NEW YORK, April 25, 2017 /PRNewswire/ --
A research published by Arcview Market Research indicates that people in North America spent $53.3 billion on legal, medical, and illicit cannabis in 2016. The North American legal cannabis market posted $6.7 billion in revenue in 2016, or up 30% from the year before. The illicit market generated 87% of total pot sales, down from 90% in 2015. The data reveals that the illicit market is slowly losing steam as legalization campaigns continue to gain momentum across the country. The legal market is expected to widen its reach and the research forecasts that growth will accelerate in the beginning of 2018 as adult-use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. The market is expected to grow at 27% CAGR to $22.6 billion in 2021. SinglePoint, Inc. (OTC: SING), OWC Pharmaceutical Research Corp. (OTC: OWCP), MCig Inc. (OTC: MCIG), CV Sciences, Inc. (OTC: CVSI), Lexaria Bioscience Corp. (OTC: LXRP)
Troy Dayton, CEO of Arcview Market Research said in a statement, "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. Earlier in March 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.
Driven by increasing product demand and brand visibility, Convectium projects full-year 2017 revenues of $3.5 million, an increase of 150% compared to revenue of $1.4 million for full-year 2016. The company is on track to achieve this goal, as sales for the first quarter of 2017 have already significantly surpassed first-quarter sales in 2016."
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. OWC is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. On April 17, 2017, the company announced that OWCP has been invited to present at the Monaco Growth Forums Spring, Edition, on April 25th - 26th at The Montepole Hotel in Monte Carlo, Monaco. During the event, management will introduce OWC Pharmaceutical's approach to the investment community in Monaco.
MCig Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. Recently, the company announced the achievement of acquiring part of the former Megaupload development team. The team is led by Chief Technologist, Andrus Nomm, recognized as the senior operative and programming lead in the popular online file sharing, streaming and ad serving websites of MEGAupload, MEGAclick and MEGAvideo. The sites served approximately 50 million users per day over 6500+ servers, monetizing over a quarter billion USD in advertising and subscription revenue.
CV Sciences, Inc. (OTCQB: CVSI) focuses on drug development activities on products containing cannabidiol (CBD) as the active pharmaceutical ingredient, and also is engaged in the development, marketing and sale of end consumer products containing CBD, which is refined into its PlusCBD Oil™ brand. On March 13, 2017, the company announced the launch of the first online education platform designed to enhance its brand education and advocacy through Experticity. CV Sciences' education platform will cover a variety of topics pertaining to hemp, phytocannabinoids, and its industry-dominating consumer products brand, PlusCBD Oil™.
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 March 22, 2017, the company announced the introduction of the TurboCBD™ brand of technologically enhanced, high absorption full spectrum hemp oil capsules. Lexaria's TurboCBD™ capsules are specially formulated with the finest American Ginseng and Ginkgo Biloba for support of enhanced focus and memory, and reduced stress and fatigue.
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