannabis consumption,” said Jeffrey Stamberger, Founder of OC Weed Review.
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