NEW YORK, March 2, 2017 /PRNewswire/ --
Based on the performance of the legal cannabis market over the last two years, it is arguably one of the fastest growing industries in the world. Regulated cannabis sales in North America totaled $6.9 billion in 2016, a 30 percent increase from 2015. Sales are projected to increase to $21.6 billion by the year 2021 representing a 26 percent compound annual growth rate, according to a report by Arcview Market Research. The market, due to successful legalization campaigns, is attracting entrepreneurs and businesses, expanding its reach across a wider spectrum. Vega Biofuels Inc. (OTC: VGPR), Hemp Inc. (OTC: HEMP), Cannasys Inc. (OTC: MJTK), Greengro Technologies Inc. (OTC: GRNH), Green Cures & Botanical Distribution Inc. (OTC: GRCU
As a result, the legal cannabis market is creating an impressive amount of new jobs. A new report from New Frontier Data projects that by 2020 the legal cannabis market will create more than a quarter of a million jobs. This is more than the expected jobs from manufacturing, utilities or even government jobs, according to the Bureau of Labor Statistics. "These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy," said Giadha Aguirre De Carcer, CEO of New Frontier Data.
Vega Biofuels Inc. (OTC: VGPR) announced today that it has signed a five year agreement to provide the Company's Biochar to legal cannabis growers in Alaska. The state of Alaska is the most recent state to legalize both medical and recreational cannabis use.
The Agreement with AK Provisions, Inc., located in Anchorage is Vega's largest single order for Biochar. Biochar is a highly absorbent, specially designed charcoal-type product, primarily used as a soil enhancement for the agricultural industry, to significantly increase crop yields. Biochar offers a powerfully simple solution to some of today's most urgent environmental concerns. The production of Biochar for carbon sequestration in the soil is a carbon-negative process. Biochar is made from timber waste using torrefaction technology and the Company's patent pending manufacturing machine. When put back into the soil, biochar can stabilize the carbon in the soil for hundreds of years. The introduction of biochar into soil is not like applying fertilizer; it is the beginning of a process. Most of the benefit is achieved through microbes and fungi. They colonize its massive surface area and integrate into the char and the surrounding soil, dramatically increasing the soil's ability to nurture plant growth and provide increased crop yield.
AK Provisions, Inc. plans to use Vega's Biochar in its own grow facilities, as well as market the product to other growers throughout the state of Alaska, through a reseller agreement with Vega Biofuels. The initial order is for 75 super sacks of Biochar. Each super sack holds approximately 400 pounds. Indoor grow facilities harvest their plants four times per year and start with new soil each time."
"By the pound, Biochar is much more profitable to the Company than our Bio-coal energy product, and will have a noticeable impact on the Company's bottom line. The products are similar but each has its own unique qualities," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "We sell Bio-coal by the ton and Biochar is sold by the pound. Growers in other states are reporting significant increases in their crop yields when using Biochar as their soil enhancement. We plan to use the AK Provisions model as we increase our marketing efforts in other states that have recently approved growing legal cannabis. Our goal is to have the first shipment to Anchorage in time for AK Provisions' first planting this spring."
Hemp Inc. (OTC: HEMP) reports that Alaska is on track to legalize industrial hemp. Hemp said due to 'growing pressure to diversify' its economy, Alaska may soon join the ranks of states to legalize industrial hemp. "There have been previous legislative attempts to legalize hemp in Alaska. While met with disinterest then, I believe there's a strong possibility this industrial hemp bill will pass now. Alaskans are aware of the need to diversify their state's economy. This is all part of the rippling effect I mentioned yesterday and the day before yesterday: Arizona, New Mexico, and now Alaska is on its way to legalization. It's time for hemp to make its rightful return to the American landscape. Which state is next?" said Chief Executive Officer of Hemp, Bruce Perlowin.
Cannasys Inc. (OTC: MJTK) is a technology solutions, marketing, and branding company in the regulated cannabis industry. Its core products are delivered 'software as a service' to facilitate point-of-purchase transactions, customer relationship marketing solutions, and regulated cannabis laboratory information management systems. CannaSys plans to develop, acquire, and build strategic relationships with other businesses in order to bring additional solutions to market, in both established and developing medical and recreational cannabis states.
Greengro Technologies Inc. (OTC: GRNH) is a provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems, serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.
Green Cures & Botanical Distribution Inc. (OTC: GRCU) develops, produces & distributes premium hemp based products in two divisions: Original Hollywood Hemp™ and Iconic Beverages™. Original Hollywood Hemp™ offers Hemp activated Health, beauty, skin care, hair care, spices, fashion, food products and beverages with the active ingredients of hemp. Iconic Beverages™: Beverage division includes in development of Hemp infused and no hemp infused beverages which will feature iconic celebrities with exclusive licenses owned by and its shareholders. The company has announced that the company is now Depository Trust Company (DTC) eligible.
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