State Tax Revenues Benefit from Legalized Cannabis Market
NEW YORK, July 26, 2017 /PRNewswire/ --
According to a report from New Frontier Data, the legal cannabis market is expected to generate more tax revenue for states in the U.S. The U.S. cannabis market could generate $2.3 billion in state tax revenue from retail sales by 2020. The projection is based on the assumption for projected growth in all states currently legal for medical and recreational use of cannabis. According to the Colorado Department of Revenue tax data, dispensaries in Colorado, the first state in the United States to legalize cannabis, sold a record of $1.3 billion of legal cannabis in 2016. Marijuana Company of America, Inc. (OTC: MCOA), Hemp, Inc. (OTC: HEMP), OWC Pharmaceutical Research Corp. (OTC: OWCP), American Cannabis Company, Inc. (OTC: AMMJ), United Cannabis Corporation (OTC: CNAB)
New Frontier Data CEO Giadha Aguirre De Carcer. Said: "During this tough economy states are looking for any way to close their budget shortfalls and it appears that cannabis may hold an answer for them. New Frontier Data looked at the potential revenues that could be generated from state cannabis taxes and found that in this year alone, states could raise nearly $750 million and triple that number by 2020. These revenues will have a meaningful impact on state programs and provide governors with much needed breathing room in their budgets,"
Marijuana Company of America, Inc. (OTC: MCOA) just announced this morning that, "its wholly owned subsidiary, H Smart, Inc., has successfully filed for a full non-provisional patent with the U.S. Patent and Trademark Office, Appl. No. 87/531,833, for its proprietary Cannabidiol (CBD) formulation hempSMART(TM) Brain.
The hempSMART Brain product was developed specifically to enhance brain function and health. This unique and proprietary formulation, with CBD (Cannibidiol) as the core ingredient, is enhanced with natural herbal ingredients to promote neurogenesis and support brain health.
Donald Steinberg, CEO of the MCOA, stated, "As our company grows, our team will continue to create products of value that are unique to our expanding marketplace. We expect to have the full patent secured on the hempSMART Brain formula and we hope to replicate this process with our future products."
Hemp, Inc. (OTC: HEMP) seeks to benefit many constituencies from a "Cultural Creative" perspective, thereby not exploiting or endangering any group. CEO of Hemp, Inc., Bruce Perlowin, is positioning the company as a leader in the industrial hemp industry, with a social and environmental mission at its core. On January 10th, Hemp, Inc. updated shareholders that its wholly owned subsidiary, Industrial Hemp Manufacturing, LLC, in Spring Hope, NC, has signed a Letter of Intent with Mullen View Farms and one with John Finch Farms in North Carolina.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. On May 31st, OWC Pharmaceutical Research Corp. and mediq Innovation Partners announced an agreement for the introduction of OWCP's active cannabinoid-based topical psoriasis cream to the German market.
American Cannabis Company, Inc. (OTCQB: AMMJ), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, announced on July 19th that it has secured its second client in the state of Arkansas. ACC will initially provide strategic planning and pre-licensing solutions for this new client, which include operational planning activities, facility conceptual design work and state application completion.
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. The Company is a pioneer in the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. On April 20th, United Cannabis Corporation announced that it has entered into a Strategic Partnership with Advesa, a California Corporation, to serve as its flagship product manufacturing facility in California for United Cannabis branded products and technologies, such as Prana Bio Medicinals, as well as affiliate brands Blue River and Bubbleman products.
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