PALM BEACH, Florida, May 9, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The race is on for companies in the Hemp, CBD markets to make the newest and highest quality hemp cannabidiol (CBD) products available on the market today while consumer demand rises much more quickly than anticipated. CBD ingredients and products are exploding as the demand for hemp and CBD products in the U.S. grow in popularity. Market projections from Hemp Business Journal released at this year's Natural Products Expo West trade show estimated that the U.S. hemp industry will be worth $1.8 billion by 2020 and that the market for CBD alone has doubled in size over the past two years, equaling $200 million today. Although the hemp retail space is somewhat crowded and competitive manufacturers will quickly discover how vital the ingredients are for influencing both the mind and body. According to an article published by Forbes, last Friday Minority Leader Chuck Schumer (D-NY) announced that he's signing on as a cosponsor of a hemp legalization bill introduced last month by Majority Leader Mitch McConnell (R-KY). Advocates are hopeful that the teaming up of the usually quarreling party leaders on hemp bodes well for further cannabis reforms. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC: MCOA), Hemp Inc. (OTC: HEMP), Medical Marijuana Inc. (OTC: MJNA), Puration, Inc. (OTC: PURA), GrowLife, Inc. (OTC: PHOT).
Marijuana Company of America, Inc. (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that is has signed a Joint Venture Agreement (the "Agreement") with GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC: GBHPF) to cultivate legal high yielding CBD from industrial hemp at its recently acquired 109 acre farm (see news release of May 1, 2018) in Scio, Oregon.
Pursuant to the terms of the Agreement, MCOA and GHG (the "Partners") will jointly invest a total of US$1.2 million in the development of the project in 2018. Funding for the project will be done on a 50/50 basis.
TTO Enterprises Inc. ("TTO") will manage and be responsible for the entire Scio project, and will also provide consulting services to the Partners' 125-acre joint venture hemp farm operations in New Brunswick, Canada. TTO's expertise includes genetics development, selection and management, planting and harvest scheduling, clone management, field preparation, field set and field management strategies.
MCOA and GHG will continue to develop a robust North American joint venture relationship focused on hemp. The Partners initially joint ventured on hemp trials in New Brunswick Canada during 2017, which has now expanded to 125 acres of commercial production for 2018. This partnership has now expanded into the United States with the addition of the Scio, Oregon project. The Companies will continue to seek additional hemp cannabinoid production opportunities across the United States and Canada.
Don Steinberg CEO commented, "We are really proud of the hard work our partners have put into this project, as we continue to execute this portion of our overall business plan. Activities such as these clearly put MCOA as a top line producer in the legalized hemp and processing arena". Read this and more news for MCOA at http://www.marketnewsupdates.com/news/mcoa.html
In the industry developments and happenings in the market this week include:
Hemp, Inc. (OTC: HEMP), a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, announced yesterday that the Company was recognized by financial news outlet TheStreet. The article "How to Invest in Cannabis - In Its Many Forms" published on May 7, 2018, follows recent news that Minority Leader Chuck Schumer (D-NY) announced that he is signing on as a cosponsor of a hemp legalization bill introduced last month by Majority Leader Mitch McConnell (R-KY). "If you want to invest directly in the production of cannabis, there's actually a way to do that," writes TheStreet. "Hemp Inc. (HEMP) has been around since 2008 and seeks to be a one-stop shop for hemp production. Growing it, extracting ingredients from it, fiber processing, even selling products made for the maintenance of hemp.
Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, yesterday announced that its subsidiary Kannaway® has introduced "Cannabis Beauty," a new line of anti-aging skincare products for its European customers. The collection is available to all citizens of European Union (EU) member nations as well as other countries outside of the EU. The products in the collection are made from proprietary formulas that are safe, effective and toxin-free. Their formulas do not contain artificial foaming agents, sulfates, preservatives, parabens, dyes or fragrance. Each product is intended for all skin types.
Puration, Inc. (OTC: PURA) yesterday issued a reminder about the company's schedule shareholder update on Thursday this week, May 10th to provide details on the Canadian business acquisition expected to close today. The acquisition is the cornerstone of the company's plan to establish a cannabis cultivation operation for the recreational marijuana market expected to be legalized nationwide in Canada this summer. Puration's plan's for Canada also include an expansion of the company's cannabis infused beverage business with the introduction THCSavor, a THC infused beverage. A link to the on-demand presentation will be published on Thursday.
GrowLife, Inc. (OTCQB: PHOT), one of the nation's most recognized indoor cultivation product and service providers, yesterday announced that it has promoted Lauren Schmitt to Vice President of the company's Consumer Division, which includes management of the company's e-commerce sales platform in both the United States and Canada. "After working with Lauren for over five years, we are extremely confident that we have found the perfect addition to our leadership team to help facilitate further expansion of our direct to consumer sales channel," said GrowLife CEO Marco Hegyi. "We have seen a major uptick in sales through our direct-to-consumer channels servicing the rapidly expanding indoor cultivation market under Lauren's leadership. She completely understands the industry and our products as well as possesses the necessary skills to drive our team to maximum efficiency."
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