NEW YORK, January 19, 2017 /PRNewswire/ --
http://www.Financialbuzz.com - Legalization of cannabis use for recreational purposes in California has been a major milestone for the legal cannabis market accomplished during the recent election cycle. Full legalization in California alone has potential to triple the value of the legal cannabis market from $6 billion to $18 billion. According to a report from 10 Cowen & Co. analysts cannabis sales are projected to reach $50 billion by 2026, due to a changing perception towards Cannabis products and continues legislation campaigns across the United States and Canada. Reliq Health Technologies Inc. (OTC: RQHTF) (TSX-V: RHT), MCig Inc. (OTC: MCIG), Medical Marijuana Inc. (OTC: MJNA), American Cannabis Company Inc. (OTC: AMMJ), CV Sciences Inc. (OTC: CVSI)
A major development in the cannabis industry is that prices of cannabis are projected to decline, and as a result producers are going to have to cut costs and accelerate production levels. Troy Dayton, chief executive officer of Oakland, California-based Arcview Group, a cannabis investor consortium explained recently, "Anybody that is investing in this sector or starting a business in this sector needs to be doing so with the understanding that the price of cannabis is going to drop precipitously… The agricultural technology space is already booming, and now they get to lay their hands on the cannabis industry."
Due to the potential in the legal cannabis market, companies from different sectors are adjusting operations, diversifying the cannabis market in the process. Reliq Health Technologies Inc. (OTCQB: RQHTF) (TSX-V: RHT) a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare. Reliq's iUGO Health technology platform is a comprehensive hardware and software solution that allows patients to receive high quality care in the home, improving health outcomes, enhancing quality of life for patients & families and reducing the cost of care delivery. The platform for care coordination and home healthcare is designed to integrate wearables, sensors, voice technology and intuitive mobile apps and desktop user interfaces for both patients and healthcare administrators.
Reliq Health Technologies Inc. announced that, "it has developed a novel mobile application to support patients who have been prescribed medical marijuana.
"As part of our commitment to high quality patient care in the home, Reliq Health is proud to be launching a mobile application that will help medical marijuana consumers track their usage and record their symptoms," said Dr. Lisa Crossley, CEO of Reliq Health. "Studies consistently show that providing patients with the tools they need for self-management of their health conditions produces better health outcomes and reduces healthcare costs. Cannabis is prescribed to treat a wide range of conditions including arthritis, glaucoma, side effects from chemotherapy, chronic pain, multiple sclerosis and post-traumatic stress disorder. Our app allows patients to track cannabis usage and record symptoms specific to their clinical condition, allowing patients and their care providers to determine optimum strain, dosing and mode of administration. Our platform improves access to care by connecting patients with physicians in their community who have experience with medical marijuana, and supports physician-approved automated prescription refills through participating producers."
Reliq will work towards marketing the app to companies in the medicinal cannabis industry both domestically and internationally."
MCig Inc. (OTCQB: MCIG) is engaged in manufacturing, marketing and distributing electronic cigarettes, vaporizers and accessories under the mCig brand name that offers electronic cigarettes and related products through its online store, as well as through its wholesale, distributor and retail programs. Its segments include Construction, Internet Sales and Wholesale. The Construction segment develops, designs, engineers, and constructs modular buildings with elements that assist cannabis growers in the market. It provides streamlining of administrative and documentation services, consolidation of inventories and supports economy of scale.
Medical Marijuana Inc. (OTC: MJNA) has secured partnership with South American pharmaceutical distributor. The company's subsidiary, HempMeds® Brazil will be working alongside with Paragon HealthCare BR, a leading global wholesale distributor of pharmaceutical products that has relationships with medical professionals, doctor's groups, hospitals, pharmacists, and other health care providers. Paragon HealthCare also has several other businesses that serve customers around the world.
Full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, American Cannabis Company Inc. (OTCQB: AMMJ) secured a dispensary license for the state of Maryland's new medical cannabis program, allowing clients to distribute cannabis to qualifying patients. "We are excited about our client securing a license to operate in this emerging market. Maryland has done a strong job structuring the market and positioning operators for success in meeting the needs of qualifying patients within the state," said Chief Executive Officer of American Cannabis Company, Corey Hollister.
CV Sciences Inc. (OTC: CVSI) is in development of cannabidiol-based potential FDA approved drugs. CV Sciences acquired CanX Inc., a pre-clinical drug development company focused on significant unmet medical needs. The initial drug candidate, CVSI-007 is a chewing gum containing nicotine and synthetic cannabidiol to support cessation of smokeless tobacco use and addiction. The company currently operates in two divisions, the Pharmaceuticals and Consumer Products.
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