NEW YORK, December 8, 2017 /PRNewswire/ --
According to a report by New Frontier Data, medical cannabis sales in 2017 are forecast to grow to $5.3 billion, which represents 67% of total cannabis sales. The report estimates that by 2025, medical sales in current legal states are forecast to grow to $13.2 billion, which will account for 55% of total cannabis sales. Adult use sales in 2017 are forecast to reach $2.6 billion, or rising to $10.9 billion by 2025. New Frontier also points out that cannabis sales in the state of California alone are projected to reach $2.8 billion in 2017 and $6.6 billion by 2025, with a compound annual growth rate of 12% over the next eight years. Micron Waste Technologies Inc. (OTC: MICWF), United Cannabis Corp. (OTC: CNAB), mCig, Inc. (OTC: MCIG), General Cannabis Corp (OTC: CANN), Vitality Biopharma, Inc. (OTC: VBIO)
A survey conducted by Marijuana Business Daily reveals that over 40% of cannabis business owners are planning to take their companies into a new market within the next year. According to the survey business owners intending to expand their operations as, "the vast majority have identified opportunities in both the medical and recreational markets. With sales continuing to grow rapidly in mature recreational cannabis industries like Colorado and Washington state - and promising new medical markets such as Maryland, Ohio and Pennsylvania set to come online in the near future - it's perhaps not surprising that many entrepreneurs are looking to expand into both medical and adult-use markets."
Micron Waste Technologies Inc. (OTC: MICWF) also listed on the Canadian Stock Exchange under the Ticker 'MWM'. Yesterday the company announced breaking news that, "it is taking steps to advance its proprietary technology to treat the organic waste from medical cannabis cultivation on-site and in an environmentally friendly and cost-efficient manner.
Micron will develop an organic waste bioprocessing system targeted specifically towards handling medical cannabis organic waste materials, including leaves, twigs and stalk. The Company is testing a new type of nanocrystal that would be used in its proprietary 4 cycle filtration process. The nanocrystals are expected to further breakdown medical cannabis organic waste so that it can be turned into "gray water" and then later into clean water.
Micron's Medical Cannabis Organic Waste Digester will be developed to handle the following waste from cultivation sites: - Waste from solid plant material, whether a usable plant trim or flower or unusable plant material, such as stalks, roots, or soil; - Any plant waste or extract that is not being used, because it does not meet quality assurance or has been contaminated in some way that would make it unusable in a safe and medical capacity; and - Liquids or water that could contaminate ground water due to pesticide use.
Whether professional growers are producing dried buds or collecting resin for extraction, the steps of harvesting and processing creates by-products and waste that must be disposed of according to all applicable regulations. Growers must be aware of and comply with the comprehensive regulatory scheme enacted by governing bodies to ensure that environmental protections and safety are in place. Proper waste disposal regulations apply whether the grow operation is a caregiver for a few patients or a large-scale facility that supplies dispensaries. The legal responsibility is on growers to ensure proper disposal.
Waste disposal regulations have been slowly adopted and are being constantly updated through piecemeal legislation. This complex legal framework makes any generalizations about disposal requirements for growers difficult, because compliance must be followed on a federal, provincial/state and municipal level, and it varies widely."
"This is a valuable opportunity to bring together research and development efforts from both Micron Waste and our development partners to deliver an urgently needed organic waste treatment system for the medical cannabis cultivation industry that meets Health Canada Cannabis Waste disposal requirements," said Dr. Bharat Bhushan, Chief Technology Officer of Micron Waste."
United Cannabis Corp. (OTCQB: CNAB) recently announced that Jamaica's Ministry of Health has registered its Prana CBD-Infused Water as a medicinal cannabis product. The Prana Water will be manufactured and distributed by the Company's Jamaican subsidiary, Cannabinoid Research & Development Limited ("CRD"), which has already begun preliminary work to initiate production of other United Cannabis products in Jamaica, including its Prana P5 Hemp Bio Nutrient Capsules, Aromatherapy Roll-On, and Sublingual Drops. This approval strengthens the Company's competitive advantage by giving it access to other markets, including Canada, Australia, and New Zealand, which are approved for the purchase of hemp-based products from Jamaica.
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. Recently, the company announced that the company has entered into an agreement between OBITX, Inc., formerly known as GigeTech, Inc., a wholly owned subsidiary of MCIG and FlameNetworks to implement the proprietary eHesive Advertising Network with an Exclusive territory as an EU partner. This partnership and exclusive enterprise relation, goes inline with its global cannabis outreach and partnered initiatives, throughout North America, in United States, Mexico and Canada, and its international progress in Germany, Spain and Australia. The eHESIVE Cannabis Network offers a higher return than that of other ad networks with affiliate commissions paid dependent on the desired ads and networks.
General Cannabis Corp (OTCQB: CANN) is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. On November 07, 2017, the company announced financial results for the quarter ended September 30, 2017. For the three months ended September 30, 2017, the company reported our highest quarterly revenues on record of approximately $980,000, representing an increase of 21% in total revenues when compared to the three months ended September 30, 2016. "Next Big Crop continues to generate record revenues in 2017," said Robert Frichtel, Chief Executive Officer of General Cannabis. "With the expanded legalization of medical and recreational cannabis in numerous states, Next Big Crop's services are in high demand to assist companies submitting applications to acquire licenses, and to provide operational consulting and products."
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. On November, the company announced completion of pivotal manufacturing agreements that enable the production of clinical-grade cannabinoid pharmaceuticals at its R&D facilities in California. Over the past several years, Vitality Biopharma has developed and optimized a novel biosynthesis process that is now being used for the production of cannabinoid pharmaceuticals. The manufacturing process was created to modify the taste of stevia, a high-potency sweetener, and was designed for the production of kilogram or larger quantities of stevia destined for use within food and beverage applications. Vitality Biopharma has now repurposed its R&D and manufacturing operations to enable pharmaceutical-grade production of cannabosides.
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