NEW YORK, March 21, 2017 /PRNewswire/ --
FinancialBuzz.com News Commentary
The cannabis industry is one of the fastest growing industries in the U.S. as more states legalized cannabis for either medical or recreational use. According to a report published by Arcview Market Research, legal cannabis sales in North America reached $6.9 billion in 2016, a 30 percent increase from 2015. The market is expected to grow to $21.6 billion by the year 2021, with a 26 percent compound annual rate. Raising adoption of cannabis and recent successful cannabis legalization referendums are considered as the main factors that drive the growth of legal cannabis market. SinglePoint, Inc. (OTC: SING), Marijuana Company of America Inc. (OTC: MCOA), Cannabis Science Inc. (OTC: CBIS), Medical Marijuana Inc. (OTC: MJNA), MCig Inc. (OTC: MCIG)
The legalization of cannabis has accelerated in the United States over the course of recent years. Eight states have already legalized recreational cannabis, while cannabis for medical use is now legal in 28 states. Support for legalizing cannabis is increasing. According to the data from National pollster Gallup, support for nationwide legalization of cannabis is 60% in a 2016 poll, up from 25% in 1995. In November, California, a state with 38 million U.S. citizens, had passed Proposition 64 to legalize cannabis for recreational purposes, which is expected to boost the legal cannabis market size in the near future.
SinglePoint, Inc. (OTC: SING) through its subsidiary, SingleSeed the company is providing products and services to the cannabis industry. On March 14th, SinglePoint, Inc. 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.
"We are excited to be a part of the SinglePoint team. With their funding we expect to reach and hopefully exceed our projected revenue goals," says Danny Davis, managing partner of Convectium.
"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."
Marijuana Company of America Inc. (OTC: MCOA) is a cannabis marketing and distribution company that provides a wide range of products and services all dedicated to educating and supporting their patient/members in obtaining all the benefits of a cannabis lifestyle. The company is currently developing a knowledge base complete with information from subject matter experts, medical articles and opinions, current articles, YouTube and other videos, blogs, and industry news and papers. MCOA is dedicated to transferring knowledge to its members to allow them to become their own advocates and also provide comprehensive information on popular and rare strains, and other processed products that will be available through its club.
Cannabis Science Inc. (OTC: CBIS) takes advantage of its unique understanding of metabolic processes to provide innovative treatment options for unmet medical needs by using an inquiring approach to discover and develop novel cannabinoid-based therapies to improve the lives of patients. The company is dedicated to working closely with local, national and international regulatory agencies to provide access to high quality, first class cannabinoid pharmaceuticals to those critically in need of new treatments for life threatening and debilitating conditions. Cannabis Science's clinical trial material comes from the cultivation and production facilities that are cGMP compliant, surpassing high quality standard industrial and food processing requirements.
Medical Marijuana Inc. (OTC: MJNA) is a premier cannabis and an innovator of the hemp industry by leveraging its team of professionals to source, evaluate and purchase value-added companies and products. Recently, the company announced the positive results of a groundbreaking epilepsy study on the effects of cannabidiol on seizures. Conducted by renowned pediatric neurologist Dr. Saul Garza Morales, the study took a look at patients who have used THC-free RSHO-X™ to treat their seizures and recorded the results, tracing the effects of the CBD oil. According to the results of the study, it revealed a significant reduction in the occurrence of seizures for patients with Lennox-Gastaut. A 50 percent or greater reduction in seizures was obtained in 33 out of 39 or 84 percent of the cases, while 53 percent of the cases achieved an overall reduction in seizure activity of over 75 percent.
MCig Inc. (OTCQB: MCIG) is engaged in manufacturing, marketing and distributing electronic cigarettes, vaporizers and accessories under the mCig brand name. The Company offers electronic cigarettes and related products through its online store, mcig.org, as well as through its wholesale, distributor and retail programs. Its segments include Construction, Internet Sales and Wholesale. The construction segment develops, designs, engineers, and constructs modular buildings with elements that assist cannabis growers in the market. Each modular building is designed for each customer. The Company tracks various retail sales, through the Internet segment through the consolidation of all online retail sales from various websites. It provides streamlining of administrative and documentation services, consolidation of inventories and supports economy of scale. The wholesale segment works with distribution channels in electronic vaporizing cigarettes and marijuana cigarettes, among others.
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