The plant is also comprised of two counterparts; marijuana and hemp. Although the two derivatives widely differ in their biological makeup, the two still offer similar therapeutic effects. Marijuana can fall under both the Indica or Sativa family, while hemp is categorized solely into the Sativa family.
However, marijuana provides consumers with psychoactive effects because of its high THC, or tetrahydrocannabinol, content. On the other hand, hemp does not cause psychoactive effects because it is mainly comprised of CBD or cannabidiol. As such, the potent THC concentration within the marijuana plant is the major reason why cannabis is strictly enforced around the globe.
Nevertheless, despite the legal barriers, ongoing research, studies and positive sales results are all leading countries to reconsider the cannabis plant and its role. In particular, most countries are looking to adopt cannabis legislation for medical applications, while countries like the U.S. and Canada have already established a large recreational user base. According to data compiled by Zion Market Research, the global legal marijuana market was valued at approximately USD 16.71 Billion in 2017. By 2024, the market is expected to generate revenues of USD 62.96 Billion while registering a CAGR of 21% from 2018 to 2024. WeedMD Inc. (OTC WDDMF) (TSX-V WMD), Canopy Growth Corporation (NYSE CGC) (TSX WEED), Tilray, Inc. (NASDAQ TLRY), HEXO Corp. (NYSE-A HEXO) (TSX HEXO), Harvest Health & Recreation Inc. (OTC HRVSF) (CSE HARV)
Currently, the medical market accounts for the largest share of the overall cannabis industry, even as the U.S. and Canada are expected to gradually shift the market from medical to recreational. The recreational market is mainly based within the North American region, while the medical market has already had a deep global impact. Countries such as Australia, Chile, France, Germany, the Netherlands, and others have all adopted medicinal cannabis legislation. Meanwhile, only Canada and Uruguay are the only two countries that have legalized recreational use. Moreover, there are a handful of countries such as Belgium, Colombia, Mexico, Portugal, Spain, and Switzerland, that have decriminalized cannabis, allowing for moderate usage. Overall, 2019 is set to be a year when investors start looking for results from cannabis picks in Canada, while the US is expected to continue to gain momentum from key policymakers. As a result, investors may be motivated to pay more attention below the border, said Oren Todoros, Chief Executive Officer and Co-Founder of CannaImpact, One of the greatest advantages of widespread legalization of cannabis is the ability to invest in research and development. The medicinal benefits of cannabis are well known, but scientists and engineers now have access to resources that will revolutionize our understanding of cannabis' properties. It will be crucial for the cannabis industry to continue staunch support of well-substantiated research, to drive continuous improvement in both agricultural and retail safety, and to nurture professional business practices at all levels.
WeedMD Inc. (OTCQX WDDMF) (TSX-V WMD) is also listed on the TSX Venture Exchange under the ticker (TSX-V WMD). Earlier last week, the Company announced, that it is has confirmed the appointment of Nichola Thompson to the position of Chief Financial Officer. The Company also announced it is expanding its commercial footprint to include corporate offices in downtown Toronto, and London, Ontario - both of which will open in spring 2019.
Nichola is a dynamic leader with over 15 years of finance leadership experience at Discovery Air, Deloitte & Touche and Siemens Canada. Since joining WeedMD in January 2018, she has become an integral member of our executive team, taking on many key initiatives including systems integration, financial reporting, capital allocation and most recently was the lead in securing and finalizing the $39M secured credit facility with BMO, said Keith Merker, CEO, WeedMD. Additionally, we are thrilled to announce our expanded footprint in Toronto and London as we continue to diversify and expand our commercial initiatives across Canada's largest province which is expected to capture 65% of Canada's legal cannabis market*.
WeedMD Expands Commercial Footprint - WeedMD's Toronto office located on Queen Street West opened its doors in April 2019 and houses the leaders and their teams in sales & marketing, business development, investor relations, communications and corporate affairs. The London office, located downtown off Richmond Street, is slated to open later this spring and will house the finance team and the administrative offices of the CEO and CFO.
WeedMD's corporate offices will accommodate the company's plan for future organizational growth and provide it with greater access to Canada's business networks as well as a strong pool of corporate talent to drive commercial growth across the country.
For more information, access WeedMD's investor presentation here (https//www.weedmd.com/investing-in-weedmd/) and recently updated corporate video here (https//www.youtube.com/watch?v=ktgJ_BQtBCs&feature=youtu.be).