Congress will Again Debate Federal Marijuana Legalization this Week
Cannabis is back in Congress. Just months after the House Judiciary Committee approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, cannabis legalization will be the subject of another debate in and Commerce Subcommittee, reports Marijuana Moment. "As public opinion continues to evolve and cannabis policies change at all levels of government, it's important to bring federal agency officials together to discuss current and future federal cannabis policies," Energy and Commerce Chairman Frank Pallone (D-NJ) and Health Subcommittee Chairwoman Anna Eshoo said. "We're particularly interested in examining the implications of changing marijuana's schedule listing, the potential of cannabis research, and federal efforts to review and approve cannabidiol products." As excitement builds for potential rescheduling, it's creating sizable opportunity for companies including Terrace Global Inc. (TSX-V:TRCE), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSX-V:OGI), The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF), Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), and Charlotte's Web Holdings Inc. (OTCQX:CWBHF) (CSE:CWEB).
Cannabis Infused Market Projected to Reach $17.27 Billion By 2022
It seems that every new report on projected revenues in the cannabis markets, global and U.S and North America, all seem to agree on one thing: The cannabidiol (CBD) revolution will continue to rise. An industry insider, Technavio, who has been monitoring the global cannabis-infused edible products market, recently projected that the market is poised to grow by USD $17.27 billion during 2018-2022 at a CAGR of over 25% during the forecast period. The market is driven by the growing social acceptance of cannabis. In addition, the increasing number of countries decriminalizing cannabis is anticipated to further boost the growth of the cannabis-infused edible products market. As consumers accept, and even demand more CBD products, the future is projected to continue to rise in years to come. The Technavio report said: "The cannabis industry has emerged as lucrative business segment with immense potential for market growth and is attracting many new vendors and large investors. This is due to the increasing social acceptance of recreational marijuana and cannabis-infused edible products across different regions. This has not only increased the sales and revenues of major corporations but has also significantly added to the income of several governments. Vendors are witnessing an increase in the growth opportunities in businesses involving cannabis-infused edible products such as brownies, ice creams, and chocolates. Thus, the growing social acceptance of cannabis is expected to drive market growth during the forecast period." Active Companies from around the market with current developments this week include: Singlepoint, Inc. (OTCQB: SING), Medical Marijuana, Inc. (OTCPK: MJNA), mCig, Inc. (OTCPK: MCIG), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) (TSX: TGOD).
US FDA Breakthrough Therapy Designation for Mushrooms Creating Big Opportunity
For the second year, the U.S. FDA designated psilocybin, a compound found in hallucinogenic mushrooms, as a "breakthrough therapy" for the treatment of major depressive disorder (MDD). "This designation, which is designed to expedite the development and review of drugs--given out only for therapies that have shown strong preliminary evidence in treating serious medical conditions--puts new pharmaceuticals on a fast track for approval and offers "intensive guidance" from the FDA," reports Popular Science. Even Researchers at New York University found psilocybin mushrooms caused a "rapid and sustained" reduction in anxiety and depression in patients with cancer, as reported by the Financial Post. That's all opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF), HEXO Corporation (NYSE:HEXO) (TSX:HEXO), Trulieve Cannabis Corp. (CSE:TRUL)(OTCQX:TCNNF), The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF), and OrganiGram Holdings Inc. (NASDAQ:OGI) (TSX-V:OGI).