NEW YORK, April 20, 2017 /PRNewswire/ --
According to a new report published by New Frontier Data, the U.S. legal cannabis market is projected to generate $2.3 billion in state tax revenue from retail sales by 2020. The report also indicated that states where recreational cannabis is legal, are estimated to generate approximately $655 million state taxes in 2017, of which $559 million will be from cannabis specific taxes. Colorado, which voted to legalize cannabis for recreational use in 2012, sold $1.3 billion of legal cannabis in 2016 and generated almost $200 million in tax revenues according to the Colorado Department of Revenue tax data. SinglePoint, Inc. (OTC: SING), MassRoots, Inc. (OTC: MSRT), Cannabis Science, Inc. (OTC: CBIS), Surna Inc. (OTC: SRNA), Medical Marijuana Inc. (OTC: MJNA)
New Frontier Data CEO Giadha Aguirre De Carcer stated, "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."
SinglePoint, Inc. (OTC: SING) is a holding company specialized in the acquisition of small to mid-sized companies. Earlier in March 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."
MassRoots, Inc. (OTCQB: MSRT) is one of the largest technology platforms for the regulated cannabis industry. The Company's mobile apps enable consumers to make educated cannabis purchasing decisions through community-driven reviews. On March 27th, 2017, the company announced it has launched a new website. Powered by more than one million registered users, MassRoots enables consumers to rate products and strains based on their efficacy (i.e., effectiveness for treating ailments such as back-pain or epilepsy) and then presents this information in easy-to-use formats for consumers to make educated purchasing decisions at their local dispensary.
Cannabis Science, Inc. (OTC: CBIS) is a U.S. company specializing in the development of cannabinoid-based medicines. Recently, the company announced that it has negotiated a deal to begin seeding the 100 Acres in Minden County Nevada adding to the 250 acres of farm lands in the San Joaquin Valley, California for its Industrial Commercial Hemp Grow Initiatives. This pushes up the seeding schedule for next month to 350 acres, bringing the total outdoor to 15.2 million square feet in California and Nevada scheduled for seeding next month for its Industrial Commercial Hemp Grow Initiatives.
Surna Inc. (OTCQB: SRNA) develops and markets novel energy and resource-efficient solutions, including the company's signature water-cooled climate control platform, which meets 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. "Cannabis for medical use is legal throughout all of Canada, making the market an outstanding opportunity for continued growth," said Surna CEO, Trent Doucet. "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."
On March 27th, 2017, Medical Marijuana Inc. (OTC: MJNA) announced that its subsidiary, Kannaway LLC, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, has unveiled a renewed line of chewable energy supplements meant to enhance and energize an on-the-go lifestyle. Kannaway Energy Chews are a bite-sized line of hemp-based energy supplements with 5mg of CBD derived from sustainable hemp oil and vitamin B, meant to support cognitive function, mood and energy levels. The company sees Kannaway Energy Chews as an affordable, healthy and natural alternative to junk food, energy drinks, and pricey coffee.
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/
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.