Legal Cannabis Sales Proving to Stay Popular
FinancialBuzz.com News Commentary
Aug 17, 2017, 09:00 ET
NEW YORK, August 17, 2017 /PRNewswire/ --
According to a report by Arcview Market Research, sales of legal cannabis products are projected to top $20.2 billion by 2021 in North American alone at a compound annual growth rate of 25%. The report mentions Canada as it moves towards implementing legislation to legalize cannabis for recreational use. Arcview's editor-in-chief, Tom Adams stated according to Forbes, "The only consumer industry categories I've seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990's and the broadband Internet (29%) in the 2000's." Global Payout, Inc. (OTC: GOHE), SinglePoint, Inc. (OTC: SING), CV Sciences, Inc. (OTC: CVSI), Medical Marijuana, Inc. (OTC: MJNA), Greengro Technologies Inc. (OTC: GRNH).
The report points out how economically beneficial retail cannabis sales were in states that legalized the products for medical and recreational use. "Sales taxes in state-sanctioned cannabis markets totaled more than $500 million in 2016 in Colorado, Washington, and Oregon alone, and $836 million since adult-use sales began in 2014. Nearly 1.9 million North Americans are legally using cannabis to manage conditions as severe as polymorphic seizures and as common as chronic pain, while millions more are consuming it legally in adult-use states with little or no negative impact," according to the report.
Global Payout, Inc. (OTC: GOHE) recently announced that its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC"), has completed an agreement with H Smart Inc. (a division of Marijuana Company of America, "MCOA"), a developer and distributor of innovative wellness and Cannabidiol ("CBD") products, for the use of MTRAC's financial technology platform. The technology available in MTRAC's platform, via software developed and provided by Virtu Network Solutions, will be utilized by H Smart for payment of commissions to H Smart's affiliates. GOHE projects that these load payments and bank account transfers will generate substantial revenue to MTRAC that will be realized this fiscal quarter.
H Smart will provide MTRAC with a pivotal opportunity to enter into the emerging CBD market, which according to information provided by the Hemp Business Journal, is estimated to grow to a $2.1 billion market in consumer sales by 2020, representing a 700% increase from 2016. MoneyTrac COO, Vanessa Luna says, "This agreement with H Smart is another example of MoneyTrac's ongoing commitment of identifying businesses in alternative market sectors that can benefit immensely from the financial technology solutions our platform is equipped with. We are very excited to be given the opportunity to integrate our technologies into this rapidly-growing CBD market, and look forward to becoming a valuable resource to H Smart as they work to expand their market reach within the Wellness Industry."
Robert Hymers, CEO of H Smart says, "H Smart's core mission is to provide educated consumers with access to the highest quality CBD technologies and products. The financial technology solutions that MoneyTrac will deliver will help create the most efficient transaction process for our affiliates who will be at the forefront of marketing our innovative wellness and CBD products to consumers."
The Company expects for MTRAC to continue identifying and extending their technology platform to the many businesses currently operating in alternative market sectors, all while growing revenues and building value for its shareholders.
SinglePoint, Inc. (OTC: SING) is a full-service mobile technology provider. SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry. On June 27th, the company announced that its recently acquired DIGS Hydro subsidiary has received a major purchase order from Premier Biomedical. William Hartman CEO and Co-founder for Premier Biomedical stated, "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."
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. On July 20th, CV Sciences announced a recent clinical study using pharmaceutical grade cannabidiol (CBD) which suggests that CBD may be effective in blunting the rise in blood pressure associated with stress. A June 2017 report published in the Journal of Clinical Investigation Insight stated, "A single dose of cannabidiol reduces blood pressure in healthy volunteers in a randomized crossover study."
Medical Marijuana, Inc. (OTC: MJNA) announced on August 1st that its subsidiary Kannaway achieved its largest revenue in a single day on July 25th. Sales on July 25th were given a boost, thanks in large part to a promotion the company was running on CBD hemp oil product packages that allowed customers to save big on Kannaway's popular products. "Kannaway's revenue has grown for 16 consecutive months, and we anticipate July revenues will surpass June," said CEO Blake Schroeder of Kannaway's remarkable achievement. "We look forward to setting new records as our company continues to grow and enter new markets."
Greengro Technologies Inc. (OTC: GRNH) is a provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. The company brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. On July 10th, Greengro Technologies announced that its majority-owned subsidiary Biodynamics, LLC, Akron, Ohio, has been awarded a contract to sell a branded photovoltaic (PV) solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, LLC, an Ohio-based greenhouse company. "We are very pleased to be moving forward with the vegetable-growing sector of our operations," said Greengro Technologies CEO James Haas. "Our indoor growing technologies have enormous potential across many types of agriculture applications and we expect to become a major competitor in the space."
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