PALM BEACH, Florida, April 15, 2019 /PRNewswire/ -- A Green Flower cannabis industry article started off with this amazing statement: "The cannabis market is booming these days, now operating legally in a number of states and countries across the globe." Another industry publication, the Marijuana Business Daily, supported this proposition, based on more states in the U.S. and more countries in the world, legalizing the industry. The article said: "I've been chronicling and analyzing this industry for the past seven-plus years. There will be a big crack in the marijuana legalization dam in the U.S. So much pressure is building up in significant areas – in the business community, in the investor world, in the general population, in this global movement – that lawmakers must start to pay more attention." One of the first such reports in The Rolling Stone, which said: "For years, experts have predicted that if the cannabis industry expands at its current rate, the American market will reach $20 billion by 2020. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC:MCOA), PotNetwork Holdings, Inc. (OTC: POTN), OrganiGram Holdings Inc. (TSX-V: OGI) (OTC: OGRMF), CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST), Kona Gold Solutions, Inc. (OTC: KGKG).
The Green Flower article also mentioned: "(the) U.S. cannabis market to surpass $24 billion by 2025" and"Another study with projections for 2021 was conducted by the Brightfield Group. That particular study estimated that the international market for cannabis will hit $31.4 billion by 2021. That same article also added: "The cannabis market is (projected to be) $40 billion in economic impact by 2021, saying (the) successful and growing cannabis industry has a butterfly effect on the economies that are involved.
Marijuana Company of America, Inc. (OTCQB: MCOA) BREAKING NEWS: Marijuana Company of America a vertically integrated hemp and cannabis corporation, is pleased to announce its financial results for the year ended December 31, 2018, as reported in its annual report on Form 10-K.
2018 Financial Highlights:
- Total revenues of hempSMART™ products were $252,135 for the year ended December 31, 2018, as compared to $26,830 from the prior year, representing a significant 840% increase year over year.
- Net loss from operations decreased by 82% from $21,262,798 for the year ended December 31, 2017, to $3,814,949 from the prior year.
- Gross profit for 2018 increased to $170,885, a 68% gross margin, compared to a gross margin of $12,536 for 2017, a 47% gross margin.
- SG&A expenses, including non-cash items and one-time transactional expenses, for 2018 decreased substantially by $17,292,265, or 81%, to $3,980,493, compared to $21,272,758 million for the prior year.
- For the year ended December 31, 2018, the Company realized the following other one-time income items: Gain cancellation of debt of $1,500,000 and a gain of $560,000 from the change in value of its trading securities investment in Global Payout. The Company also settled a debt that resulted in a gain of $94,933.
- Total assets increased by 70% from $1,129,958 in 2017 to $1,919,781 in 2018. This increase is due primarily to the increase in value of the Company's investment in Global Payout's stock, which is accounted for using the trading security method of accounting as well as an increase in cash and inventory.
- Total liabilities decreased by 56% from $11,447,710 for 2017 to $5,053,887 for 2018. This decrease was largely due to the decrease in liabilities related to warrants and joint venture obligations.
- Cash used by operating activities for 2018 was $2,385,349, compared to cash used for operating activities of $895,743 for 2017. Cash used by investing was $686,458, compared to $1,176,919 for 2017. Cash provided by financing activities for 2018 was $3,181,553, compared to $2,175,007 for 2017.
"I could not be prouder of the growth and accomplishments our company and team members achieved in 2018," said Don Steinberg, Founder, Chairman and CEO of Marijuana Company of America. "Our industry experienced unprecedented legislative developments, including Canada going full adult use and the Farm Bill passing in the U.S. We are now better positioned than ever to be a leader in the cannabis industry. Not only did we expand our team, but we also launched our hempSMART sales in Europe. We expect to complete and announce our acquisition of a California marijuana manufacturing and distribution license shortly. Upon completion, this acquisition will allow us to capture additional market share, implementing a fully integrated cannabis model that includes cultivation of hemp, distribution and manufacturing of cannabis, and the retail delivery of our new Viva Buds brand." Read this and more news for MCOA at: https://www.financialnewsmedia.com/news-mcoa/
In the industry developments and happenings in the market this week include:
PotNetwork Holdings, Inc. (OTCPK: POTN) recently released their fully audited financial statement which shows that the company has made $25 million in revenue over the course of 2018, a 78% increase compared to POTN's performance in 2017.
This growth has been driven primarily the company's wholly-owned subsidiary, Diamond CBD, Inc. The company has cemented its position as an industry leader in the growing market for premium hemp extracts. It has seen success by leveraging an aggressive marketing campaign focused on educating consumers about CBD and demonstrating the company's unique suite of niche CBD products.
OrganiGram Holdings Inc. (TSX-V: OGI) (OTCQX: OGRMF), the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of cannabis, recently announced it will report its second quarter results for its fiscal year ended August 31, 2019 on Monday, April 15, 2019 before market open.
The Company will host a conference call to discuss these results. The details of the call are as follows: Date: April 15, 2019, Time: 8 a.m. Eastern Time, Toll-free (North America) dial-in number: 1-888-231-8191 - Organigram is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company's global footprint.
CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) recently announced that it has launched three new cannabis extract formulations to meet the growing demand for oil-based products. The new formulations are designed to fill previously unmet needs within the Canadian medical market, identified through market research and the Company's long-standing relationships with thousands of medical cannabis patients and their healthcare practitioners.
CannTrust's three new product formulations are: High Dose CBD Capsules (25mg/capsule) – the highest dose CBD capsules currently available in Canada; High Dose CBD Drops (50mg/mL); and Low Dose 1:1 Capsules (2.5mg CBD: 2.5mg THC).
All three products are now available for purchase from CannTrust via the company website and Customer Care Centre (1-855-RX4-CANN). The three new formulations increase CannTrust's award-winning portfolio of capsules and oils to nine products which are available to the Company's 69,000 medical patients.
Kona Gold Solutions, Inc. (OTCPK: KGKG) a hemp and CBD lifestyle brand focused on product development in the functional beverage sector, has positioned itself to be the fastest growing beverage company in the Hemp sector with its popular Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters. The Company has had exceptional growth over the last six months, signing 27 distribution partners across 16 states. Those distribution partners include four Anheuser-Busch distributors, large independent beverage distributors, and several boutique distributors.
The Company continues to execute on its 2019 forecast of $1.5 - $2 million annual revenue by having a record setting first quarter in 2019 with revenue currently over two hundred and fifty thousand dollars ($250,000) and a little more than a week left in the quarter. Kona Gold's conservative 2019 forecast does not take into account the product line extensions for Kona Gold Hemp Energy Drinks and HighDrate CBD Waters, with plans to add 4 additional and 2 additional flavors respectively this year.
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