NEW YORK, August 22, 2017 /PRNewswire/ --
According to a report by Grand View Research, the global medical cannabis market is projected to reach a value of USD 55.8 billion by 2025. After the elections of 2016, Washington D.C., along with 28 states have legalized cannabis for medical use. The growing number of states and countries receiving approval for use in therapeutic applications are one of the crucial factors driving the demand over the next few years. Grand View Research indicates that several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act, will require individuals or companies to obtain permission and also an annual state license from 2018. Companies such as growers, retail operators, and makers of processed pot products will be focused on, and an increasing number of issued licenses are also among factors helping to drive the market. SinglePoint, Inc. (OTC: SING), Cannabis Science, Inc. (OTC: CBIS), Hemp, Inc. (OTC: HEMP), American Cannabis Company, Inc. (OTC: AMMJ), mCig, Inc. (OTC: MCIG).
Arcview Market Research forecasts that growth in the legal cannabis industry will reaccelerate beginning 2018, as recreational sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. These developments will grow the $6.7 billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. Arcview includes 30 states plus Canada with active legal markets by 2021 in its model.
SinglePoint, Inc. (OTC: SING) on August 8th announced that its purchase of $Weed which is one of the newest fiat currencies floated in the booming Cryptocurrency markets. The large block purchase is from crypto industry leader, First Bitcoin Capital (OTC: BITCF). After many months of collaboration, the two companies have decided this initiative is the starting point for a much larger play in the cryptocurrency markets. Weed 'Coin' is a crypto currency geared toward solving the payment problems found in the cannabis industry. The coin recently had its ICO launch resulting in an impressive yet illiquid market cap of close to $60,000,000.
Currently WeedCoin is already listed on three exchanges. SinglePoint and First Bitcoin Capital, plan to list and market the coin on many more exchanges soon. Additional listings and marketing efforts could generate greater interest levels found in such competitors as PotCoin as part of a partnership to move towards a massive consumer first approach. The consumer first approach overcomes the traditional issues of making a payment at dispensaries using cryptocurrencies.
A big barrier in making a payment at cannabis retail stores using cryptocurrency is the consumers do not yet have a wallet set up. This takes time and slows down this entire process. SinglePoint and First Bitcoin Capital plan to invest heavily in getting the consumers to sign up first, making sure they have the ability to quickly go in and make a purchase from a dispensary, painlessly. The consumer approach also lets the companies build in multiple programs such as loyalty, special offers, and the ability to track what kinds of products people are buying, which leads to a massive database of what is popular, how much it is being sold for on average and many more insights to the cannabis industry.
Cannabis Science, Inc. (OTC: CBIS) works with leading experts in drug development, medicinal characterization, and clinical research to develop, produce, and commercialize novel therapeutic approaches for the treatment for illnesses caused by infections as well as for age-related illness. On August 16th, Cannabis Science and Free Spirit Organics Native American Corporation, announced the initial harvesting of approximately 60 acres of industrial hemp on San Joaquin Sovereign Tribal Fee land MBS, California.
Hemp, Inc. (OTC: HEMP) updated earlier this year to shareholders that its wholly owned subsidiary, Industrial Hemp Manufacturing, LLC, in Spring Hope, NC, has signed a Letter of Intent with Mullen View Farms and one with John Finch Farms in North Carolina. According to the signed LOI with Mullen View Farms, IHM will purchase 1,000 acres of raw hemp that is to be harvested at various locations throughout eastern North Carolina, this year. The signed LOI with John Finch Farms stipulates IHM shall purchase 500 acres of raw hemp stock from John Finch Farms. As with Mullen View Farms, the raw hemp is to be harvested at various locations throughout eastern North Carolina, this year.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. The company utilizes its industry expertise to provide business planning and market assessment services, assist state licensing procurement, create business infrastructure and operational best practices. On August 15th, it announced that it has secured a client in the state of California. This client seeks to acquire a license that will permit them to dispense medical cannabis to patients. ACC has been contracted to complete operational planning activities, to provide conceptual design work for a retail dispensary location, to assist with 2017 city permitting, and to help with 2018 state application completion.
mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis and vape markets with innovative products, technologies, and services announced on August 16th, a partnership between its Job Search Portal 420JobSearch.com and zipRecruiter.com . 420jobsearch.com recently entered into an agreement with ziprecruiter.com to enable both companies to broaden the scope of jobs available to job seekers. "The cannabis market is the fastest growing industry in the country today. We are just in the beginning stages of seeing jobs develop for the marijuana industry. It is an exciting time and we will undoubtedly see a significant growth in jobs from this booming industry," says Paul Rosenberg, CEO of mCig Inc.
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