PALM BEACH, Florida, December 12, 2017 /PRNewswire/ --
The hemp, cannabis and marijuana industry is booming while more and more retail investors are really taking notice. According to Cowen & Co., legal marijuana sales in the U.S. have the opportunity to reach $50 billion annually by 2026, with cannabis research firm ArcView projecting compound annual growth of 26% in North America through 2021. The cannabidiol (CBD) market alone is estimated to grow by 700% by 2020, according to Forbes. A new report by market intelligence firm Hemp Business Journal projects that the CBD market will grow to $2.1 billion by 2020, an astronomical jump in value compared to last year's CBD market of $202 million. Plenty of market professionals firmly believe not many other industries and sectors are growing as quickly as legal marijuana heading into the new year. Active in the cannabis industry include: PotNetwork Holding Inc. (OTC: POTN), Global Payout Inc. (OTC: GOHE), GB Sciences Inc. (OTC: GBLX), Kaya Holdings Inc. (OTC: KAYS), Medical Marijuana Inc. (OTC: MJNA).
PotNetwork Holding Inc. (OTC: POTN) today announces that the first segment of its auditing requirement has been completed, with 2017's audit well underway. East West Accounting Services, LLC. has satisfied compliance parameters, and expects to have the full audit completed by the second week in January. The Company has taken this action as an initial step in its strategy to advance to the OTCQB, and long-term goal of achieving a NASDAQ Capital Market listing. Read this and more news for POTN at: http://www.marketnewsupdates.com/news/potn.html
"We are very pleased that this segment of the process is completed." states PotNetwork Holding CEO Rick Goulding. Registered by the Public Company Accounting Oversight Board (PCAOB), East West Accounting Services provides audit, review and consulting services to smaller capitalized public companies that need to provide financial information with the Security and Exchange Commission. PotNetwork recently announced the retirement of 300,000,000 common shares held by principal shareholders. This reduction of over half the issued and outstanding common shares, will be exchanged for non-trading preferred shares.
Upon retirement, this reduction will bring the Company's current issued and outstanding common shares of 569,920,485 down to a total of 269,920,485 issued and outstanding common shares. Based on earlier reported financial statements with OTCMarkets, the Company is on track to exceed its projections set forth for 2017.
In other industry developments and market performances of note:
Global Payout Inc. (OTC: GOHE) closed up over 49% on Monday trading over 28.1 Million shares traded by the market close. Global Payout last week announced that its majority owned subsidiary, MoneyTrac Technology, Inc. has secured a definitive Referral Partnership Agreement with GreenRush Group, Inc. ("greenRush"). This agreement will provide MTRAC with a direct source of revenue from the referral of cannabis-related businesses who secure a contract with greenRush for the use of their e-commerce payment platform, and Green Label Platform. The Agreement further solidifies the ongoing partnership between MTRAC and greenRush that was established in May of this year. As MTRAC continues establishing new partnerships with businesses throughout the cannabis industry who are eager to be introduced to various e-commerce platforms, such as that offered by greenRush, it is maximizing consumer exposure and streamlining e-commerce capabilities.
GB Sciences Inc. (OTCQB: GBLX) closed up Monday over 23% with over 9.3 million shares traded by the market close. GB Sciences recently announced that 100% of the mother plants (a plant that in its vegetative state does not produce flowers but only branches and leaves) in their Las Vegas cultivation facility are now products of the GB Sciences tissue propagation initiative. In light of the popular belief that commercial tissue propagation is an 'urban myth' in the Cannabis world, this announcement is a true breakthrough. This fact, added to the consistently high crop yields and sharp monthly revenue increases over the past two months, is a pure innovation success story that is just beginning to emerge. "We began the program in 2014 as a one-man project," said Dr. Ulrich Reimann-Philipp , Chief Botanist at GB Sciences.
Kaya Holdings Inc. (OTCQB: KAYS) closed up over 14% on Monday at $0.1835 on over 1.5 million shares traded by the market close. Kaya Holdings recently announced that it has completed the processes necessary to launch its own home delivery service in Portland and Salem Oregon. The Company expects to operate 4 cars initially, with additional cars to be added as demand requires and as the company expands into other cities in Oregon. In addition to providing added value and convenience for our customers, extending visibility and building brand recognition for the Kaya Shack™ brand, we believe that Home Delivery provides greater market penetration, by allowing sales throughout the geographic area that our stores are licensed in.
Medical Marijuana Inc. (OTC: MJNA) announced yesterday that subsidiary Kannaway® generated the largest-ever revenue month in the history of the Company in November of 2017 as well as reached major milestones in its business operations. Kannaway®, the first hemp lifestyle network to offer phyto-cannabinoid botanical products, continued its expansion plans in November 2017 by adding innovative new product lines, introducing new incentive programs for Brand Ambassadors (BAs), hosting world-class training and events, and welcomed it's third BA to the sales rank of Presidential Ambassador.
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