Data Reveals Legal Cannabis Industry Projected to Grow
FinancialBuzz.com News Commentary
04 Jan, 2018, 09:00 ET
NEW YORK, January 4, 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 forecast to grow at a CAGR of 21.1% between 2017 to 2024, culminating to $63.5 billion by 2024. The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that due to the complex regulatory structure at state and federal level, the full potential of the market is not yet realized. Data published by Arcview Market Research forecasts that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. Marijuana Company of America, Inc. (OTC: MCOA), Global Hemp Group, Inc. (OTC: GBHPF), Lexaria Bioscience Corp. (OTC: LXRP), OWC Pharmaceutical Research Corp. (OTC: OWCP), Cannabis Science, Inc. (OTC: CBIS)
In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. New Frontier Data CEO Giadha Aguirre De Carcer, explained, "California offers the perfect example of why it is so important to understand trends in consumer behavior. The state's legal (cannabis) industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market's evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change."
Marijuana Company of America, Inc. (OTC: MCOA) yesterday announced, its 2017 year-end review to its valued shareholders and interested parties.
Donald Steinberg, CEO of MCOA, said: "I am the founder of multiple startups, including Medical Marijuana Inc., which has a market cap of over 300 million dollars. I am aware of the challenges and opportunities these endeavors present, and the need for a strong foundation to build upon. Having experience in the structuring, development and operations of large global marketing companies in various industries, I believe Marijuana Company of America and its subsidiary hempSMART are poised to deliver significant value to our shareholders based on the foundations and accomplishments made in the past year.
The Company has fulfilled its promise to its shareholders by becoming an audited and fully transparent reporting company with the Securities and Exchange Commission. We are participating in the cannabis space with our leasing operation in Washington. The hempSMART team has developed a line of products that can be viewed at http://www.hempsmart.com. We completed joint hemp trials in New Brunswick, Canada with Global Hemp Group, Inc. in 2017, and we expect to be starting commercial production in Spring 2018. There are a number of other projects we are completing due diligence on. I am thankful to the teams at MCOA and hempSMART for their accomplishments and due diligence in working through these various projects. We will continue to build upon the diligent work of the past year as we continue to move forward and execute our business plan."
The Company's wholly owned subsidiary, hempSMART, Inc., distributes industrial hemp based CBD wellness products via network marketing. In September 2017, the Company completely revamped its website and network marketing platform to provide customers and affiliates with the necessary tools needed to become successful in the expanding $1.9 Trillion Wellness Industry. The Company has successfully filed a patent application with the U.S Patent and Trademark Office for full patent protection on its proprietary CBD formulation: "hempSMART™ Brain." Also in 2017, hempSMART released two new products: "hempSMART™ Full Spectrum Drops" (Orange, Mint, Lemon, and Strawberry) and "hempSMART™ Pain Capsules." Several more products are in development and the Company anticipates their release in Q1 2018.
In Q3 2017, MCOA and Global Hemp Group, Inc. (CSE: GHG) (OTC: GBHPF) entered into a joint venture partnership to develop commercial hemp production and processing in New Brunswick, Canada. MCOA and GHG have now completed the first phase of hemp trials, receiving research support from the Collége Communautaire du Nouveau Brunswick (CCNB). MCOA is granted a Right of First Refusal as the primary recipient of any raw materials produced from the project, which we expect will harvest its first commercial crop of 125 acres in Q4 2018.
In July 2017, MCOA completed an investment of $250,000 into MoneyTrac Technology, Inc. ("MTT"), a subsidiary of Global Payout, Inc. (OTC: GOHE) in exchange for 15% equity position in the company, to help establish and market MTT as an alternative banking solution for the Cannabis industry. MTT currently has the ability to integrate and streamline electronic payment processing such as E-wallet, mobile applications, debit cards, and credit cards. Currently, MoneyTrac Technology has strategic partnerships with top cannabis services such as GreenRush, BlazeNow, High Grade Management Group, and PotSaver, which was a majority acquisition last October."
Global Hemp Group, Inc. (OTC: GBHPF) is focused on the production and processing of hemp and cannabis, and collaboration with companies that will enable GHG to develop and implement the Hemp Agro-Industrial Zone concept. On October 10, 2017, the company and Marijuana Company of America, Inc. announced they have jointly entered into a letter of intent with Space Cowboys, Inc. for the purposes of forming a joint venture. Space Cowboys is an existing fully licensed and compliant hemp derived cannabinoid producer in Colorado. Space Cowboys is in its fourth year of operation and is in full compliance with Colorado state law and the Colorado Department of Agriculture. The business consists of both indoor and outdoor cultivation of high CBD hemp on properties in Longmont and Loveland, Colorado. Space Cowboys current hemp crops will be harvested in the latter part of October and prepared for extraction of the high value cannabinoids.
Lexaria Bioscience Corp. (OTCQB: LXRP) is a research-driven company that has developed and out-licenses its disruptive and cost-effective DehydraTECH™ technology that promotes healthier administration methods, lower overall dosing and higher effectiveness of ingestible drugs and other beneficial molecules. On December 13, 2017, the company announced the United States Patent and Trademark Office ("USPTO") has granted patent number 9,839,612 B2 for the use of DehydraTECHTM technology as a delivery platform for a wide variety of Active Pharmaceutical Ingredients including all cannabinoids including THC; fat soluble vitamins; non-steroidal anti-inflammatory pain medications; and nicotine. Lexaria also continues to advance all of its additional patent applications in various countries as it levers patent success in the USA. For example, some of the Company's patent applications have recently entered the active patent investigation phase in China, the European Union, and in Canada.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One Word 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 December 21, 2017, the company received a new permit from the Israel Medical Cannabis Agency to proceed with the safety study of their oral disintegrating tablet. The study protocol will be submitted to the Institutional Review Board at a leading Israeli academic hospital in the coming weeks. The study is scheduled to start in Q2 2018. The technology behind the Tablet is protected and provides for the ingestion of virtually any dosage of medical cannabis with a sublingual delivery mechanism, whereby the compounds are absorbed directly into the patient's blood through the oral epithelial tissue. The Tablet also enables physicians to safely and accurately gauge and monitor the dosage and treatment of each individual patient, something that is essentially impossible to do for patients who administer cannabis by smoking.
Cannabis Science, Inc. (OTC: CBIS) takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. On December 28, 2017, the company announced that its expansion plans are progressing rapidly as the final negotiations have been completed for the third medical marijuana dispensary in California. The Company is preparing the final documents now to complete integration of its third medical marijuana operations for the California market opening.
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