NEW YORK, April 11, 2017 /PRNewswire/ --
Legalization of cannabis products continue to grow around the world, and as a result the market evolves and becomes more diverse. After the elections in 2016, a total of 28 states have legalized cannabis for medical uses. According to Arcview Market Research, legal cannabis sales in North America totaled $6.9 billion in 2016. Sales are projected to increase to $21.6 billion by the year 2021, representing a 26 percent compound annual growth rate. Rapid legalization and growing awareness about medical use of cannabis are the major drivers that boost the market. Cannabis for medical use is now legal in 28 states in the United States, while only eight states have legalized recreational cannabis. SinglePoint, Inc. (OTC: SING), Surna Inc. (OTC: SRNA), Medical Marijuana, Inc. (OTC: MJNA), Terra Tech Corp. (OTC: TRTC), American Cannabis Company, Inc. (OTC: AMMJ).
North America is not the only country where the perception towards cannabis products is becoming more acceptable. The global medical marijuana market is expected to reach a value of USD 55.8 billion by 2025, according to a new report by Grand View Research, Inc. The growing number of countries legalizing the use of medical marijuana in various parts of the world is one of the key factors driving the usage rate of cannabis in various therapeutic applications, such as pain management, appetite enhancement, and reducing eye pressure.
SinglePoint, Inc. (OTC: SING) on March 14th announced that it "has closed its first round of funding to acquire a portion of Jacksam Corp., dba Convectium, the developer of a unique oil filling system poised to revolutionize the cannabis market. Convectium projects full-year 2017 sales of $3.5 million, a triple-digit increase over the year prior. The acquisition represents the first of many strategic investments SinglePoint intends to make to diversify its revenue streams in the multi-billion dollar cannabis industry.
As previously announced, SinglePoint will invest a stock and cash consideration totaling $800,000 to help fund the growth of Convectium and the marketing of its revolutionary 710Shark and 710Seal system. Developed by Convectium, the system is capable of filling and packaging more than 100 cartridges or disposable vape pens in 30 seconds, making it the fastest and only filling and sealing system of its kind. Convectium also offers a line of B2C products, which SinglePoint will sell online through its SingleSeed.com subsidiary."
"We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium," states SinglePoint CEO, Greg Lambrecht. "With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws."
Surna Inc. (OTCQB: SRNA) develops and markets novel energy and resource-efficient solutions, including the company's signature water-cooled climate control platform, which meet the highly specific demands of the cannabis industry for temperature, humidity, light and process control. On February 28th, 2017, the company signed a contract with Vancouver's Sante Veritas Therapeutic to design and provide equipment for the environmental control system in its first commercial cultivation facility. Surna CEO Trent Doucet said: "Cannabis for medical use is legal throughout all of Canada, making the market an outstanding opportunity for continued growth…We now have five clients in Canada, and our sales team continues to see significant activity from both new market entrants as well as existing clients planning expansion."
Medical Marijuana, Inc. (OTC: MJNA) is a premier cannabis and hemp industry innovator, with a team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. Recently, the company announced that the company is sponsoring the 5th Annual National Medical Cannabis Unity Conference, where executives will participate with other experts and scientists on panels focusing on new developments in medical cannabis research. The 5th Annual National Medical Cannabis Unity Conference, taking place in Washington, D.C. from April 7-11, 2017, will focus on the creation of common-sense policies and approaches to safe medical cannabis access and use.
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm's retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. On March 7th, 2017, the company announced the construction of a new cultivation facility in Oakland, California. Terra Tech has executed a lease for 13,000 square feet of industrial space on over 30,000 square feet of land in Oakland's industrial corridor. The company is in the final stages of designing a state of the art cultivation facility projected to produce over one metric ton of premium grade cannabis per annum for its IVXX brand.
American Cannabis Company, Inc. (OTCQB: AMMJ) a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, developed and owns a portfolio of branded products including: The Satchel™, Sohum Living Soils™, The Cultivation Cube™ and The High Density Cultivation System™. On March 23rd, 2017, the company announced it has secured its first client in the Canadian province of Alberta. The Company will be working with this client to strategically plan business operations as well as develop a robust financial model in effort to lay the foundation for license acquisition.
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