NEW YORK, May 18, 2017 /PRNewswire/ --
According to a new report by Grand View Research Inc., the global medical cannabis market is expected to reach a value of USD 55.8 billion by 2025. In 2016, Washington D.C. along with 28 states have legalized cannabis for medical use. Such states as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for usage in therapeutic applications is one of the crucial factors driving the demand over the coming few years. SinglePoint, Inc. (OTC: SING), OWC Pharmaceutical Research Corp. (OTC: OWCP), Surna Inc. (OTC: SRNA), CV Sciences, Inc. (OTC: CVSI), American Cannabis Company, Inc. (OTC: AMMJ)
A report by The Arcview Group, indicates that perception of the public regarding cannabis products has drastically changed over the years. According to the report, polls show that 80% of Americans approve of legal access to medical cannabis and 60% approve of full adult use legalization. Oﬃcials have now enough support across the political spectrum to start to move past the stigma previously associated with cannabis products. One key reason supporting legalization, is the weakening of the illicit market. Illicit sales are now being diminished at the fastest rates in the states with the most mature legal adult usage.
SinglePoint, Inc. (OTC: SING) is a holding company specialized in the acquisition of small- to mid-sized companies with an emphasis on new technologies. Yesterday the company announced, that "it has signed a Letter of Intent ("LOI") with Discount Indoor Garden Supply ("DIGS"). According to the LOI, SinglePoint will acquire 90 percent of DIGS in a stock and cash transaction. The acquisition will bring immediate revenues to SinglePoint and positions the Company as a leader in online products, retail stores, cannabis consulting, and equipment in California, home to thousands of cannabis-related businesses and potential customers.
The agreement with DIGS is yet another demonstration of SinglePoint's ability to strategically grow its portfolio of investments in established, high-potential cannabis businesses."
SinglePoint CEO Greg Lambrecht states, "We are committed to identifying and making investments that will strengthen both parties' position in the cannabis industry while building SinglePoint's corporate value. California is a major market opportunity, and we will work to find the right companies, such as DIGS, in which we can invest to gain a stronger foothold in the broader marijuana industry."
DIGS's online store (http://www.DIGSHydro.com) offers a wide range of growing equipment and accessories for individual or commercial plant cultivators. SinglePoint believes there is a major opportunity within this market, as nearly every U.S. state that has legalized the use of medical marijuana also allows licensed patients the option to grow their own plants. Now, licensed consumers can order an all-in-one unit to grow plants in the privacy of their home. DIGS's products also include growing supplies, HVAC setup, grow rooms and accessories, hydroponic garden solutions, and more.
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 April 5, 2017, the company announced it has received expressions of interest from the scientific and medical communities world-wide as a result of its recently announce positive preliminary clinical efficacy tests results of its topical cream to treat Psoriasis. OWCP's scientific team previously reported trial results and concluded that post-application of OWC's unique, active cannabinoid-based topical cream formulation, there was up to 70% improvement in a variety of inflammation markers directly associated with Psoriasis.
Surna Inc. (OTCQB: SRNA) develops and markets novel energy and resource-efficient solutions, including the company's signature water-cooled climate control platform, which meet the highly-specific demands of the cannabis industry for temperature, humidity, light and process control. On February 28, 2017, the company signed a contract with Vancouver's Sante Veritas Therapeutic to design and provide equipment for the environmental control system in its first commercial cultivation facility. Surna expects to ship and recognize revenue of $835,000 in the third quarter of 2017. "Cannabis for medical use is legal throughout all of Canada, making the market an outstanding opportunity for continued growth," said Surna CEO Trent Doucet. "We now have five clients in Canada, and our sales team continues to see significant activity from both new market entrants as well as existing clients planning expansion."
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. Recently, the company announced that it will be meeting with the U.S. Food and Drug Administration (FDA) on June 15, 2017, to discuss its initial drug candidate (CVSI-007), a chewing gum that combines CBD and nicotine, which the Company believes has the potential to effectively treat smokeless tobacco addiction.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers turnkey and end-to-end solutions to existing and aspiring participants in the cannabis industry. On April 18, 2017, the company announced it has secured its first retainer client (the "Client") in the state of Louisiana. The Client, CB Medical, LLC, ("CB Medical") is a newly formed entity that is one of the applicants for the LSU-sponsored medical marijuana program. CB Medical retained American Cannabis Company to assist them in designing and operating a medical marijuana program for patients in Louisiana in partnership with the Louisiana State University ("LSU") and the Louisiana State University AgCenter.
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