Data Points to Growth in Legal Cannabis Sales and Further Expansion
NEW YORK, May 11, 2018 /PRNewswire/ --
According to Grand View Research, Inc. the global medical cannabis market is expected to reach a value of USD 55.8 billion by 2025. The rising number of states and countries where new rules for using cannabis in therapeutic applications is one of the crucial factors driving the demand over the coming few years. Medical cannabis is beneficial in providing relief to the patient suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis. The research also indicates that the regulatory framework requires every individual or the companies involved within the industry, such as growers, retail operators, and makers of processed cannabis products to obtain authorization and an annual state license. An increasing number of issued licenses is among the factors that are expected to drive the market throughout 2018 and after. Snipp Interactive Inc. (OTC: SNIPF) , mCig, Inc. (OTC: MCIG), MassRoots, Inc. (OTC: MSRT), Medical Marijuana, Inc. (OTC: MJNA), Future Farm Technologies Inc. (OTC: FFRMF)
While California is the largest market, Canada is projected to show strong sales as well. According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Earlier this week the company announced breaking news that it, "has incorporated a 100% owned subsidiary in the United States to facilitate it to do business with Cannabis companies based in the United States. The reason the Company chose to incorporate this subsidiary is twofold. The first is to enable the Company to be able to leverage its software platforms to service Cannabis businesses with creative business models that could include equity based and performance compensation partnerships and secondly to isolate its core business given that at the U.S Federal Level Cannabis is still a Schedule 1 controlled substance."
"Since the launch of the Cannabis Marketing Resource Center we have received a lot of interest and had many discussions with multiple players in the US and Canadian market. Some of these discussions have led to recommendations that have included working in a more partnership type structure that could involve an equity component as part of the payment mix for the use of our platform and services by these potential clients. As a Company we are open to working with companies to design programs that enable our shareholders to enjoy the upside of this nascent but fast growing industry and creating a separate legal entity to enable that therefore makes a lot of sense", said Atul Sabharwal, Founder & CEO of Snipp. The Cannabis space is rapidly evolving and we have seen a few US based companies dual listing on the Canadian exchanges. A great example is a company like iAnthus, A CMRC member, who pioneered listing in both markets. They have set the stage for a whole new crop of companies based in the US to list in Canada many of whom have not only joined our Cannabis Marketing Resource Center but some of whom are also in deep discussions with us on signing a Managed Service Agreement which allows Snipp to become an approved vendor of theirs locking in these clients for the future as their marketing needs evolve. We look forward to sharing some of progress we are making in converting our CMRC members to paying clients over the next few quarters Visit the Snipp website at http://www.snipp.com for Snipp's full suite of solutions and examples of Snipp programs.
mCig, Inc. (OTC: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. On April 30, 2018, the company announced that it has officially been awarded three licenses from California City, California, for recreational cannabis cultivation, statewide distribution, and manufacturing. The extremely competitive licensing procedure of California City took in over 300 applications, awarding only 16 licenses at this time, 3 of which belong to MCIG. The property will be developed into a state-of-the-art 30,000 square foot "Smart Greenhouse" cultivation facility by the company's construction subsidiary, Grow Contractors, Inc. In addition, it has been planned out to have a 2,000 square foot manufacturing facility to create extracts, and a small distribution center that will be used to move products to retailers. This facility is projected, when fully operating, to generate approximately $20M in annual income.
MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. With a significant market share of medical cannabis patients in certain markets and more than 35,000 shareholders, the Company believes it is uniquely positioned to best serve the needs of the cannabis industry. On April 4, 2018, the company announced it reaffirmed its long-standing policy to list only state-licensed dispensaries on its platform. MassRoots is expected to introduce its revamped business portal and dispensary finder. Only dispensaries that compensate MassRoots a minimum of $199 per location per month will be listed on the dispensary map and have access to its comprehensive business portal.
Medical Marijuana, Inc. (OTC: MJNA) is the first publicly traded cannabis company in the United States. On May 9, 2018, the company announced its subsidiary HempMeds(R) has partnered with Northshore Pharmacy to sell its Real Scientific Hemp Oil(TM) (RSHO(TM)) CBD oil as a non-prescription product in Bermuda. Northshore Pharmacy is owned by the husband and wife team of Jonathan and Jennie Lightbourne. The pharmacy is situated within the Northshore Medical & Aesthetics Center, which was created to help the people of Bermuda improve their physical, visual, mental and sexual health with top health service offerings and physicians. HempMeds(R) was the first company to ever bring hemp-based CBD oil products to market in the U.S. in 2012 -- and the first to both make CBD products available in bulk for U.S. consumers and provide high-quality CBD oil to customers around the world. HempMeds(R) was also the first-ever company to receive historic federal government import approvals for its CBD products in the nations of Brazil, Mexico and Paraguay
Future Farm Technologies Inc. (OTCQX: FFRMF) is rapidly becoming a leading indoor plant growth technology company specializing in LED lighting, mobile applications and vertical farming solutions for the cannabis industry. Recently, the company announced that it has agreed to invest $500,000 for a 10% interest in a limited liability company, providing turn-key services related to the management, administration and operation of a 70,000 square foot licensed medical marijuana cultivation and processing facility in the State of Arizona. The transaction is expected to close in the next 45 days. In December 2010, Arizona voters passed the Arizona Medical Marijuana Act, which became effective on April 14, 2011. As of March 31, 2018, Arizona had 162,528 active Qualifying Patient Registry Card holders, a 31% increase from the year before. Additionally, in March 2018, Arizona dispensaries transacted for more than 9,534 pounds of medical marijuana, a 44% increase over the year before.
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