The Hemp Business Journal expects the hemp industry to reach $1.8 billion in size by 2020, driven by the adoption of hemp-based cannabidiol (CBD) products. While there are many different opportunities in the space, the market remains very fragmented with few companies that have reached a commercial stage. Corix Bioscience is one of them.
Corix’s Bioscience (OTCQX: CXBS) aims to become the largest tissue culture propagator of cannabidiol (CBD) and cannabis genetics in the US and Canada. The primary focus is on creating and patenting genetic strains of true medical marijuana and hemp-based CBDs. Using tissue culture, the company can create identical, pathogen-free plantlets that can be used to create highly standardized hemp-based CBDs that are THC free in content.
The company’s Nevada Industrial Hemp license enables it to cultivate, handle, transport, process, and distribute unlimited quantities of hemp through its 160-acre hemp farm in Genoa, NV. At this location, the company expects to harvest 250,000 pounds of dry flower each year for extraction into oil at its research and development facilities. These oils will include cannabinoids like THCV for obesity/diabetes, CBG for sleep aid, and the more widely known CBD.
According to the Hemp Business Journal, the hemp industry generated $688 million in sales last year, representing a 22% compound annual growth rate. The industry organization believes that the hemp industry will reach $1.8 billion by 2020, driven primarily by the rise of hemp-based CBD products. These products could eventually make a dent in the $17.7 billion market for opioids, especially given emerging research and political pressure.
Corix Bioscience recently announced the acquisition of Pharmaceutical Development Corp. (PDC), which has a manufacturing facility located in South Africa. Lesotho, a landlocked country located in South Africa, has an export treaty that enables companies within its borders to export cannabis and CBD oil to approximately 30 different countries, including members of the EU, Canada, Australia, Mexico, Brazil, and New Zealand.
“This is a defining moment for our company,” said Corix Bioscience CEO Michael Ogburn. “It allows us to grow and manufacture cannabis in Lesotho and distribute our products to dozens of other countries. It will allow us to accelerate our growth very quickly. This deal will help us grow into a powerhouse company we anticipate to be in 2018.”
In addition to this capability, the company has offices in Irvine, CA and Phoenix, AZ, a laboratory and processing facility in Carson City, NV, a research and development grow operation in Adelanto, CA, and fields for growing plants in Genoa, NV. Management aims to further expand in the United States into Washington, Oregon, and Colorado with the goal of creating clean and consistent products in medical grade facilities in the U.S. and around the world.
Corix Bioscience Inc. (OTCQX: CXBS) is uniquely positioned to expand its distribution to global markets, which could accelerate revenue over the long-term, through its acquisition of Pharmaceutical Development Corp. Meanwhile, near-term revenue potential from its hemp operation could make it a major player in the U.S. market.
Please follow the link to read the full article: http://www.cannabisfn.com/corixs-unique-acquisition-paves-way-global-sales/
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
Learn how to become a CFN Media client company, brand or entrepreneur: http://www.cannabisfn.com/featuredcompany
Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand: https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8
Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone: http://www.cannabisfn.com
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns CFN Media and CannabisFN.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/