NEW YORK, April 18, 2017 /PRNewswire/ --
According to a report published by Arcview Market Research, legal cannabis sales in North America totaled $6.7 billion in 2016, up 34 percent from 2015. Sales are projected to reach $22.6 billion by 2021, with a compound annual growth rate of 27 percent. Growing adoption of cannabis by individual consumers is one of the pivotal factors which drives the growth in the market. According to the data from National pollster Gallup, support for nationwide legalization of cannabis was 60% in a 2016 poll, up from 25% in 1995. Cannabis for medical purposes is now legal in 28 states, while 8 states have legalized recreational cannabis. SinglePoint, Inc. (OTC: SING), American Cannabis Company, Inc. (OTC: AMMJ), OWC Pharmaceutical Research Corp. (OTC: OWCP), Lexaria Bioscience Corp. (OTC: LXRP), Terra Tech Corp. (OTC: TRTC).
In November's election, California with 38 million U.S. citizens, passed Proposition 64 to legalize cannabis for recreational use is expected to further drive the legal cannabis market. Troy Dayton, CEO of Arcview Market Research, stated, "The enormous amount of existing, if illicit, consumer spending sets cannabis apart from most other major consumer-market investment opportunities throughout history. The cannabis industry doesn't need to create demand for a new product or innovation - it just needs to move demand for an already widely-popular product into legal channels."
SinglePoint, Inc. (OTC: SING) is a holding company specialized in the acquisition of small to mid-sized companies. On March 14th, the company announced that, "It has closed its first round of funding to acquire a portion of Jacksam Corp., dba Convectium, the developer of a unique oil filling system poised to revolutionize the cannabis market. Convectium projects full-year 2017 sales of $3.5 million, a triple-digit increase over the year prior. The acquisition represents the first of many strategic investments SinglePoint intends to make to diversify its revenue streams in the multi-billion dollar cannabis industry.
As previously announced, SinglePoint will invest a stock and cash consideration totaling $800,000 to help fund the growth of Convectium and the marketing of its revolutionary 710Shark and 710Seal system. Developed by Convectium, the system is capable of filling and packaging more than 100 cartridges or disposable vape pens in 30 seconds, making it the fastest and only filling and sealing system of its kind. Convectium also offers a line of B2C products, which SinglePoint will sell online through its SingleSeed.com subsidiary."
"We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium," states SinglePoint CEO, Greg Lambrecht. "With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws."
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. Recently, the company announced the addition of Dr. Av Singh to its SoHum Advisory Board. Dr. Singh is one of Canada's leading authorities on organic agriculture. In his role with American Cannabis Company, Inc., Dr. Singh aided in the formulation of the Company's nutrient-dense soil for cannabis, SoHum Living Soils®. This formulation ensures that microbial life in the soil can best express the cannabinoid profile that the consumer desires.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. On March 21st, the company announced the highly promising results of its topical cream efficacy tests following months of study and scientific analysis. As a result of the promising results of its psoriasis tests, company's Chairman and CEO, Mr. Mordechai Bignitz, has directed OWC's scientific team to submit an operating plan within 60 to 90 days to conduct double-blind efficacy tests of its cannabinoid-based topical cream on other skin disorders and conditions.
Lexaria Bioscience Corp. (OTCQB: LXRP) is a food biosciences company with a proprietary technology for improved delivery of bioactive compounds. The Company's technology is patent-protected for cannabidiol (CBD) and all other non-psychoactive cannabinoids, and patent-pending for Tetrahydrocannabinol (THC), other psychoactive cannabinoids, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules. On April 10th, Lexaria Bioscience Corp. and Neutrisci International Inc. had completed and signed the previously announced joint venture agreement to produce and commercialize a line of healthy, sugar-free, edible cannabinoid mouth-melt products which will utilize Lexaria's patented technology and Neutrisci's proprietary pterostilbene tablet form factor.
On March 07th, 2017, Terra Tech Corp. (OTCQB: TRTC), a vertically integrated cannabis-focused agriculture company, announced the construction of a new cultivation facility in Oakland, California. The company has executed a lease for 13,000 square feet of industrial space on over 30,000 square feet of land in Oakland's industrial corridor. Derek Peterson, Terra Tech Chief Executive Officer, stated, "This new facility will bring scale to our cannabis production capacity, representing yet another step towards increasing Terra Tech's margins. We expect our expanded capacity to drive sales of our IVXX premium cannabis products in California, which is our leading market, as demand continues to strengthen."
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