FinancialBuzz.com: The Growth of Legal Cannabis Markets and Tax Revenues
NEW YORK, March 10, 2017 /PRNewswire/ --
The U.S. could see significant economic benefits from the expanding legal cannabis markets. According to the Cannabis Industry Annual Report published by New Frontier Data, the legal cannabis market is projected to reach $24.1 billion by 2025 and could generate $2.3 billion in state tax revenue from retail sales by the year 2020. The estimate is based on the assumption that the number of legal states remains the same and all states continue their projected growth. As the pace of cannabis legalization in the United States accelerated in recent years, the legal cannabis market could become a major driver for the economy. Endexx Corporation (OTC: EDXC), Cannabis Science Inc. (OTC: CBIS), Hemp Inc. (OTC: HEMP), Surna Inc. (OTC: SRNA), Mountain High Acquisitions Corp. (OTC: MYHI)
New Frontier Data, CEO, Giadha Aguirre De Carcer said: "During this tough economy, states are looking for any way to close their budget shortfalls and it appears that cannabis may hold an answer for them. New Frontier Data looked at the potential revenues that could be generated from state cannabis taxes and found that in this year alone, states could raise nearly $750 million and triple that number by 2020. These revenues will have a meaningful impact on state programs and provide governors with much needed breathing room in their budgets."
Endexx Corporation (OTC: EDXC) provides innovative inventory management and technology solutions. Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids.
On March 6th Endexx Corporation announced, 'that it has closed on its acquisition of Phyto-Labs LLC. In late October 2016, Endexx announced that it had entered into a Memorandum of Understanding (the "MOU") to acquire Phyto-Labs, LLC., the owner of Amrita™, and their proprietary formulas for flavored CBD beverages. Endexx markets distributes a unique line of CBD products including oils, tinctures, isolates, capsules and pet products, through its online presence and a national distribution and food broker network under the CBD Unlimited brand. With the acquisition of Phyto-Labs, Endexx will be able to further develop proprietary formulas for flavored CBD beverages which are projected to distribute 32,000 bottles per month in 2017/2018.'
In the press release Endexx Corporation states that, 'The acquisition of Phyto-Labs creates a vertical integration that strategically allows us to increase our margins and strengthen our position as the leader in the CBD products industry. This is a synergistic opportunity that will complement our already existing product offerings and allow us to manufacture and generate sales at a much greater capacity. We have already seen a significant increase of it in the first calendar quarter as compared to last quarter and we expect to continue riding this momentum, while accommodating the high demand for our products. The acquisition also secures a leading role as a national supplier of isolate additives. The supply chain is now secure.'
Cannabis Science Inc. (OTC: CBIS) specializes in the development of cannabis-based medicines. Recently the company announced the projected delivery of the company's first of its pre-designed greenhouses with full tracking and reporting protocols to be delivered this week for operations in California and Nevada. "Having control over our own supply chain will greatly increase our efficiencies, including the time and cost required to have processed product readily available for development into all our formulations. We will soon launch our observational studies for specific cannabinoid combinations targeting critical ailments. We will be growing a variety of cannabinoid combinations for our formulations and testing. Each formulation is designed to target a specific critical ailment; to work using a particular delivery mode; and to have the potency to drive maximum positive results in patient usage," stated CMO Dr. Allen Herman.
Hemp Inc. (OTC: HEMP) is focused on industrial hemp industry. The Company is also focused on various green sustainable products that industrial hemp offers to the world. The Company, through its subsidiary, Industrial Hemp Manufacturing, LLC, produces Lost Circulation Material (LCM) and spill absorbents for the oil and gas industries. Industrial Hemp Manufacturing, LLC focuses on DrillWall and Spill-Be-Gone. DrillWall is a non-toxic, biodegradable drilling fluid additive used in oilfield drilling applications. Spill-Be-Gone is made from the inner core particles (hurd) of kenaf and hemp plants. Spill-Be-Gone can be used for emergency oil spill cleanup. It can also be used in automotive repair shops to keep garage floors free of oil, or manufacturing plants to keep oil spills from machinery posing a danger to workers on the job. Its SpillSuck is designed for use in applications, such as auto repair garages, the decks on oil drilling platforms and manufacturing plants.
Surna Inc. (OTCQB: SRNA) engineers and manufactures innovative technology and products that address the energy and resource intensive nature of indoor cultivation. Surna's current focus lies in supplying industrial solutions to commercial indoor cannabis cultivation facilities. March 8th the company announced the completion of a $2,225,000 private placement of 13,906,250 equity units at a price of $0.16 per unit. Each unit consisted of one share of common stock and a three-year warrant exercisable at $0.26 per share. "We believe the ability of the company to rapidly complete a private placement at a modest discount to the current market price demonstrates the confidence of our shareholders and the investment community in our organization and our business plan," said Surna CEO Trent Doucet. "Coupled with the recent elimination of 95% of our long-term debt, this financing further strengthens our balance sheet. We are now financially positioned to aggressively pursue our vision for growth and to meet the rapidly increasing market opportunities we are seeing in both the U.S. and international markets."
Mountain High Acquisitions Corp. (OTCQB: MYHI) is a holding company focused on the commercial hemp and CBD products industries. Earlier in 2016 the company announced that a 'Think Tank' has been assembled to assist the Company in a comprehensive restructuring through development of new strategic business and bridge financing plans. The first acquisition for Mountain High in the commercial hemp and CBD market was GreenLife BotaniX, Inc.
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