PALM BEACH, Florida, March 21, 2019 /PRNewswire/ -- It seems that legal cannabis laws may not change in the short term in the U.K. but consumer acceptance of CBD infused products is indeed growing. A recent article published in the U.K reports that CBD usage is growing in the U.K. It said: "Although legalization in the UK does not look likely in the near future, CBD products are carving a defined space for themselves in the health and wellbeing industry. Large retailers such as Holland & Barrett and Superdrug, as well as online retailers, now sell products containing CBD, as UK CBD use climbs. Recent reports indicate that the global cannabidiol (CBD) market is estimated to grow by 700% and could be worth $2.1 billion by 2020. In the UK, the number of people using CBD oil is estimated to have reached around 300,000. The Cannabis Trades Association UK has estimated that UK CBD use has doubled in a year. The rise in popularity has followed a loosening of legal restrictions around the world. Although CBD-based products have been commercially available in the UK for some time, they appear to be gaining greater mainstream use and acceptance, as big-name companies invest increasing amounts of money in the development of CBD-based products. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC:MCOA), Medical Marijuana, Inc. (OTC: MJNA), Hemp Inc. (OTC: HEMP), Sugarmade, Inc. (OTC: SGMD), mCig, Inc. (OTC: MCIG).
With the UK CBD market now generating around £50 million per year, the health and well-being market looks likely to capitalize on growing public interest, with CBD-based snacks, supplements and even skincare products making their way onto shelves. Chief scientific officer at Eos Leisure, Dr. David Dawit believes that although full legalization of marijuana is not on the cards, the public is more ready than ever to embrace CBD-based products.
Marijuana Company of America, Inc. (OTCQB:MCOA) BREAKING NEWS: Marijuana Company of America is pleased to announce that its wholly owned subsidiary, hempSMART, Ltd., a corporation organized in the United Kingdom, will officially launch the Company's industrial hemp CBD formulated hempSMART™ products in the United Kingdom during the Company's March 23, 2019 launch event in London.
The hempSMART™ launch event is sold out, with associates attending from the United Kingdom and elsewhere in Europe. The Company has implemented a lineup of fantastic speakers with some joining from across the globe by video conference. The Company's launch program will include an in-depth overview of the CBD industry, its hempSMART™ products, as well as marketing and compensation plans that will also feature information on how associates can start their own business in the CBD industry. The Company believes its hempSMART™ wellness products, which are formulated with industrial hemp derived CBD, are well suited and positioned for the UK and EU markets, as the Company's CBD extraction processes have reduced the trace levels of THC in its hempSMART™ products to below 0.02% of dry weight, meeting the current accepted standards for CBD supplement products in the UK.
The hempSMART, Ltd. UK team has worked diligently over the last few months to ensure its associates get the very best customer support both during and after the launch. During the event, the Company will recognize associates who achieved outstanding pre-launch activity with an assortment of awards and prizes. In addition, the Company's mobile storefront will be fully manned at the event ensuring everyone can place orders and take them home the same day.
Ian Harvey, Global Sales Director of hempSMART, Ltd., commented: "I personally have never felt so much excitement surrounding a new product line being launched in the UK. hempSMART, Ltd. is poised to become one of the leaders in the CBD wellness industry in the UK and the EU, and I am delighted to be Global Sales Director, as we continue to be focused on other exciting developments moving forward." 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:
Medical Marijuana, Inc. (OTCPK: MJNA) the first-ever publicly traded cannabis company in the United States, recently announced that its subsidiary Kannaway® is pleased to welcome Kenneth Christopher "Skip" McClendon as a company spokesperson to help spread awareness on the benefits of hemp cannabidiol (CBD) for athletes and active consumers.
"For many, CBD is the last solution to their problems when it should actually be their first," said Kannaway® CEO Blake Schroeder. "We look forward to seeing the future positive impact of Skip sharing his experience with CBD and helping others not only see it as a last resort."
Hemp Inc. (OTCPK: HEMP) recently announced "The Hemp University" educational seminar is rapidly approaching and is almost sold out. The event will take place this week on Saturday, March 23, 2019 in Ashland, Oregon. The seminar will help others in the area who are interested in the hemp industry or are currently participating learn more about the "Industrial Hemp Revolution" and how this movement can not only help transform Southern Oregon's economy, but also revive family farms and small business in the surrounding areas.
"With the passing of the Farm Bill in 2018, the industrial hemp crop in Oregon is expected to grow past $1 billion, and the state ranks third in the country in land that is dedicated to industrial hemp," said Hemp, Inc. CEO Bruce Perlowin.
Sugarmade, Inc. (OTCQB: SGMD) a major supplier to the growing hydroponic cultivation sector, recently announced its exercise of an option to acquire BZRTH, LLC. Under the terms of the exercise and upon closing, all BZRTH revenues will be reported through Sugarmade significantly further boosting Sugarmade's revenue base. The acquisition is expected to be highly accretive for common shareholders.
Mr. Jimmy Chan, CEO of Sugarmade commented, "BZRTH is a sister company of BizRight, LLC. During December of 2017, Sugarmade and BizRight signed a Master Marketing Agreement where BizRight's products would be sold by Sugarmade. We recently modified that agreement to include BZRTH. Our exercise of our option to fully acquire these businesses will allow us to now realize full revenue recognition, boosting our top line growth rate very significantly. We will retain the entire staff of employees, who we warmly welcome to the Sugarmade family."
mCig, Inc. (OTCQB: MCIG) recently announced that its wholly owned subsidiary, CBJ Distributing, is expanding its sales reach by introducing to its clients in Nevada and California a new in-house developed product line of hemp pre rolled cigarettes and CBD vape pens with a proprietary terpene rich formula.
CBJ Distributing saw its sales increase dramatically during the last year. The company distributes its line of cannabis supply items, such as: labels, jars, child proof envelopes, vape pens, to almost all dispensaries in Nevada, while enlarging its market share in southern and central California. After carefully analyzing the CBD market, CBJ Distributing decided to expand its product line by joining this huge opportunity of selling hemp products to smoke shops and dispensaries around the Country.
"We have a strong team of professionals with boots to the ground, following the trends, growth, and needs of the market through client-based communication and customer service.
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