The Legal Cannabis Industry Goes Through Robust Growth
FinancialBuzz.com News Commentary
15 Aug, 2017, 09:00 ET
NEW YORK, August 15, 2017 /PRNewswire/ --
According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is projected to grow at a CAGR of 21.1% from 2017 to 2024. During the forecast period, the projected demand of cannabis will continue to rise for both recreational and medical use. Estimated global sales are expected to reach a value of $63.5 billion. The robust growth of the legal cannabis market is partially due to successful legalization and decriminalization campaigns across North America and Europe. Ameri Research also explained that due to the complex regulatory structure at state and federal levels, the full potential of the market is not yet realized. Global Payout, Inc. (OTC: GOHE), Terra Tech Corp. (OTC: TRTC), MassRoots, Inc. (OTC: MSRT), General Cannabis Corp (OTC: CANN), American Cannabis Company, Inc. (OTC: AMMJ)
A report by New Frontier Data points out the role of cannabis products for medical use in the pharmaceutical market. "The United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy. It is one of many industries that will be impacted by the growth of the legal cannabis market and we are already starting to see that trend in legal medical states where use of key prescription drugs is down by 11%. If cannabis were to be adopted nationally, we would begin to see a trend of patients turning to medical cannabis as a substitute or complement to pharmaceuticals," said Giadha Aguirre De Carcer, CEO & Founder of New Frontier Data.
Global Payout, Inc. (OTC: GOHE) announced yesterday that, "it has finalized and fully executed a Licensing Agreement with Cagney Global Logistics for the exclusive white labeling and implementation of the Global Reserve Platform. The Platform will be integrated into Cagney's existing delivery and payment component, the Final Mile solution, to enhance its Fortune 500 customer web sales.
The finalization of this agreement comes on the heels of the Letter of Intent that was executed between the companies on May 1, 2017. Under the LOI, Global Payout and Cagney entered into advanced phases of planning the integration of the Global Reserve Platform into the existing processes and software currently utilized by Cagney for its logistics supply chain.
"Our technical team has been diligently working to address the specific needs and requests that have been presented to us by Cagney," says Global Payout President William Rochfort. "In this time, we have developed a more in-depth understanding as to how the intricate components available in our Global Reserve Platform can be configured to deliver a platform for Cagney that will completely enhance the logistics supply chain process experience for its customers and delivery partners."
Global Payout expects that the finalization of this Licensing Agreement will provide the Company with a revenue stream as early as the beginning of the third quarter of 2017. For Cagney, the agreement will enable improved payment and supply chain efficiency.
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses and medical cannabis facilities to provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada. On August 8th, Terra Tech announced its second quarter 2017 financial results for the period ended June 30th, 2017. Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented, "We saw a continued strengthening in demand for cannabis products as sales from both our wholesale IVXX brand and our Blüm dispensaries continued to gain traction.
MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. With over one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. On July 14th, the company announced that it has closed the acquisition of Odava, Inc., a leading compliance and point-of-sale system for the cannabis industry, for cash and common stock consideration, as fully detailed in our Current Report on Form 8-K filing, dated July 14, 2017. MassRoots now offers dispensaries a complete suite of software to manage their regulatory compliance, streamline their supply chain, and develop successful consumer loyalty programs.
General Cannabis Corp (OTCQB: CANN) is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. On August 7th, the company announced financial results for the quarter ended June 30, 2017. Record revenues in the company's operations segment, Next Big Crop. "With the expanded legalization of medical and recreational cannabis in numerous states, Next Big Crop's services are in high demand to assist companies submitting applications to acquire licenses, and to provide operational consulting and products. Chiefton also hit record revenue levels, as our design consulting team gains traction," said Robert Frichtel, Chief Executive Officer of General Cannabis.
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 2nd, American Cannabis Company announced it has secured its third client in the state of Arkansas. This client has initially retained ACC to provide pre-licensing solutions for their project. ACC will work with the client on robust financial pro-forma modeling, the creation of a custom business plan, facility conceptual design work, and with the completion of the state application. ACC expects to leverage this contract to secure additional revenues through long-term consulting agreements and potential future sales of ancillary products.
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