NEW YORK, April 4, 2017 /PRNewswire/ --
FinancialBuzz.com News Commentary
The legal cannabis market is one of the fastest growing industries in the United States, despite the mixed signals from the new government administration. According to a report published by Arcview Market Research, the U.S. cannabis market is expected to reach $22.6 billion in 2021, with a 27 percent compound annual growth rate during the forecast period. Growing acceptance of cannabis, for either medical or recreational use is the major factor that has led to a surge in the market. Medical cannabis is now legal in more than half of states in the U.S., while eight states have legalized recreational cannabis. SinglePoint, Inc. (OTC: SING), Surna Inc. (OTC: SRNA), Mountain High Acquisitions Corp. (OTC: MYHI), Cannabis Science, Inc. (OTC: CBIS), Medical Marijuana, Inc. (OTC: MJNA)
Troy Dayton, CEO of Arcview Market Research, said: "While the uncertainty created by the mixed signals coming out of the administration may cause a temporary dip in some valuations of cannabis companies and some more risk-averse institutional investors and multinational companies may continue to stay on the sidelines, it won't impact the growth of the market much at all. No matter what the administration does, states will continue to issue cannabis licenses to a long line of applicants, and licensed cannabis outlets will continue to have long lines of consumers ready to purchase this product from regulated establishments."
SinglePoint, Inc. (OTC: SING) on March 14th announced, that it has closed its first round of funding to acquire a portion of Jacksam Corp., DBA Convectium, the developer of a unique oil filling system poised to revolutionize the cannabis market. Convectium projects full-year 2017 sales of $3.5 million, a triple-digit increase over the year prior. The acquisition represents the first of many strategic investments SinglePoint intends to make to diversify its revenue streams in the multi-billion dollar cannabis industry.
"We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium," states SinglePoint CEO, Greg Lambrecht. "With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws."
Surna Inc. (OTCQB: SRNA) develops and markets novel energy and resource-efficient solutions, including the company's signature water-cooled climate control platform, which meet the highly specific demands of the cannabis industry for temperature, humidity, light and process control. Surna's solutions aim to improve the efficiency, reliability, and overall yield of controlled environment agriculture (CEA). On February 28th, 2017, Surna signed a contract with Vancouver's Sante Veritas Therapeutic to design and provide equipment for the environmental control system in its first commercial cultivation facility. Surna expects to ship and recognize revenue of $835,000 in the third quarter of 2017.
Mountain High Acquisitions Corp. (OTCQB: MYHI) is a diversified holding company focused on the acquisition and development of businesses within the hemp and CBD nutraceutical sectors. On June 15th, 2016 Mountain High Acquisitions Corp. 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.
Cannabis Science, Inc. (OTC: CBIS) provides novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. The company specializes in the development of cannabis-based medicines. On March 27th, 2017 the company announced that it has substantially increased its production for its self-medicating patient product line distributed through cannabis dispensaries in California.
Medical Marijuana, Inc. (OTC: MJNA) is a premier cannabis and hemp industry innovator, with a team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. On March 30th, 2017, it announced that its subsidiary HempMeds® Brasil will hold the Country's first-ever symposium, dedicated to providing the Brazilian medical community with information about the medical value of cannabidiol (CBD) and how to legally import CBD into the country for patients. The symposium will take place on April 4 in Rio de Janeiro, and is part of the Company's goal to educate health professionals on the therapeutic uses of cannabis and will feature renowned medical experts and pioneers in the field, like Dr. Saul Garza Morales, pediatric researcher and neurologist in Mexico and Chief Executive Officer of Medical Marijuana, Inc., Dr. Stuart Titus. Both will share on the specific therapeutic benefits of CBD, as well as gaining access to medical cannabis for improving health and quality of life.
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