A company founded by Israelis that has developed a marijuana capsule for cancer sufferers predicts that the legal cannabis industry will outstrip both the US film and organic food industries within five years.
Cannabics Pharmaceuticals estimates that the medical marijuana market has the potential to reach $3.6 million in the US alone, the Globes newspaper reported Monday.
The company, whose share price has fallen along with the rest of the sector since peaking in 2014, is currently presenting its wares to Israeli, American and European investors as part of a bid to raise $4 million through a private placement, the newspaper said. The offering, made privately to selected investors, is expected to close next month.
Cannabics’ cannabis-oil pill is on sale in Israel and in Colorado in the US. Now, the company is developing a system for using a cannabis ingredient to help doctors evaluate biopsies more accurately.
The $4 million is needed to commercialize the evaluation system and to perform a clinical trial on 40 cancer patients at Rambam Medical Center in Haifa, northern Israel.
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Cannabics — a US-based company founded by Israeli researchers in molecular biology and cancer — carries out its research and development in Israel in collaboration with Israeli medical centers.
It expects to be turning a profit by late 2017 and predicts sales of $84 million in 2019.
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