NEW YORK, December 12, 2017 /PRNewswire/ --
According to Hexa Research, the U.S. medical cannabis market is expected to reach $19.48 billion by 2024. The expected growth is driven by medical advantages, particularly patients dealing with cancer, diabetes and chronic pain. The consumption of cannabis in medical cases is one of the driving factors that push states to legalize medical marijuana use. Symptoms and conditions that may be treated by cannabis include, cancer, HIV, AIDS, Alzheimer's disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024. California, the first state to legalize medical use for cannabis had the highest revenue in 2016 and is expected to grow at a CAGR of 13 percent to 2024. SinglePoint, Inc. (OTC: SING), Global Payout, Inc. (OTC: GOHE), CV Sciences, Inc. (OTC: CVSI), AppSwarm, Inc. (OTC: SWRM), Smart Cannabis Corp. (OTC: SCNA)
The booming cannabis market is expected to have positive economic benefits, such as creating more jobs and generating tax revenue. According to MG News, Vivien Azer of Cowen & Co. said in a report: "When you consider ancillaries such as growers, testing labs, security, etc., the economic impact could range from $12.7 to $22.6 billion. Of note, these numbers do not include the impact of tourism, business taxes, licensing fees and paraphernalia sales, which could drive the economic impact higher."
SinglePoint, Inc. (OTC: SING) announced breaking news earlier today that, "key advances in its corporate mission with the launch of additional joint ventures and the closing of new deals within existing agreements. SinglePoint has achieved considerable growth in 2017, and management today also provides a recap of achievements over the last year, as well as details key initiatives for 2018.
Strategic Agreements and Joint Ventures - Strategic acquisitions and partnerships play an integral role in SinglePoint's expansion strategies. The Company is pleased to report that it has formalized its previously announced joint-venture agreement and made the first payment to AppSwarm (OTC: SWRM) to start development on a proprietary delivery application that will enable licensed delivery services and licensed dispensaries to safely make in home deliveries. This agreement specifically strengthens SinglePoint's position in the cannabis and cryptocurrency markets.
SinglePoint has also signed an agreement with Global Payout (OTC: GOHE), a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide, to advance both companies' delivery of payments applications. Global Payout's MoneyTrac Technology subsidiary ("MTRAC") recently formed a distribution partnership with GreenRush Group, Inc., a technology and marketing platform that helps facilitate the delivery of cannabis products to patients. Leveraging its expertise in mobile payments and other mobile offerings such as text messaging, SinglePoint will pursue ways to add additional value to the partnership and GreenRush's e-commerce and Green Label platforms.
"Through strategic joint ventures and inside development of applications we are pushing hard on providing a compliant solution to the cannabis industry. Our team and others have worked well in collaboration, and believe we are not far away from an official launch of this solution in the first quarter of 2018. This will be a major step for SinglePoint and our partners," states SinglePoint President Wil Ralston.
SinglePoint also recently entered in a joint venture with Smart Cannabis Corp. (OTC: SCNA).
The Company has identified this joint venture as another opportunity to make a big move into the State of California before it fully legalizes marijuana in January 2018. This move is projected to boost California's contribution to the U.S. marijuana industry (expected to reach $50 billion annually by 2026) by $7 billion. SinglePoint has already acquired one company in California and has invested in another.
End of Year Recap, Forecast for Remainder of 2017 - SinglePoint entered into a rapid pace of growth at the beginning of 2017, and this month achieved a corporate milestone of notching a $100 million-dollar market cap. Additionally, SinglePoint has brought in just over $1 million in funding with access to an additional $3 million. Solidifying the financials SinglePoint has increased revenue and assets throughout 2017 and anticipates significant increases throughout 2018…
SinglePoint has also sponsored an event in which dispensary and cultivators are the main attendees. To sign new accounts, SinglePoint will run demos of its bitcoin payments solution and aforementioned SMART APP recently licensed from Smart Cannabis Corp.
Outlook for 2018 - As noted above, SinglePoint manages an aggressive expansion strategy, and has signed multiple joint ventures and agreements that management believes will provide fruitful results. Acquisitions have been a powerful catalyst of corporate growth for SinglePoint, and management is gearing up to make additional acquisitions and plans to invest a significant amount of equity and cash into additional companies in 2018. As the Company pursues continued growth through acquisitions and internal developments, management remains bullish on bitcoin and blockchain technologies that solve key issues in the cannabis markets. Capturing its share of opportunity in these markets, SinglePoint will look for companies to acquire and partner with to bring solutions to this major market."
Global Payout, Inc. (OTC: GOHE) has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. The company announced that its majority owned subsidiary, MoneyTrac Technology, Inc. will be working in collaboration with its PotSaver brand to launch a publication that will be developed exclusively for businesses operating in the emerging cannabis industry. It is MTRAC's intent for the premier "PotSaver Biz" publication to be released before the conclusion of the first quarter of 2018 and will complement the Los Angeles edition of PotSaver that will be released on January 1, 2018.
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 focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. On November 14, 2017, the company announced it has been named on Deloitte's Technology Fast 500™, an annual ranking of the fastest growing companies in the technology, media, telecommunications, life sciences and energy tech sectors in North America. The Deloitte Technology Fast 500 is based on percentage of revenue growth from fiscal year 2013 to 2016, with CV Sciences growing by 403% during this period.
AppSwarm, Inc. (OTC: SWRM) is a technology company specializing in the accelerated development and publishing of mobile apps. On November 14, 2017, the company announced that it has entered into a Letter of Intent for the development of a smartphone based cash and bitcoin mobile wallet with USA Real Estate Holding Co. Pursuant to terms of the Agreement, SWRM and USTC will execute a definitive agreement within 45 days from this Letter of Intent.
Smart Cannabis Corp. (OTC: SCNA), formerly Zerez Holdings Corporation, is a public equity corporation focused on the advanced agriculture and cannabis industries. On October 26, 2017, the company announced that it has broken ground and is actively installing infrastructure at what will be one of California's largest legally-permitted greenhouse cannabis cultivation sites. The site will consist of 18 greenhouses and provide 51,840 sq.ft. of cultivation area. The construction is expected to be completed in January of 2018. Smart Cannabis continues to be one of fastest growing and most profitable companies pursuing agritech, cannabis, and advanced organic greenhouse farming.
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