NEW YORK, January 31, 2017 /PRNewswire/ --
The projections for the future of the legal cannabis market remains positive despite the uncertain outlook surrounding the new presidential administration. This election cycle proved that the views of many Americans on cannabis are changing, both for medical and recreational purposes. According to a research report published earlier this January by Arcview Market Research, regulated cannabis sales in North America totaled $6.9 billion in 2016, a 30 percent increase from the previous year, and sales are projected to grow to $21.6 billion by the year 2021, which represents a 26 percent compound annual growth rate. SinglePoint, Inc. (OTC: SING), Rocky Mountain High Brands Inc. (OTC: RMHB), Kush Bottles Inc. (OTC: KSHB), (Easton Pharmaceuticals Inc. (OTC: EAPH), Terra Tech Corporation (OTC: TRTC)
Voters in four states - California, Massachusetts, Nevada and Maine, voted legalize recreational Cannabis this November. Florida, Arkansas, Montana and North Dakota, voted in favor of cannabis use for medical use. It is one of the rare issues right now, where "support for legal cannabis was one of the few mandates voters in both red and blue states delivered," said Brendan Kennedy, CEO of the marijuana-focused private equity firm Privateer Holdings, NPR reported.
SinglePoint, Inc. (OTC: SING) is a full-service mobile technology and marketing provider that serves a diverse clientele. The company provides solutions that allow clients conduct business transactions, accept donations, and engage in targeted communication through mobile devices. The company's products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint is now involved in the legal cannabis market. It has recently announced that the subsidiary SingleSeed (http://www.singleseed.com ) is set to provide credit card processing solutions for the cannabis industry.
SinglePoint Inc. announced earlier today that it, "is entering an exciting niche of the cannabis industry through a Letter of Intent ("LOI") to acquire an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.
Convectium is the creator of the world's first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries. The company's 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind. Convectium operates a B2B equipment division in addition to its legacy B2C products. The proprietary equipment is solely distributed by EquipCanna.com, the Convectium B2B brand. Based on its market position and increasing demand for its products and services, Convectium forecasts revenues for 2017 at $3.5 million, an increase of 150% compared to revenue of $1.4 million for 2016. Convectium ships its consumer brands to over 52 countries. The company's line of B2C brands include BlackoutX as well as HazeSticks, inspired by the Jimi Hendrix Cannabis Collection.
"To say we are excited about this opportunity is an understatement," states SinglePoint CEO, Greg Lambrecht. "Convectium's 710Shark and 710Seal system is incredible, and its capabilities are unmatched. After looking at hundreds of cannabis companies, finding an acquisition opportunity like we have found in Convecitum adds a new dynamic to our endeavors and the cannabis industry as a whole."
Per the LOI, SinglePoint will pay Jacksam a stock and cash consideration totaling $800,000. The transaction is expected to accelerate SinglePoint's existing presence in the cannabis industry - established by its SingleSeed subsidiary - while creating another avenue of participation in the "Green Rush" of the multi-billion dollar cannabis industry.
"We are excited to enter into an agreement with SinglePoint, one of the leading and most visionary publicly traded cannabis companies in the market. Paired with our proprietary technology and commitment to the future of the infrastructure of the cannabis industry, Convectium and SinglePoint are creating a unique business dynamic with incredible potential," says Danny Davis, managing partner at Convectium. A definitive agreement on the announced transaction is expected no later than May 24, 2017.
Provider of hemp-infused food and beverage products and a naturally high alkaline water, Rocky Mountain High Brands Inc. (OTCQB: RMHB) partners with statewide beverage company at Franchise Owners Association Show for Greater Los Angeles and San Diego to showcase hemp-infused products. Michael Welch, President and Chief Executive Officer of Rocky Mountain High Brands, stated, "We are very pleased to participate in the Franchise Owners Association Trade Show this week with Statewide Beverage Company and to demonstrate the geofencing technology to the trade show attendees. We will be closely monitoring the success of the geofencing program in the Southern California market and will be rolling out it out in other regions very soon. We believe this technology will help us grow our brand recognition and drive sales faster than traditional advertising."
Kush Bottles Inc. (OTCQB: KSHB) is a California-based company, with the goal of assisting entrepreneurs who want to enter the cannabis industry, overcoming the many barriers to entry. Kush Bottles markets and sells packaging products and solutions to customers operating in the regulated medical and recreational cannabis industries. The Company specializes in the wholesale distribution of packaging supplies and customized branding solutions for the cannabis industry. Its packaging business primarily consists of bottles, bags, tubes, and containers. It has built itself a first-mover advantage by providing cannabis enterprises across the U.S. with market expertise, proper branding and high-quality packaging that satisfies the stringent requirements of the law.
Easton Pharmaceuticals Inc. (OTC: EAPH) has re-initiated negotiations with Medicated Markets International LLC towards assets and relationships it has developed in California's Medical Marijuana industry and other jurisdictions throughout the world. With California and other States recent legalization of Medical Marijuana has opened up new opportunities for Easton Pharmaceuticals and its partners. Easton will make the growing medical marijuana, Vaporizer and e-liquids industry a top priority and will continue to endeavor to become a huge part of this sector.
Equity research firm specializing in small and micro-cap securities, Traders News Source, noted the cannabis company, Terra Tech Corporation (OTCQX: TRTC) overall finances. The company's revenue in the third quarter of 2016, has increased by approximately $4.9 million, compared to last year. The company reported a gross profit of roughly $1.3 million in third quarter 2016 compared to $370,000 in third quarter 2015, an increase of approximately $950,000. The increase in revenue was mainly because of revenue generated by Edible Garden for the sales of its herbs and floral products and Black Oak Gallery and IVXX from the sale of its cannabis products.
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