The Growth of Tax Revenues in the Legal Cannabis Market

NEW YORK, April 13, 2017 /PRNewswire/ --

The states that have legalized cannabis products have seen a significant increase in tax revenues. A recent report by New Frontier Data, estimates that the legal cannabis market is expected to generate approximately $655 million in state taxes on retail sales in 2017. This is a much higher tax revenue than what is generated by the alcohol industry. By 2020, tax revenues from cannabis will grow to $1.8 billion, of which $1.4 billion will be from cannabis-specific taxes. If to include medical sales in those numbers that would bring the total to $745 million for 2017 and $2.3 billion by 2020. SinglePoint, Inc. (OTC: SING), GB Sciences, Inc. (OTC: GBLX), CV Sciences, Inc. (OTC: CVSI), MCig Inc. (OTC: MCIG), Mountain High Acquisitions Corp. (OTC: MYHI).

"During this tough economy, states are looking for any way to close their budget shortfalls and it appears that cannabis may hold an answer for them. New Frontier Data looked at the potential revenues that could be generated from state cannabis taxes and found that in this year alone, states could raise nearly $750 million and triple that number by 2020. These revenues will have a meaningful impact on state programs and provide governors with much needed breathing room in their budgets," stated by New Frontier Data CEO, Giadha Aguirre De Carcer.

SinglePoint, Inc. (OTC: SING) is a holding company specialized in the acquisition of small to mid-sized companies. On March 14th the company 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.

Driven by increasing product demand and brand visibility, Convectium projects full-year 2017 revenues of $3.5 million, an increase of 150% compared to revenue of $1.4 million for full-year 2016. The company is on track to achieve this goal, as sales for the first quarter of 2017 have already significantly surpassed first-quarter sales in 2016.

"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."

GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. Recently, the company and Arizona-based Kush Cups signed an agreement to produce cannabis-infused products in the state of Nevada. "We're excited to join forces with Kush Cups. They have an excellent line of products and are the leaders in their space in Nevada," said GB Sciences CEO, John Poss. "Our partnership is positioned for maximum impact in the Nevada market. It is the first major step in our strategy to be a trusted ingredient in leading brands of infused products and therapies."

CV Sciences, Inc. (OTCQB: CVSI) focuses on drug development activities on products containing cannabidiol (CBD) as the active pharmaceutical ingredient, and also is engaged in the development, marketing and sale of end consumer products containing CBD which is refined into its PlusCBD Oil™ brand. Recently, the company announced the launch of the first online education platform designed to enhance its brand education and advocacy through Experticity. The company's education platform will cover a variety of topics pertaining to hemp, phytocannabinoids, and its industry-dominating consumer products brand, PlusCBD Oil™.

MCig Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market. On April 5th, 2017, Grow Contractors, Inc., (GC) a wholly owned subsidiary of mCig, Inc., launched its new greenhouse website. Rob Kressa, Grow Contractors' CEO, stated, "The new open disclosure standard for the greenhouse selling portal is just the first step in our progression to becoming the nation's largest greenhouse supplier in the cannabis grow and herbal farming markets. Since we announced our exclusive agreement with Sangreen for distribution of greenhouses at half the cost of the current market price, we have spent the past few months perfecting the design and supply lines."

Mountain High Acquisitions Corp. (OTCQB: MYHI) is a holding company focused on the commercial hemp and CBD products industries. The Company's wholly owned subsidiary, GreenLife BotaniX, Inc. is a California-based developer and marketer of the 'SuperCBD' brand of CBD hemp oil infused nutraceutical products. GreenLife features over a dozen CBD-based products on its e-commerce website, including four primary flagship products; 'Super CBD Drops' - a high-potency vanilla flavored vegan hemp oil tincture, 'Super CBD Lotion' - a CBD lotion made with a unique blend of CBD, eucalyptus oil, and vitamins and minerals, 'Super CBD Lip Balm' - a medicated ointment intended for a variety of skin problems, cuts and rashes, and 'Super CBD Pills' - a concentrated CBD dose in pill form for easy ingestion.

Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"

Subscribe Now! Watch us report from NYSE 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/

About FinancialBuzz.com    

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.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "Site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. Financialbuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com has been compensated four thousand two hundred dollars for financial news dissemination and pr services by a third party non affiliate for singlepoint, inc. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use. Please visit: http://www.financialbuzz.com

For further information:
Media Contact: [email protected]
+1-877-601-1879

URL: http://www.FinancialBuzz.com

SOURCE FinancialBuzz.com