The state of California was one of the four states where the recreational use of cannabis was voted in favor for and is also the largest market for the legal cannabis industry, making up of 12 percent of Americans. New Frontier and Arcview Market Research, has released the 2016 California Legal Cannabis Market State Profile, disclosing the potential growth of the legal cannabis market in California. It's projected that over the next five years, the market in California alone will grow at a compounded annual rate of 18.5%, from $2.76 billion in 2015 to $6.5 billion by 2020.
GrowGeneration Corporation (OTCQB: GRWG) one of the largest specialty retail hydroponic and organic gardening store chains, selling to both the commercial and home cannabis markets, with currently 10 locations in Colorado and 1 location in California, announced recently, "that it has signed a 5-year lease on a 10,000 square foot facility in Las Vegas, Nevada for its 12th store. The Las Vegas location will serve as retail and warehouse location, and will service the growing number of both commercial and home growers in the Nevada market.
Nevada presents significant growth opportunities for GrowGen in the legal cannabis market. The potential is attributed to the state's rank as a top tourism desti-nation, generous patient reciprocity laws, and the allowance for medical cannabis businesses to be formed as for-profit enterprises. Recreational use sales are expected to begin in 2017, and grow quickly. According to New Frontier, the combined medical and recreational use sales in Nevada are expected to reach nearly $622 million by 2020. A major key to the industry's growth will be the demand from the state's strong tourism market, with an estimated 55 million visitors in 2016 alone."
"Commenting on GrowGen's expansion into Nevada, Darren Lampert, Co-Founder and CEO, said, "The passage of Nevada's recreational use legalization measure opens up the market for cultivation expansion like we have not seen before in the US. With this additional 10,000 sq. ft. of retail and warehouse space, conveniently located minutes from the Las Vegas strip, we believe we are to be the largest hydroponic store in the Nevada market. To best serve Nevada growers, we'll stock both commercial and home-grow sizes of all the equipment and growing supplies offered throughout the market today."
"Executing and opening our GrowGen Nevada retail and warehouse operation furthers our business plan to aggressively expand our business. With the recent recreational legalization in Nevada, California, Massachusetts and Maine, and medical legalization in Florida, we consider those states as our key expansion markets. GrowGen is now operating at an annualized revenue run rate of over $9.0 million. We believe we're well positioned to continue to execute our expansion growth strategy, in order to offer a one-stop, personalized shopping solution for both the commercial and home grower alike."
Clinical-stage specialty pharmaceutical company dedicated to the development of innovative transdermal synthetic cannabinoid treatments, Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) reports positive results for its product pipeline, ZYN002 cannabidiol gel in phase 1 studies at 70th Annual Meeting of the American Epilepsy Society. The ZYN002 CBD gel was shown to be safe and well-tolerated across range of doses tested in healthy subjects and adult epilepsy patients with focal seizures and no impairment in cognitive performance or changes in psychological health were observed. The gel is formulated as a permeation-enhanced gel for transdermal delivery in development for the treatment of epilepsy, osteoarthritis and Fragile X syndrome.
Terra Tech Corporation (OTCQX: TRTC) engages in the design, marketing, and sale of hydroponic equipment with proprietary technology to create sustainable solutions for the cultivation of indoor agriculture. It operates through two segments, Hydroponic Produce and Cannabis Products. Terra Tech has multiple subsidiary businesses which include Blüm, IVXX Inc., and Edible Garden. Blüm's retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company's wholly-owned subsidiary, Edible Garden utilizes time-tested, classic Dutch hydroponic farming methods to grow herbs and leafy greens in a safe and healthy environment.
General Cannabis Corp. (OTCQB: CANN) provides services to the regulated cannabis industry in the United States that includes the leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners along with the provision of security service. The company does this through a combination of operating divisions such as real estate, consulting, security, financing and the distribution of vital infrastructure products to cultivate facilities and dispensaries. As a holding company, its subsidiaries are able to leverage the strengths of each other to help improve its company.
Medicine Man Technologies Inc. (OTCQB: MDCL) offers services in consulting, cultivation, and dispensary operations. Through its pre-licensure consulting services, they support other marijuana companies in a competitive or non-competitive state application process with the goal of helping their team secure a state-issued operating license. Its cultivation technology offers risk-averse cannabis cultivation technology that delivers consistent, high quality, high yield production within a clean-room style environment and the company's state-of-the-art dispensary model ensures patients and consumers safe and secure access to a variety of medical/recreational cannabis products.
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