NEW YORK, June 20, 2017 /PRNewswire/ --
New data published by Verify Markets shows that the wholesale legal cannabis market in the U.S was valued at $210.7 million in 2016. Increased legalization efforts at the 2016 election in November resulted in more states approving cannabis legislation in some form, i.e., medical or recreational. Recreational initiatives were approved in California, Massachusetts, Nevada, and Maine while medical marijuana was legalized in Arkansas, Florida, and North Dakota. The report indicates that the market is expected to grow at a compound annual growth rate (CAGR) of 29.5 percent for the forecast period 2016 to 2021 with revenues anticipated to reach $768.7 million by 2021. SinglePoint, Inc. (OTC: SING), BitCoin Capital (OTC: BITCF), Players Network (OTC: PNTV), Mentor Capital Inc. (OTC: MNTR), Terra Tech Corp. (OTC: TRTC).
A report by Arcview Market Research shows that Americans have changed their views significantly over the years. Polls show that 80% of Americans approve of legal access to medical cannabis and 60% approve of full adult-use legalization. Arcview points out that such level of agreement is rare on any policy issue and it's allowing elected oﬃcials across the political spectrum to start to move past the stigma previously associated with this issue. In addition, the report states that the biggest political win of the U.S. election came in California; the state that pioneered the modern cannabis policy reform movement in 1996 when voters passed Proposition 215, the Compassionate Care Act. Californians voted overwhelmingly in 2016 to make adult-use legal in a state that represents the world's sixth-largest economy.
SinglePoint, Inc. (OTC: SING) announced today that it has successfully closed $1 million company friendly Convertible Promissory Note. Proceeds from the investment will be used to execute on the companies announced BitCoin Payments solution. The company recently partnered with First BitCoin Capital (OTC: BITCF) to develop a crypto currency solution. With the new round of funding SinglePoint management believes the company will be able to move very quickly to complete the solution and continue acquisitions in cannabis space.
SinglePoint currently offers many integrated business solutions and will be adding BitCoin Payments to help solve the banking issue in the cannabis industry and other high risk markets. The investment will enable the company to execute quickly on its planned development strategy while continuing to make additional acquisitions. The Company has already acquired companies in the cannabis vertical and is currently in discussions with others for a potential roll up.
For many years SinglePoint has worked on finding solutions for the cannabis industry. With this new partnership and development SinglePoint no longer needs to wait on federal banking guidelines. Cannabis and other high risk markets will be able to utilize this BitCoin solution to accept payments in many different forms. The value of BitCoin according to CoinBase has increased 236% in the past year. This increase along with Japan recognizing BitCoin as a legal currency has led to wide spread adoption of the technology. As quoted in Bloomberg, "It's not foreign to them now, like some sort of weird scam that they don't know about," said Greg Lambrecht, CEO. "More and more establishments are accepting it, but it's kind of like the wild, wild west. The company has been in talks with First BitCoin Capital and has planned four developments based on BitCoin, Ethereum and the technology of block chain. SinglePoint recently acquired the rights and domain name of SingleCoin.com in a planned potential Initial Coin Offering (ICO) that would support transactions on the block chain specifically for cannabis and other high risk industries."
Players Network (OTCQB: PNTV) is a diversified company operating in media and cannabis markets. PNTV owns approximately 85% of Green Leaf Farms Holdings, LLC (Green Leaf Farms), which holds cultivation and production license(s) awarded by the state of Nevada. Recently, the company announced they are strengthening its senior management and corporate governance, naming Nevada Assistant Controller, Geoffrey Lawrence as the Company's Chief Financial Officer and Chief Compliance Officer, effective July 1, 2017. Leveraging his immense experience managing large organizations, such as the State of Nevada, Lawrence will establish and manage the regulatory plan as PNTV expands its marijuana seed-to-sale operations in additional states and grows its license portfolio.
Mentor Capital Inc. (OTCQB: MNTR) seeks to come alongside and assist private medical marijuana and cannabis companies and their founders in meeting their liquidity and financial objectives, to add protection for investors and to help incubate private cannabis companies. On April 13, 2017 Mentor entered into an agreement to provide $40,000 of funding to offset costs of the application of cannabis oil in a glaucoma study conducted by and otherwise paid for by Dr. Robert M. Mandelkorn, MD. Mentor, doing business as GlauCanna, will have the right to invests in any commercial opportunities that result from the study and will hold an 80% interest in such opportunities. Dr. Mandelkorn will hold the remaining 20%. On April 28, 2017, the Company provided a second $100,000 convertible debt investment to Electrum Capital.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. The company recently announced that its Chief Executive Officer, Mr. Derek Peterson, has been chosen as a panelist at both the Cannabis World Congress & Business Expo, and the 6th Annual Marcum Microcap Conference, to be held on Thursday, June 15, 2017 in New York City. At the Cannabis World Congress & Business Expo, Mr. Peterson will speak on the panel "Finding Rewards in a Risky Environment". Throughout this session, the panelists will discuss opportunities that are currently in the marketplace as well as those on the horizon while navigating uncertainty in the market.
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