PALM BEACH, Florida, September 21, 2017 /PRNewswire/ --
Legal Cannabis, Hemp and Marijuana markets are expanding and growing a rapid pace whereas industry professionals are reporting that sales growth potentials are reaching new highs every day. The Hemp Business Journal estimates the total retail value of all hemp products sold in the U.S. alone to be at least $688 million for 2016 as well as The Marijuana Business Daily's newest report, "Marijuana Business Factbook 2017," is forecasting that legal U.S. cannabis sales could soar by approximately 300% to around $17 billion annually by 2021. Active companies in the market today includes: Future Farm Technologies Inc. (OTC :FFRMF ) (CSE: FFT), Isodiol International Inc. (OTC :ISOLF ) (CSE: ISOL), Radient Technologies Inc. (TSX-V: RTI), SugarMade, Inc. (OTC :SGMD ), Amfil Technologies Inc. (OTC :AMFE ).
Future Farm Technologies Inc. (OTCQB: FFRMF) (CSE: FFT.CN) is pleased to announce a new joint venture with Cannatech LLC, a Massachusetts cannabis consulting company. This joint venture will grow, research, develop, and sell premium hemp extracts that contain a broad range of cannabinoids and natural hemp derivatives. Cannatech has done pioneering work with hemp by growing high CBD strains, which have tested in the 15-26% range, while staying compliant with state and federal laws.
Hemp is a smaller, but fast growing, closely related business to the cannabis business. According to Hemp Business Journal, total retail value of hemp products sold in the U.S. in 2016 was $688 million, and sales of hemp CBD products boosted the industry to a five year 22% CAGR. The same group estimates the hemp industry will grow to $1.8 billion by 2020 in the USA. Read this and more news for Future Farm at: http://www.marketnewsupdates.com/news/ffrmf.html
As part of this joint venture agreement, Cannatech will provide Future Farm with multiple compliant hemp strains that test in the 'high' CBD percentile. It will also provide hemp strain lineage and breeding options to better develop hemp strains that thrive in the southeastern United States. The joint venture plans to grow in the state of Florida, where Future Farm already owns 15-acres of land and is working towards closing on another 10-acres.
Florida is the latest state to pass legislation allowing for the growing of hemp. Earlier this month, Gov. Rick Scott signed the Industrial Hemp Pilot Projects bill (Senate Bill 1726) into law. The bill gives Florida A&M University (FAMU) and the University of Florida permission to conduct research pilot projects on growing and selling hemp. "This joint venture continues Future Farm's goal to position itself as a leader in the two most valuable and fastest growing crops in the world: cannabis and hemp," comments William Gildea, CEO of Future Farm. "We will leverage the same oil extraction equipment and techniques in Florida as we have learned in California, where we have already started processing hemp into CBD oil and cannabis into THC oils."
This week's top performers and additional developments in the industry:
Isodiol International Inc. (OTC :ISOLF ) (CSE: ISOL.CN) closed up over 37% on the CSE Canadian Exchange on Wednesday at $0.33 trading over 2.3 Million shares by the market close as well as up over 29% at $0.2559 on the OTC Markets. Isodiol International, a global cannabinoid innovator specializing in the development of pharmaceutical and consumer products announced earlier this month that it is proud to be launching a new Phytoceutical Division that will focus on cannabinoids and terpenes derived from non-cannabis sources. Proprietary extraction methods ensure that the cannabinoids and terpenes will not be denatured during extraction and this process will provide another superior product in the Isodiol offerings.
Radient Technologies Inc. (TSX-V: RTI.V) closed up over 9% on the TSX Venture Exchange on Wednesday at $0.57 trading over 2.8 Million shares by the market close as well as close up over 14% at $0.467 on the OTC Markets. Radient extracts natural compounds from a range of biological materials using its proprietary MAP™ natural product extraction technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its initial 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves leaders in industries that include the pharmaceutical, food, beverage, natural health, personal care and cannabis markets.
SugarMade, Inc. (OTCQB: SGMD) closed up over 10% on Wednesday trading over 5.6 Million shares by the market close. Sugarmade, Inc. and Plantation Corp., announced yesterday important breakthroughs in long-term cannabis storage. Laboratory research has produced an optimum proprietary packaging atmosphere that will allow long-term storage of cannabis in the new BudLife containers. The management teams of both companies consider this research breakthrough to be highly significant to the emerging cannabis industry.
Amfil Technologies, Inc. (OTC :AMFE ) closed up over 8% on Wednesday at $0.1739 trading over 2.1 Million shares by the market close. Amfil Technologies announced this week the commencement date for Snakes & Lattes Game Nights at the Rec Room Toronto Roundhouse, beginning October 16th, 2017. The series of events, managed by Snakes & Lattes, will bring weekly board game nights to the Rec Room Toronto Roundhouse. On Mondays, from 7 PM - 11 PM EST, Rec Room guests are invited to take part in board gaming from a select library of titles curated and overseen by Snakes & Lattes Game Gurus.
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