NEW YORK, June 29, 2017 /PRNewswire/ --
According to a report by Arcview Market Research, the legal cannabis industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, or up 34% from 2015. The 34% compound annual growth rate (CAGR) from 2014 to 2016 was driven primarily by Colorado and Washington initiating adult-use sales. The report indicates that this rate of growth will subside somewhat in 2017 to 22%, as the eight states that voted to open or expand their cannabis markets on Election Day in November 2016, will work to implement the new programs. SinglePoint, Inc. (OTC: SING), Premier Biomedical (OTC: BIEI), Medical Marijuana, Inc. (OTC: MJNA), Terra Tech Corp. (OTC: TRTC), United Cannabis Corporation (OTC: CNAB).
The report forecasts that growth will reaccelerate beginning in 2018, as adult-use sales will increase in Canada, California, and Massachusetts along with medical sales in Florida. That will grow the $6.7-billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. That 20+% annual growth rate is likely to continue for many years past 2021 as more states and countries legalize cannabis.
SinglePoint, Inc. (OTC: SING) on June 27th announced that its recently acquired DIGS Hydro subsidiary has received a major purchase order from Premier Biomedical (OTCQB: BIEI). DIGS Hydro has received the initial payment with final payment due on delivery. Based on recent discussions between the parties, Premier Biomedical plans to continue to order its supplies from DIGS Hydro, a provider of a variety of supplies and services specifically to the cannabis industry.
"This opportunity for both SinglePoint and DIGS Hydro is fantastic. We have been working very hard on making acquisitions and inside sales to boost revenues. To have this subsidiary execute on its business plan and generate major revenue for SinglePoint is exactly what we want to see. We are very excited about the second quarter financials and showing the significant revenue increase," SinglePoint CEO Greg Lambrecht states.
William Hartman CEO and Co-founder for Premier Biomedical states, "We are excited we found a supplier for the products we need. This significantly increases the company's initiatives and enables us to grow the revenue of the offerings we have. We look forward to working with DIGS Hydro and SinglePoint to continue building our relationship together."
Medical Marijuana, Inc. (OTC: MJNA) recently announced that its subsidiary Kannaway LLC, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, has added a new full-spectrum hemp oil product 'Kannaway Premium Hemp Oil Liquid' to its line of CBD hemp oil lifestyle products. Kannaway® introduced its Premium Hemp Oil Liquid for the first time on Sat., June 17, at its largest Red Carpet Event in Company history in New Orleans, La. Kannaway Premium Hemp Oil Liquid is made with a full-spectrum cannabinoid blend. Each 4 oz. bottle contains 1000 mg of CBD from non-decarboxylated and decarboxylated hemp oil - over 33 mg of CBD per serving - combined with medium-chain triglyceride oil derived from wholesome coconut oil and sustainably sourced palm oil that invigorates the system while promoting overall homeostasis.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Earlier in May, the company announced that it has launched a new 'Craft Cultivation' model to expand its cultivation capabilities, signing its first 'Craft Cultivator' in Northern California. This farm, which is approved for up to one full acre (approximately 44,000 square feet) of cannabis cultivation and uses 22,000 square feet of engineered greenhouse space, is estimated to yield approximately one metric ton of the Company's proprietary high grade 'IVXX' cannabis on an annual basis. The property is located in Honeydew, CA, in Southern Humboldt County, in an area known as the 'Emerald Triangle' that is home to some of the world's highest quality cannabis products.
United Cannabis Corporation (OTCQB: CNAB) is a pioneer in the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. On April 20, 2017, the company announced that it has entered into a Strategic Partnership with Advesa, a California Corporation ('Advesa'), to serve as its flagship product manufacturing facility in California for United Cannabis branded products and technologies, such as Prana Bio Medicinals, as well as affiliate brands Blue River and Bubbleman products.
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