NEW YORK, February 21, 2017 /PRNewswire/ --
The cannabis market is experiencing significant growth due to the accelerating pace of cannabis legalization in the United States. According to a research report published by Technavio, the global legal cannabis market will grow at an impressive CAGR of around 37% between 2016 and 2020. The report indicated that rapid adoption of cannabis by individual consumers as well as economic benefits of legalizing cannabis are some of the pivotal factors that drive the growth in the market. Petrone Worldwide, Inc. (OTC: PFWI), Medical Marijuana Inc. (OTC: MJNA) Marijuana Company of America Inc. (OTC: MCOA), Terra Tech Corporation (OTC: TRTC), American Cannabis Company Inc. (OTC: AMMJ)
The report also indicated the several other benefits of legalizing cannabis: "The high tax revenues from the purchase of marijuana for recreational purposes have led governments of various countries to legalize marijuana. The legalization of marijuana for recreational purpose will increase at a rapid pace with the increasing number of countries allowing the possession of a limited quantity of marijuana. Such developments have propelled vendors to come up with legal recreational cannabis stores, which will further propel the growth of this segment in the coming years."
Petrone Worldwide, Inc. (OTCQB: PFWI) just announced this morning that, "the Company is in the process of entering the cannabis market in the very near future. PFWI will use their extensive knowledge of transportation and logistics to facilitate the worldwide delivery of cannabis related products.
Victor Petrone, CEO and founder of PFWI, says, "Petrone Worldwide has been contemplating entering the cannabis market for several months and we feel that now is the time to make our move. After recent legalization votes passed in various states, we feel that this will only open the door for more cannabis related products that need to be shipped all over the world. This is merely a diversification of what Petrone Worldwide currently does and it will surely boost not only Company revenues, but also long-term shareholder value."
Petrone Worldwide, Inc. will continue to update both the public and shareholders as the Company makes this exciting transition into the cannabis market."
Development-stage company that operates in cannabis and industrial hemp, Medical Marijuana Inc. (OTC: MJNA) owns 100 percent of HempMeds® Brasil. HempMeds® Brasil currently has three cannabis products approved for importation into Brazil as a prescription medication. The company had the first-ever cannabis product allowed for import into Brazil and its products are currently subsidized by the Brazilian government, under their health care system. As of 2015, ANVISA has allowed cannabidiol treatments for any medical condition a doctor sees could help the patient. HempMeds® Brasil has had doctor prescriptions for Epilepsy, Parkinson's, Alzheimer's, Cancer, Autism, Multiple Sclerosis and Chronic Pain to date and is working on additional approvals for multiple indications.
Innovative cannabis and hemp marketing and distribution Company, Marijuana Company of America Inc. (OTC: MCOA) announced it has entered into a non-binding Letter of Intent while performing due diligence to finalize a joint venture agreement with Bougainville Ventures, Inc. for the purpose of housing tenant growers engaging in the cultivation, processing and commercial availability of legal marijuana in the State of Washington. "We are looking forward to getting seed in the ground and ramping up this partnership with Andy Jagpal and Bougainville Ventures. This partnership further strengthens our supply chain and enables MCOA to produce the highest quality products at the lowest possible prices," said President and Chief Executive Officer, Donald Steinberg.
Vertically integrated cannabis-focused agriculture company, Terra Tech Corporation (OTCQX: TRTC) operates through two segments: Hydroponic Produce and Cannabis Products. The Company, through its subsidiary, GrowOp Technology Ltd., is engaged in the design, marketing and sale of hydroponic equipment. It is also a retail seller of locally grown hydroponic produce, herbs, and floral products through its subsidiary, Edible Garden Corporation. It intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm LLC. Through its subsidiary, IVXX, Inc., it produces and sells a line of cannabis flowers and cigarettes, among others. The hydroponic produce segment consists of Edible Garden's business and operations.
Provider of consulting and product solutions for the medical, adult use and low-THC regulated cannabis markets both nationally and internationally, American Cannabis Company Inc. (OTCQB: AMMJ) has secured its sixth client in Pennsylvania. The Company will work with this client to plan, deploy and remotely oversee the client's retail dispensing, cultivation and infused product manufacturing operations within the city of Philadelphia. Furthermore to the Company's consulting engagement, the Company will also be taking an equity interest in the client's project and operations. "We are excited to be working with this particular client, as well as collaborating with them by taking an equity position in their business. The Company is actively exploring the development of hybrid relationships like this, that generate both consulting revenues and the opportunity for recurring profits from our equity interest. We feel that this new strategy will provide a beneficial long-term value to both our clients and our shareholders," said Chief Executive Officer of American Cannabis Company, Terry Buffalo.
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