Sales of Medical Cannabis Products Are Expected to Grow
NEW YORK, September 7, 2017 /PRNewswire/ --
According to a report by Grand View Research, the global medical cannabis market is projected to reach a value of USD 55.8 billion by 2025. After the elections in 2016, Washington D.C., along with 28 states have legalized cannabis for medical use. The growing number of states and countries receiving approval for use in therapeutic applications are one of the crucial factors driving the demand over the next few years. Grand View Research indicates that several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act, will require individuals or companies to obtain permission and also an annual state license from 2018. Companies such as growers, retail operators, and makers of processed pot products will be focused on, and an increasing number of issued licenses are also among factors helping to drive the market. SinglePoint, Inc. (OTC: SING), Cannabis Science, Inc. (OTC: CBIS), Hemp, Inc. (OTC: HEMP), American Cannabis Company, Inc. (OTC: AMMJ), Terra Tech Corp. (OTC: TRTC)
In the shorter term, a report by Arcview Market Research indicates that legal cannabis will grow at 22% CAGR in 2017, as eight states that voted to open or expand their cannabis markets on Election Day in November 2016, will work to implement the new programs. According to the report the industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, or up 34% from 2015. The 34% compound annual growth rate (CAGR) from 2014 to 2016 was driven primarily by Colorado and Washington initiating adult-use sales.
Arcview Market Research forecasts that growth in the legal cannabis industry will reaccelerate beginning 2018, as recreational sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. These developments will grow the $6.7 billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. Arcview includes 30 states plus Canada with active legal markets by 2021 in its model.
Marijuana Company of America, Inc. (OTC: MCOA) earlier today announced that a major update of hempSMART(TM), the Company's wellness focused Cannabidiol (CBD) marketing and distribution division.
The hempSMART website: http://www.hempSmart.com and its network marketing platform have been completely redeveloped to provide a more user friendly experience to its affiliates and customers, and to also provide users with the comprehensive tools necessary to succeed in the growing $1.9 Trillion Wellness Industry.
The new website and network marketing platform have a significantly improved design, expanded content and a more user friendly e-commerce platform that offers the ability to easily expand due to the flexibility of the business platform it is built on. Affiliate's will now experience a more effective, reliable and streamlined sales process to rapidly expand the Company's consumer base and Affiliate success stories.
The new hempSMART Affiliate sales and distribution method is designed to ensure that our Affiliates play a leading role in the rapidly emerging Cannabidiol (CBD) movement within the Wellness Industry. The Company is in ongoing discussions about expanding internationally into multiple countries in 2018.
"The solid foundation that our new system and online platform offers will enable our Affiliates to fully utilize their abilities to grow their organizations in the U.S. and globally. Our team is in place, our products are being well received in the market, and we are in an industry that is experiencing exponential growth. We are building a strong foundation of technology, products and a strategic marketing plan that is designed to offer great benefits to our Affiliates who are the key to our success. We look forward to a robust and exciting time for our company," said CEO, Donald Steinberg.
Cannabis Science, Inc. (OTC: CBIS) takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. Recently, the company and Free Spirit Organics Native American Corporation announced significantly positive analytical lab testing reports from its San Joaquin Sovereign Tribal Free Land MBS, Industrial Hemp Project. Initial analytical reports from the first cut plants reveals that the strains being used are well within the boundaries of laws and regulations placed on industrial hemp research projects of this sort. The lab results from the 2017 CBIS/FSO NAC MBS001 initial harvest show values of THC 0.26% and CBD at 5%.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. American Cannabis Company also developed and owns a portfolio of branded products including: The Satchel(TM), SoHum Living Soils(TM), The Cultivation Cube(TM) and The High Density Cultivation System(TM). On August 15, 2017, the company announced it has secured a client in the state of California. This client seeks to acquire a license that will permit them to dispense medical cannabis to patients. ACC has been contracted to complete operational planning activities, to provide conceptual design work for a retail dispensary location, to assist with 2017 city permitting, and to help with 2018 state application completion.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. On August 2, 2017, the company announced an agreement with the Los Coyotes Band of Cahuilla and Cupeno Indians for the purposes of establishing cannabis operations on the tribe's lands located near Warner Springs, California. The nonbinding Joint Statement of Intent outlines plans to build and operate facilities to grow, manufacture, and distribute commercial cannabis and cannabis products in the State of California. GB Sciences will construct facilities on designated areas of tribal land for the business of cultivation, manufacturing and other commercial cannabis activities.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Earlier in May, the company announced that it has launched a new "Craft Cultivation" model to expand its cultivation capabilities, signing its first "Craft Cultivator" in Northern California. This farm, which is approved for up to one full acre (approximately 44,000 square feet) of cannabis cultivation and uses 22,000 square feet of engineered greenhouse space, is estimated to yield approximately one metric ton of the Company's proprietary high grade "IVXX" cannabis on an annual basis. The property is located in Honeydew, CA, in Southern Humboldt County, in an area known as the "Emerald Triangle" that is home to some of the world's highest quality cannabis products.
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