Data Projects That the Legal Cannabis Market is in Growth Mode
NEW YORK, March 29, 2018 /PRNewswire/ --
A recent report by Arcview Market Research indicates that consumer spending on legal cannabis in North America is outpacing previous estimates. The report projects that retail cannabis sales will grow 33% from 2016, to about $10 billion this year. The data published projects that by 2021 the legal cannabis market will reach a value of $24.5 billion and at a 28% compound annual growth rate (CAGR). Arcview also stated that according to BDS Analytics' GreenEdge point-of-sale tracking service, the medical industry in California is already as big as the total markets in Colorado, Washington, and Oregon combined. Starting January 1st, California has started legal sales of cannabis products for recreational use. Global Payout, Inc. (OTC: GOHE), Kaya Holdings, Inc. (OTC: KAYS), Medical Marijuana, Inc. (OTC: MJNA), New Age Farm Inc. (OTC: NWGFF), GB Sciences, Inc. (OTC: GBLX)
Starting January 1st, California the nation's most populous state has started legal sales of recreational cannabis. While sales are ramping up, there are concerns that supply will fall short of demand. According to a report by the Chicago Tribune, Charles Boldwyn, chief compliance officer of ShowGrow in Santa Ana, explained, "We're looking at ... hundreds of licensed cultivators and manufacturers coming out of an environment where we literally had thousands of people who were cultivating and manufacturing... So the red tape is a bit of a bottleneck in the supply chain." Despite the concerns, the market in California is expected to witness strong growth. Data published by New Frontier Data projects that legal cannabis sales in California will reach $2.8 billion in 2017 and $6.6 billion by 2025.
Global Payout, Inc. (OTC: GOHE) earlier today announced breaking news that, "its subsidiary MoneyTrac Technology, Inc. ("MTRAC", the "Company") will be launching MTRAC, a full-service banking solution powered by GreenBox blockchain technology, on April 4th, 2018". The official launch of this system brings the MTRAC goal of "Banking the UnbankableTM" to life and marks a massive turning point for both MTRAC and the legal cannabis industry in California.
While many states have legalized medical cannabis, and a handful have gone full blown recreational, traditional banking services remain largely unavailable to the legal cannabis industry. MTRAC, the Company's payment solution powered by GreenBox blockchain technology, not only provides these services but also incorporates the distributed ledger technology to track and record each transaction taking place in cannabis dispensaries. This solves several of the industry's most pressing problems, not the least of which is the ability to track sales to prevent theft. The official launch of MTRAC will present businesses in the industry with effective cashless methods to not only process payments for their consumers, but also remit payments to their vendors, employees, and other business affiliates."
"The goal of MTRAC from the beginning has been to leverage the different technologies available to us to remove the use of cash as the primary form of payment throughout the cannabis industry. While other companies have struggled to find supportive financial solutions, MTRAC opted to take a different approach, and one that has relied heavily on the use of blockchain technology to address this problem for a massive and growing industry," said MTRAC CEO, Vanessa Luna. "I am extremely excited to see MTRAC, our payment solution, officially launch next week. Once this happens, I am confident that every dispensary desiring legitimacy and transparency will jump on board and provide us with a number of new clients to serve."
Kaya Holdings, Inc. (OTCQB: KAYS) through subsidiaries, produces, distributes or sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods. Recently, the company announced that it has received notification from the Linn Country Planning and Building Department that its application for site plan review for marijuana production, and its request for a conditional use permit for marijuana processing have been reviewed and deemed complete - a necessary milestone in the process to obtain OLCC licenses to both grow and process medical and recreational cannabis on the Company's 26-acre plot in Lacomb, Oregon. The County has tentatively scheduled a decision on the application for April 20, 2018. The formal 'Letter of Completeness', sent March 9, 2018 by a Linn County Senior Planner, confirmed the eligibility of the Company's 26-acre plot for the purposes of growing legal cannabis, as well as the eligibility for a special purpose exemption for the Company's proposed manufacturing operations.
Medical Marijuana, Inc. (OTC: MJNA) recently announced the success of its subsidiary HempMeds(R) Brazil's Cannabis Symposium in Rio Grande do Sul, Brazil. The event was put on in partnership with the National Association of Cannabidiol Users (ANUC) from March 19-23and was held in the cities of Canoas, Passo Fundo and Porto Alegre. There, Dr. Stuart Titus, CEO of Medical Marijuana, Inc., spoke about the benefits of cannabidiol (CBD) and also discussed upcoming potential research opportunities in Brazil. HempMeds(R) Brazil was the first company authorized by ANVISA to import a CBD-based product into Brazil for those suffering from various specific medical conditions.
New Age Farm Inc. (OTC: NWGFF) is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In February, the company announced that the first order of 5,000 CBD pens has arrived at We Are Kured LLC's ("WAK") Denver, Colorado facility. The Company previously announced that it had placed the order for it first 5,000 state-of-the-art hemp-based vaporizer pens in a ready-to-use form. The Company has worked closely with the manufacturing and design team to ensure that the look, feel and overall experience of the pen would be both ergonomically and esthetically pleasing. WAK's production team has begun filling each pen with 250mg of the highest quality, Terpene infused, CBD oil. Each vape pen is infused with one of three specific terpene flavour profiles. The three variations are Moonlight, an Indica blend infused with OG Kush Terpenes; Daylight, a Sativa blend infused with Pineapple Express Terpenes; and Allday, a Hybrid blend infused with Strawberry Diesel Terpenes.
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 announced it has signed a letter of intent to purchase 100% of the ownership interests of NevadaPURE's Las Vegas operation for $28 million in cash and the assumption of approximately $5 million of outstanding liabilities. The purchase is contingent on the completion of due diligence within approximately 30 days, negotiation of a final purchase agreement and regulatory approval. This deal also provides GB with an additional three licenses from the state of Nevada, including a cultivation license, a production license and a dispensary license. This vertical integration will enable margins to increase significantly since a middleman between GB and its retail customers will no longer be necessary. The deal enables GB to take over a very attractive lease of a 72,000 sq. ft. building, which is currently producing 350 pounds of dried cannabis monthly, with a growing capacity that can be expanded to allow 12,000 pounds per year.
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