As per a report issued by New Frontier Data, permitted cannabis sales in California are estimated to reach $2.8 billion in 2017, with a compound yearly growth rate of 12% during the forecast year, and the companies in focus are Axim Biotechnologies Inc (OTCMKTS:AXIM), CANNABIS WHEATON I (OTCMKTS:CBWTF), Vitality Biopharma Inc (OTCMKTS:VBIO), Kush Bottles Inc (OTCMKTS:KSHB) and GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH).
The report also suggested that young people between the ages of 18 and 34-year account for 80% of cannabis e-commerce and delivery purchases in the state of California. Giadha Aguirre de Carcer, the CEO of New Frontier Data, expressed that considerable changes are already ongoing in California for adult use and medical cannabis laws, which they witness will have key implications for the cannabis market, including ecommerce and supply services in the state. As the largest prospective market for cannabis offerings and the largest state in the nation, the implications for the growth of the market because of California’s adult use segment cannot be overstated.
According to a report issued by New Frontier Data, the legal cannabis industry was valued at $6.6 billion in 2016 and is projected to rise to $24.1 billion by 2025 and at a compound yearly growth rate of 16%. The market is growing fast due to growing pace of legalization for both recreational as well as medical cannabis in the U.S. Last November, California has approved California Proposition 64 by a vote of 42.87% against and 57.13% for, enabling individuals in California to grow and use cannabis for personal use.
Axim Biotechnologies reported recently that the USPTO has issued a Notice of Allowance for a patent that claims the application of an ophthalmic solution containing cannabinoids for the cure of glaucoma and symptomatic respite of conjunctival inflammation.
In the last trading session, the stock price of Axim jumped more than 7% to close the day at $6.49.