Research Shows the Growth of Legal Cannabis Sales
NEW YORK, February 8, 2018 /PRNewswire/ --
According to data published by Ameri Research Inc. the global legal marijuana market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $63.5 billion. The legal cannabis market is witnessing healthy growth due to the increasing legalization and decriminalization of cannabis products across North America and Europe. The report also indicates that due to the complex regulatory structure at state level and federal level, the full potential of the market is not yet realized. On January 1st the state of California has joined the short list of states where sales of recreational cannabis are legal. Global Payout, Inc. (OTC: GOHE), GB Sciences, Inc. (OTC: GBLX), mCig, Inc. (OTC: MCIG), Abattis Bioceuticals Corp. (OTC: ATTBF), Vitality Biopharma, Inc. (OTC: VBIO)
The potential financial benefits from the legalization are important economically and politicly. Fortune reported that, "in order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country's largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts."
Global Payout, Inc. (OTC: GOHE) earlier this week announced breaking news that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company"), has executed a Sales Partnership and Commission Agreement with Eyeconic.tv ("Eyeconic.tv"), an award winning and leading retail technology company that operates a cannabis media network, the Eyechronic network, that has already successfully partnered with almost 300 medical and retail dispensaries throughout the U.S. Through this agreement, MTRAC will effectively incorporate Eyeconic.tv's retail technology products and "in-store media" services to reach customers of the multibillion dollar cannabis industry. This technology has been developed to empower the advertisement and customer engagement opportunities for dispensaries through the Eyechronic network. The network allows dispensaries to display product and promotional information, cross-promotional advertisements, and engaging and education-related information on digital screens installed and maintained by Eyeconic.tv.
With the vast network of dispensaries MTRAC has developed through the success of its PotSaver publication, the Company intends for its initial sales efforts of the Eyechronic network to be focused within the state of California, which currently boasts the fastest growing retail cannabis market in the U.S. Said MTRAC CEO, Vanessa Luna: "Establishing this sales partnership with Eyeconic.tv is an incredibly effective way to deliver more value to the solutions and services we are providing to cannabis-related businesses. The Eyeconic.tv team are true pioneers in the digital marketing and advertisement space and have established themselves as the premier provider of these services throughout the cannabis industry. I am pleased they recognize the value we can bring to their brand through the network of dispensaries we have created through our PotSaver publication, as well as through the invaluable expertise our team offers in developing and implementing successful sales and marketing strategies. I am extremely confident that this will be a partnership that is mutually beneficial to the objectives of each of our companies."
Said Eyeconic.tv VP of Strategic Growth, Colby McKenzie: "Ms. Luna and the MoneyTrac team have done an impressive job over the past several months in establishing a valuable network of dispensaries in the state of California and other western regions. This agreement not only gives us the opportunity to tap into these relationships for the expansion of the Eyechronic network, but gives us a very unique and powerful opportunity to partner with a company that is quickly becoming one of the most prominent resources for dispensaries and other cannabis-related businesses in this industry." MTRAC fully intends to leverage the incorporation of the Eyechronic network into its suite of services and solutions towards the further expansion of its PotSaver brand in California and other west coast communities, in addition to increasing the overall value the publication will deliver to dispensaries."
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. Recently, the company has filed a nonprovisional patent application to protect its cannabinoid-containing complex mixtures for the treatment of inflammatory disorders. The new patent application claims the benefit of GB Sciences' provisional patent previously filed on February 1, 2017; plus, additional data describing their mechanism of action and further supporting their claims. Inflammatory disorders, such as arthritis, asthma, eczema, psoriasis, Crohn's disease and Inflammatory Bowel Disease, represent a serious health burden in the US with over $200 billion spent annually. New cannabis-based therapies could significantly help both patients and society.
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets. On January 29, 2018, the company has announced plans to launch an innovatively advanced hemp CBD-based formula for pets. Doctor of Bioengineering and Cardiology at Mt. Sinai Medical Center, Arkady Uryash, will be leading this new initiative in the rapidly expanding sixty-billion-dollar CBD pet industry market. The decision to expand into the pet products industry was based on extensive research conducted on customer and supplier inquiries. Comparison of research on how cannabinoids (including CBD) affects the human and animal body has shown that their effects share close similarities in interaction with endocannabinoid system (ECS). Dogs and Cats were specifically found to share up to 70% biological homology with humans. Highly promising scientific conclusions indicate that CBD interacts in a similar way in canines and felines as it does in humans. Specifically, cannabinoid binding to ECS receptors within the dog and cat body can provide a longer lasting therapeutic effect without a risk of toxicity.
Abattis Bioceuticals Corp. (OTCQB: ATTBF) is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. On January 22, 2018, the company announced the formation of a new partnership with Faculty Brewing Co., a Vancouver-based craft brewery, to develop a hemp-infused, cannabinoid-rich, THC-free craft beer. Pursuant to a research services agreement between Abattis and Faculty Brewing, Abattis will conduct research and development activities related to the development of a hemp-infused, cannabinoid-rich, THC-free craft beer, or a line of such beers, for Faculty Brewing. "Our exciting partnership with Faculty Brewing positions us as one of the first Canadian companies to secure an agreement for research and development, analytical and regulatory services relating to a hemp- and cannabis-infused beverage," said Rob Abenante, President and CEO of Abattis. "By aiming to develop a line of functional beers, each based on a different type of hemp extract, we hope to have a product that is compliant and market-ready as soon as Health Canada releases its new regulatory framework for hemp and cannabis-infused beverages," added Mr. Abenante.
Vitality Biopharma, Inc. (OTCQB: VBIO) is a company focused on the development of cannabinoid prodrug pharmaceuticals, and to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Earlier in January announced that it has submitted an orphan drug designation request for VITA-100 to the U.S. Food & Drug Administration (FDA). Upon approval, VITA-100 would be designated as an orphan drug for the treatment of pediatric ulcerative colitis (UC), a form of pediatric inflammatory bowel disease. "In young children, ulcerative colitis can often be hyperactive and difficult to control using existing FDA-approved medications," said Robert Brooke, CEO and Co-Founder of Vitality Biopharma. "Given the mounting clinical data documenting use of cannabinoids for treatment of gastrointestinal disorders, we are very excited about the potential of VITA-100 and our cannabosides platform to provide a meaningful impact for these patients, helping them to stabilize their disease and avoid debilitating surgeries."
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