NEW YORK, August 2, 2017 /PRNewswire/ --
According to a report by New Frontier Data, the legal cannabis market is projected to grow. In 2017, medical cannabis sales are forecast to reach $5.3 billion or accounting for 67% of total cannabis sales. By 2025, medical sales in currently legal states are forecast to grow to $13.2 billion, at which point medical sales will account for 55% of all sales. In comparison, adult-use sales in 2017 are forecast to reach $2.6 billion, and rising to $10.9 billion by 2025. The state of California is projected to play a major role in this market. California's legal industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. SinglePoint, Inc. (OTC: SING), MassRoots, Inc. (OTC: MSRT), American Cannabis Company, Inc. (OTC: AMMJ), OWC Pharmaceutical Research Corp. (OTC: OWCP), General Cannabis Corp. (OTC: CANN).
"Cannabis stocks significantly outperformed major indexes in 2016, fueled by speculative investment based on anticipated expansion of new legal markets. In the run up to the election, stocks increased by 207.8% and continued to rise, even with an uncertain future under the new administration. While recent comments by the Trump administration did have an initial dampening effect on the market, we have seen continued growth relative to Q4 2016 whereby cannabis stocks are still outperforming other sectors," said Giadha Aguirre De Carcer, CEO of New Frontier Data.
SinglePoint, Inc. (OTC: SING) on July 18th, the company announced, "It has hired a cryptocurrency expert to spear-head the company's initiatives to develop a payments solution for high-risk customers and the cannabis market. The company is aiming to bring a solution to test within 60 days. The company's joint venture with First Bitcoin Capital Corp will help drive this timeline and bring the solution full circle from customer to dispensary. SinglePoint and First Bitcoin Capital will work together to drive a consumer first approach. By enabling the consumer to acquire the currency first it will make for an easier transaction once at the point of sale. SinglePoint has also hired Turner, Stone and Company to finalize the company's 2016 financial audit to continue its progress toward up-listing to the OTC QB Markets.
To date, SinglePoint acquired an interest and invested in two different companies. DIGS Hyrdo and Convectium. Both companies supply products to the cannabis market. DIGS specializes in growing and cultivation consulting. Convectium provides a best in class oil filling machine, the Shark 710. Last year Convectium sold 45 machines and has already hit that number in 2017. Most recently the company hired Mark Adams a Boston Native and Harvard Graduate. Mark is an operations specialist with background in managing and developing complex growth strategies. SinglePoint executives believe this alone will drastically increase Convectiums already established momentum.
DIGS Hyrdo provides multiple products to growers and dispensaries. The company has two stores open in Southern California with plans for a third. DIGS is starting to develop a starter kit for home grow interests as well as engineer DIGS Hydro branded products which will lead to increased margins. The company has 4x revenue growth in just the first two quarters of operation. This acquisition and growth is key to SinglePoints acquisition strategy."
MassRoots, Inc. (OTCQB: MSRT) is one of the largest technology platforms for the regulated cannabis industry. The company's Apple iOS and Android mobile apps enable consumers to provide community-driven reviews of cannabis strains and products, enabling consumers to make educated cannabis purchasing decisions. Recently, the company announced that it has executed a Definitive Agreement for MassRoots to acquire Odava for cash and shares of MassRoots' common stock. Odava is an industry-leading platform technology that provides compliance, point-of-sale, and supply chain management for the cannabis industry.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. The company recently announced that it has secured its second client in the state of Arkansas. ACC will initially provide strategic planning and pre-licensing solutions for this new client, which include operational planning activities, facility conceptual design work and state application completion. ACC expects to leverage this contract to secure additional revenues through long-term consulting agreements and potential future sales of ancillary products.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP) through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. On May 31, 2017, the company and Innovation Partners (Mediq) announced an agreement for the introduction of OWCP's active cannabinoid-based topical psoriasis cream to the German market. Frankfurt, Germany-based Mediq has extensive experience, knowledge and a successful track record in enabling Israel-based companies to penetrate the European markets.
General Cannabis Corp. (OTCQB: CANN) is the comprehensive resource for the highest quality services available to the regulated cannabis industry. On June 09, 2017, the company announced the acquisition of GC Finance Arizona, LLC ('GC Arizona') from Infinity Capital West, LLC. GC Arizona owns two primary assets: 1) a 50% LLC membership interest in DB Products Arizona, LLC ('DB Arizona') and 2) a secured promissory note with DB Arizona in the amount of $825,000, plus accrued interest. General Cannabis paid $106,001 for the acquisition of GC Arizona. DB Arizona produces and distributes medical marijuana infused products in the state of Arizona. The vast majority of DB Arizona's products to date have been Dixie Brands Inc.'s full line of medical cannabis 'Dixie Elixirs and Edibles.' DB Arizona began production in the fourth quarter of 2016. During the first quarter of 2017, gross revenues for DB Arizona were approximately $194,000.
Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information:
Media Contact: email@example.com