NEW YORK, February 17, 2017 /PRNewswire/ --
Cannabis is arguably the fastest growing industry in the world, according to a research report by Arcview Market Research. 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. This November four states voted for legalization of cannabis for recreational use - Nevada, Maine, and Massachusetts and California, the largest market for cannabis. The results on November 8th, when it comes to cannabis use, clearly indicate that North America's views are changing in favor of both medical and recreational use. Marijuana Company of America Inc. (OTC: MCOA), Cannabis Science Inc. (OTC: CBIS), mCig Inc. (OTC: MCIG), Terra Tech Corporation (OTC: TRTC), Eco Science Solutions Inc. (OTC: ESSI)
California's cannabis market alone is projected to be worth an estimated $6.46 billion by the year 2020, according to Arcview and New Frontier. "California is the 6th largest economy in the world," said Arcview, CEO Troy Dayton. "The opportunity for jobs, tax money and wealth creation made possible by California ending marijuana prohibition cannot be overstated."
Marijuana Company of America Inc. (OTC: MCOA) is an innovative cannabis and hemp marketing and distribution company. On February 16th, the company announced that it has entered into a non-binding Letter of Intent ('LOI') while performing due diligence to finalize a joint venture agreement with Bougainville Ventures, Inc. ('BV') for the purpose of housing tenant growers engaging in the cultivation, processing and commercial availability of legal marijuana in the State of Washington.
Subject to the execution of a final definitive agreement, the terms of the LOI are that MCOA will invest up to $1 million in cash in a newly formed entity and receive 50% equity ownership and 50% share in net profits produced by the joint venture. Bougainville Ventures, Inc. will contribute its expertise in establishing facilities related to the production, processing and management for tenant growers utilizing an I-502 Tier 3 license, with leased property, established partnerships, licensing agreements and marketing relationships.
Donald Steinberg, MCOA President and CEO said, "We are looking forward to getting seed in the ground and ramping up this partnership with Andy Jagpal and Bougainville Ventures. This partnership further strengthens our supply chain and enables MCOA to produce the highest quality products at the lowest possible prices."
Cannabis Science Inc. (OTC: CBIS) is currently in a collaborative research with Dana Farber/Harvard Cancer Center to explore and develop new cannabinoid medicines to fight cancer. This agreement is also the first step in the development of clinical trials that will lead to approval of successful cannabinoids by the FDA. "We believe that collaborative cutting-edge work is the most powerful approach in fighting cancer. This collaborative agreement brings together the expertise of a leading Cannabis Research Company, Cannabis Science, and the research strength of Dana Farber/Harvard Cancer Center. I can see how this collaboration with Cannabis Science will grow as we work together for commercialization of joint research successes, with ultimate goal of translating these successes to benefit cancer patients in the USA and across the globe."
mCig Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors Inc., currently operating in the rapidly expanding Nevada market. The company looks forward to growing its core competencies to service the Ancillary legal Cannabis, Hemp and Cannabidiol markets, with broader expansion to take place once federal laws change.
Terra Tech Corporation (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. 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. produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores. MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. GrowOp Technology specializes in controlled environment agricultural technologies.
Eco Science Solutions Inc. (OTC: ESSI) medical cannabis app, Herbo, contains a database of over 14,000 alternative medicine locations and delivery services, doctors who provide evaluations, and local shops that sell relevant product. In the latest version, Eco Science added information for its strains that include THC/CBD breakdowns, effects, and location to purchase and find the best strains for user's specific needs. The company partnered with the largest and best paraphernalia manufacturers and distributors to bring users products at great prices.
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