- Skinvisible already develops hemp-based products and is expanding its product line of cannabis-based topical product market
- Research verifies its Invisicare® technology improves the penetration rate and boosts the availability of the cannabis ingredients in both topical and transdermal products
- Skinvisible has entered a strategic partnership with Canopy Growth Corporation for the sale of its product formulations in the Canadian market
Invisicare®, a proprietary topical drug delivery technology developed by Skinvisible, Inc. (OTCQB: SKVI), has a potentially wide range of applications in the cannabis market. The technology improves the delivery of pharmaceutical and medicinal compounds to and through the skin, which can increase the effectiveness of the various medicinal components of cannabis, such as the cannabidiol (CBD).
The patented polymer technology has been used in cosmeceutical, over-the-counter and pharmaceutical products for nearly two decades. On September 28, 2017, Skinvisible signed an exclusive agreement with Canopy Growth Corporation for the purpose of increasing its reach to Canada and establishing its position on the cannabis product markets. The definitive licensing agreement for patented topical formulations by Skinvisible puts emphasis on two product lines – unique topical hemp-based products that will be launched in Canada and the future development of cannabis-based topical products.
Nevada-based Skinvisible has been actively seeking licensees for its cannabis formulations made with its patented Invisicare® delivery system in the 29 US states that have approved medical marijuana. These licensees will gain the exclusive right to manufacture and distribute the Invisicare formulated cannabis products.
Through its partnership with Canopy Growth, Skinvisible has its first licensee exclusively for the Canadian market. Regulations pertaining to Cannabis products sold in Canada are quite different from the U.S. legislative framework. Only one license is required for distribution, which simplifies the administrative aspect of entering the market. In addition, the Canadian cannabis market is expanding rapidly. Statista.com projects that the medical marijuana market in Canada will grow from 49 million Canadian dollars in 2015 to 1,146 million dollars in 2020 (http://cnw.fm/4SQGy). Of these, 653 million dollars will come from dried marijuana products and 493 million dollars will come from oils.
Skinvisible is a confident market player that has over 15 years of experience in product development. Stringent pharmaceutical standards are applied to the creation of every new product. According to Skinvisible President Terry Howlett, this experience has proven to be invaluable for the company’s entry into the cannabis market. Howlett said that the test results the company is already getting with hemp-based products are surpassing expectations.
Company research suggests that because of Invisicare®, Skinvisible’s hemp-derived CBD products release almost four times the active ingredients found in other leading topical products on the market. The penetration rate of the Skinvisible transdermal products was 81 percent. These results show just how different Invisicare® makes the topical options from other CBD products out there, Howlett concluded.
Apart from targeting the U.S. and Canadian markets, Skinvisible is also looking to expand to Europe, Latin America and Australia in the near future. The move is in line with the latest tendencies pertaining to the global growth of the CBD market. The Hemp Business Journal reports that CBD product sales went up 1,710 percent on an annual basis in 2016 (http://cnw.fm/y6Eeg). According to experts quoted in the report, word of mouth promotion has been one of the driving factors for the positive trend.
Long-term predictions are also bold. The cannabis market could grow by 700 percent by 2020 (http://cnw.fm/5CIi1). This means that sales by the year will reach 2.1 billion dollars, of which 450 million dollars will be derived from hemp-based products.
For more information, visit the company’s website at www.Skinvisible.com
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