NEW YORK, April 17, 2018 /PRNewswire/ --
According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. The market is going through a period of robust growth because of increasing legalization and decriminalization of cannabis products across North America. The report specifies that the legalization trend is moving beyond the U.S. region. Data by Arcview Market Research clarifies that growth of the legal cannabis industry are expected reaccelerate in 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. SinglePoint, Inc. (OTC: SING), GB Sciences, Inc. (OTC: GBLX), Lexaria Bioscience Corp. (OTC: LXRP), Terra Tech Corp. (OTC: TRTC), Surna Inc. (OTC: SRNA)
Earlier this March, Forbes reported that a bipartisan pair of California lawmakers have announced a bill which would drop the state excise tax on cannabis to from 15% to 11% for a period of three years. Beau Whitney, a senior economist at data analytics for New Frontier Data, which conducted an analysis of the bill, explained to Leafly that, "by lowering the excise tax and postponing the cultivation tax, it will lower the overall price for consumers at the register, which will also reduce the differential between illicit and legal prices… Reducing this gap is critical to making the legal market more competitive against the illicit market and more attractive for consumers."
SinglePoint, Inc. (OTC: SING) just announced breaking news this morning that, "the finalization and successful completion of PCAOB corporate audit. SinglePoint has been working side by side with Turner Stone and Company in order to complete the 2016 and 2017 corporate audit and will now take the necessary steps to become fully reporting by filing a Form 10.
Completion of the corporate audit and filing a Form 10 will give SinglePoint access to raise additional capital on better terms for the company. Additionally, the company believes this will open the doors for institutional and family offices to invest in the open market, provide increased investor confidence and improve shareholder value. This will provide the company the means to aggressively continue its acquisition strategy and development of the company's blockchain and cannabis payment solutions.
"We as management are very excited to have completed the audit. We have already received term sheets from potential capital partners to raise up to $20,000,000 on friendly terms. This is a major step for the company and I am very confident, more so than ever, in the company's ability to successfully build upon the solid infrastructure we now have. Currently there are three acquisition targets in negotiations. We look forward to closing these deals and continue expansion into the cannabis market," states Greg Lambrecht CEO SinglePoint.
About SinglePoint, Inc. -SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry."
GB Sciences, Inc. (OTCQB: GBLX) announced recently that it has completed the technology transfer for the manufacturing of time-released nanoparticles containing a cannabinoid-based therapeutic for neuropathic pain from the University of Seville. "This product could really be a game-changer for patients who suffer from neuropathic pain. We are eager to begin manufacturing these licensed nanoparticles in the US; thus, continuing the development and commercialization of this important therapeutic option," explained Dr. Andrea Small-Howard, Chief Science Officer of GB Sciences. "Because cannabinoids are lipid-based and highly-labile, nanotechnology-based delivery methods are particularly useful in improving the bioavailability, stability, and consistency of dosing for these powerful therapeutic molecules-especially for treating chronic conditions like neuropathic pain where patients want to have continuous relief from fewer doses of their medicine."
Lexaria Bioscience Corp. (OTCQX: LXRP) recently reported it has received another new Notice of Allowance from the United States Patent and Trademark Office ("USPTO") providing claims that protect processes for making specific compositions of matter for enhanced cannabinoid delivery utilizing its DehydraTECH™ technology. This follows Lexaria's March 22, 2018 press release announcing receipt of the Notice of Allowance for the compositions of matter. These two Notices of Allowance are expected to become Lexaria's 3rd and 4th granted patents in the US. Lexaria's DehydraTECH™ intellectual property portfolio has expanded greatly and now consists of a wide variety of patent families with multiple applications within. Patent applications span compositions and related methods of manufacture and use for Lexaria's DehydraTECH™ technology with a broad range of lipophilic active substances in foods, beverages, and nutritional supplements, as well as in topical preparations and pharmaceutical dosage forms.
Terra Tech Corp. (OTCQX: TRTC) reported last month strategic business update for 2018. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "We continue to make significant headway executing on our strategy to position Terra Tech as a foremost player in the multi-billion dollar legal cannabis market. Our Blüm retail dispensaries and wholesale high grade 'IVXX™' flowers and oils have emerged as leaders in the California and Nevada markets, cementing our reputation as a premium brand and driving rapid revenue growth for the Company over the past several quarters.
Surna Inc. (OTCQB: SRNA) is manufacturer of application-specific climate and environmental control and air sanitation systems for state-regulated indoor cannabis cultivation facilities. Earlier this month operating and financial results for the three and twelve months ended December 31, 2017 the company Chris Bechtel, the Company's CEO stated: "Overall, we are pleased with the progress Surna has made in the fourth quarter. We continue to upgrade our engineering, technical and other personnel, expand our sales coverage and marketing outreach, focus on new product development, and improve our project management and production processes. We believe these investments and increased staffing are necessary for us to continue to leverage our current market presence, build our pipeline in the California and Canadian markets, and position us for our expected future growth."
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