Cannabis Market Begins to Mature in Legal States
NEW YORK, December 27, 2017 /PRNewswire/ --
According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 and culminating to $63.5 billion by 2024. The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that legalization wave is moving beyond the U.S. region. In 2017, the Canadian prime minister has introduced a bill to legalize marijuana for recreational purposes. The proposed bill mandates the legal age for consumption of cannabis at 18 years, and provides clarity on the federal and state laws in regulating the cultivation, storage and distribution of cannabis across the country. Global Payout, Inc. (OTC: GOHE), OWC Pharmaceutical Research Corp. (OTC: OWCP), CV Sciences, Inc. (OTC: CVSI), Cannabis Science, Inc. (OTC: CBIS), United Cannabis Corporation (OTC: CNAB)
Strong sales in the cannabis market resulted in economic growth in states where sales of cannabis products are legal. The Ameri Research Inc. explains that, "Growing user base for recreational marijuana in states such as Colorado, California, Alaska, Massachusetts, Washington DC and other states is a key factor boosting the tax revenues. For instance, in 2016 Colorado reported revenues exceeding 1.1 billion from the sale of marijuana products and the tax collected from the sale of these products is diverted into specific community development projects such as the construction of schools and infrastructure development, which is anticipated to improve the overall economy of the region."
Global Payout, Inc. (OTC: GOHE) on November 28th the company announced that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company") has established a key strategic partnership with T&T Financial to shore-up and bolster the sales and marketing related services that MTRAC is delivering to many of the underserved businesses in the emerging cannabis industry.
Over the past several weeks, MTRAC has been working in collaboration with additional partners in the financial services sector to lay the groundwork for the banking solutions they intend to offer retailers and suppliers who are operating fully compliant businesses in cannabis. This newly executed partnership with T&T Financial will provide MTRAC with critical sales and marketing support for the banking services and solutions they will be offering to an industry that is currently in dire need of an effective and practical solution to support the massive amount of commerce that currently exists within it.
It is MTRAC's intent to position itself to launch their banking services as soon as possible as it recognizes the need for it amongst businesses will be stronger than ever in 2018 as cannabis becomes recreational in one of the nation's largest economic states, California. And as the Company moves forward with this objective, they will look to establish additional partnerships with companies, such as T&T Financial, whose existing services and solutions can be leveraged by MTRAC to develop and offer the most powerful and effective banking solution available in the industry.
T&T Financial is a full service financial services company located in Anaheim, CA, servicing the needs of business and institutional clients. The principals have a combined 40 years of experience and the firm approaches all solutions with a dynamic approach that the world constantly changes just as its tools and products should adapt to the needs."
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One Word 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. Recently, the company announced it received a new permit from the Israel Medical Cannabis Agency [MCA] to proceed with the safety study of their oral disintegrating tablet. The study protocol will be submitted to the Institutional Review Board [IRB] at a leading Israeli academic hospital in the coming weeks. The study is scheduled to start in Q2 2018. In October of 2016 OWC announced that it had completed the development of a proprietary cannabinoid-enriched sublingual tablet (the "Tablet") for the administration of medical cannabis. The Tablet constitutes a smoke-free alternative for patients using medical cannabis.
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. On November 14, 2017, the company announced it has been named on Deloitte's Technology Fast 500(TM), an annual ranking of the fastest growing companies in the technology, media, telecommunications, life sciences and energy tech sectors in North America. The Deloitte Technology Fast 500 is based on percentage of revenue growth from fiscal year 2013 to 2016, with CV Sciences growing by 403% during this period. 2017 marks CV Sciences' first year named on the Deloitte's Technology Fast 500(TM) list.
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. On December 22, 2017, the company announced it has negotiated an ICO with a major asset backed Blockchain participant. This January 2018 Cannabis Science plans pre-launch sales of our own proprietary blockchain and will commence ICO trading with a unique three symbol trading symbol on a number of blockchain currency exchange markets after pre-launch sales have completed. The Company will officially open the first two Cannabis Science PRE ICO Medical Marijuana dispensaries in the city of Los Angeles and the greater San Fernando Valley area of Los Angeles. Both dispensaries are scheduled to open at the end of this year to meet the expected increased demand in the Los Angeles market from the much-anticipated January 2018 new California recreational market influx.
United Cannabis Corp. (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 has long advocated 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 December 14, 2017, the company announced that Jamaica's Ministry of Health has approved its patent-protected Prana Medicinal Sublinguals and Prana Medicinal Transdermals for use by registered medicinal cannabis patients. The Prana Collection is the foundation of the Company's cannabis-centric formulations, which patients have found effective in providing relief from the symptoms of arthritis, neuropathy, acute pain, joint aches, muscle tension, muscle spasms, muscle recovery, migraines, and various skin conditions.
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