NEW YORK, April 18, 2018 /PRNewswire/ --
According to a research by Oristep Consulting, the global medical cannabis market in 2016 was USD 12.67 billion and will reach USD 33.41 billion by 2022 at a CAGR of 17.53% during the forecasted period. Scientific studies of the chemicals called cannabinoids have led to two FDA-approved medications that contain the chemicals in a pill form. The two main cannabinoids from the cannabis plant are THC and CBD, which are used for medical purposes as treatments fort increasing appetite, reduce nausea, decreasing pain, inflammation (swelling and redness), and muscle control problems. The report also indicates that North America leads the market holding nearly half of the market share in 2016. SinglePoint, Inc. (OTC: SING), PotNetwork Holdings, Inc. (OTC: POTN), mCig, Inc. (OTC: MCIG), American Cannabis Company, Inc. (OTC: AMMJ), MPX Bioceutical Corporation (OTC: MPXEF)
In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. The legalization of adult-use sales in California will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered. Troy Dayton, CEO of The Arcview Group explained, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers."
SinglePoint, Inc. (OTC: SING) earlier this morning the company announced breaking news that it has a, "Letter of Intent to wholly acquire Phoenician Engineering. Headquartered in Phoenix Arizona, Phoenician provides both consumer products as well as commercial grade equipment. Phoenicians' main products are medical grade grinders for consumers and soon to launch a grinder for commercial use. The company is currently in dispensaries throughout America and ships products internationally.
Phoenician currently has nine issued patents, three trademarks and additional patents pending. This will provide SinglePoint valuable IP to add to its growing asset class. Phoenician has also worked with multiple influencers such as Sublime with Rome and more. Phoenician is one of the most well-known consumers grinders in the market because of its quality and lifetime guarantee. The founders will stay on board through the acquisition and continue to grow the company with SinglePoint. SinglePoint plans to help increase, the already profitable sales, through ecommerce and online advertising.
SinglePoint and Phoenician are currently working through due diligence and the completed transaction is expected to happen soon. "We are ready to close this deal. We have 100% confidence in the founders of the company. They have built a sustainable, scalable business. We believe we can help take it to the next level. They are right in our backyard here in Phoenix so working closely alongside will be easy. With their product and an injection of our funding and ecommerce knowledge I believe we can 5x revenue in the first 18 months," states Greg Lambrecht CEO. "We are incredibly exited to be working though due diligence with SinglePoint. This is a great opportunity for synergistic and collaborative efforts to come together and add tremendous value," states Colton Dukat, CEO of Phoenician.
As of April 16th 2018 SinglePoint has concluded its two year audit and plans to file a form-10 to become fully reporting. Management believes this will give the company additional access to more capital on better funding terms. This capital will be used for acquisitions such as Phoenician Engineering and others in order to grow the company revenues and increase shareholder value. To see Phoenician Engineering Products please see https://phoenicianengineering.com/ ."
PotNetwork Holdings, Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its subsidiary, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils. Recently, the company announced record breaking sales performance for March 2018. With over $2.2 million in sales revenue recorded across the month, the company has posted a 152% year over year increase when compared with March 2017. The company's wholly owned subsidiary, Diamond CBD, Inc. has been aggressively exploring new business development opportunities. As a provider of the highest quality CBD hemp oil products, Diamond CBD, Inc. continues to attract new customers in verticals such as petcare products which are allowing the brand to differentiate itself in the market.
mCig, Inc. (OTC: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. Recently, the company announces its third quarter and year to date results ending January 31, 2018. MCIG recorded $780K in revenue bringing its year-to-date (YTD) total to $6.0 million in revenue, as compared to $2.2 million for the same period last year, an increase of 168%. During the quarter ending January 31, 2018, the Company expanded into agriculture with its expansion into the organic hemp growing business in New York and in its application process for cannabis growing and manufacturing licensure in California.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. Earlier this year, the company announced that it has secured a consulting contract with Cloud 9 Apothecary in the state of California. In conjunction with the consulting agreement, ACC will acquire an equity stake in Cloud 9's project that is currently non-operational and in the development stage. This project, to be built-out and completed in Desert Springs, California, will comprise a closed-loop greenhouse containing a 22,000 square foot canopy of premium cannabis cultivars. With the construction of this facility, Cloud 9 Apothecary's plans focus on wholesale cultivation and product manufacturing. Plans to shift into a fully integrated business model, complete with dispensing solutions, will be made in the near future as Cloud 9 plans to scale up operations organically.
MPX Bioceutical Corporation (OTCQB: MPXEF) provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. Recently, the company announced that it has signed a letter of intent to acquire 100% of the issued and outstanding shares of Canveda Inc. a Licensed Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations. Canveda is a private company operating in Peterborough, Ontario from a fully built-out facility that is ready to commence its first production run and is capable of producing approximately 1,000-1,200 kilograms of high quality cannabis flower annually.
Subscribe Now! Watch us report LIVE 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.