Cannabis Market Benefits from Legalization and Job Creation
NEW YORK, February 24, 2017 /PRNewswire/ --
The cannabis industry is expanding rapidly as support for cannabis legalization continues to rise in the United States. 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. NutraFuels, Inc. (OTC: NTFU), Cannabis Sativa Inc. (OTC: CBDS), United Cannabis Corporation (OTC: CNAB), Terra Tech Corporation (OTC: TRTC), American Cannabis Company Inc. (OTC: AMMJ)
According to Los Angeles Times, Lawmakers in 17 states have introduced more than two dozen measures to legalize recreational pot use for adults this year. The expanding cannabis industry may help boost the economy by creating more jobs and increasing tax revenue for states. Mary Washington, a Maryland state delegate, said: "Our focus is on revenue and bringing in cash to the state as legalization becomes more and more widespread," according to LA Times.
NutraFuels, Inc. (OTC: NTFU) late yesterday announced that, "as part of the implementation of initiation of clinical studies on the company's product line of oral spray nutraceuticals has announced the appointment of Kenneth Duchin, Ph.D. as Vice-President Clinical Development and the agreement with Palm Beach Research to conduct clinical studies.
The recent growth of NutraFuels has provided the opportunity to explore the benefits of the oral spray product line. Dr Duchin's career has spanned over 30 years in the pharmaceutical industry in various management positions at Bristol-Myers Squibb and in small and mid-size companies (Theravance, IVAX Corporation, Noven Pharmaceuticals) as well as in start-up virtual organizations. He has extensive drug development experience in a broad range of therapeutic areas, has led several registration programs, authored regulatory NDA and ANDA documents and has led cross-functional development teams. In addition, he has been an inventor of 9 patents and has published nearly 40 papers in peer reviewed journals.
To facilitate the clinical investigations sponsored by Nutrafuels, the company has engaged Palm Beach Research, West Palm Beach FL to conduct the clinical studies. This facility has access to large numbers of patients who routinely participate in clinical trials for many pharmaceutical and biotech companies based in the US and abroad.
"We are very pleased to be working with Ken and Palm Beach Research to initiate clinical trials for our health and wellness products," said Edgar Ward, NutraFuels President/CEO.
Palm Beach Research Center's track record of study enrollment has created a large amount of repeat business. However, Palm Beach Research Center is constantly searching out new partnerships in the quest to work on new medications and treatments seeking FDA approval. Palm Beach Research is honored to continue a relationship, and form a strategic partnership, with NutraFuels, Inc.
Marijuana Company of America Inc. (OTC: MCOA) is an innovative cannabis and hemp marketing and distribution company. Last week, the company announced that it has entered into a non-binding Letter of Intent ('LOI') while performing due diligence to finalize a joint venture agreement with Bougainville Ventures, Inc. ('BV') for the purpose of housing tenant growers engaging in the cultivation, processing and commercial availability of legal marijuana in the State of Washington. Donald Steinberg, MCOA President and CEO said, "We are looking forward to getting seed in the ground and ramping up this partnership with Andy Jagpal and Bougainville Ventures. This partnership further strengthens our supply chain and enables MCOA to produce the highest quality products at the lowest possible prices."
United Cannabis Corporation (OTCQB: CNAB) has signed an exclusive licensing agreement with Vessel Life Sciences to produce and distribute its products, including the award-winning Prana Bio Nutrient Medicinals, throughout Pennsylvania. Vessel Life Science LLC is dedicated to advancing the use of cannabinoids in medicine, with a focus on the refinement of genetics for medical grade strains of CBD-rich cannabis plants for the commonwealth of Pennsylvania's patient base. Founded on the principles of patient-driven results, VLS' mission is to offer the highest quality of products that indisputably prove and reinforce the use of medical marijuana for patient benefits and health advances.
Terra Tech Corporation (OTCQX: TRTC) GrowOp Technology specializes in the design and manufacture of advanced horticultural equipment and software for the automation and intelligent control of cultivation systems. GrowOp's systems offer the benefits of proven technical experience in the construction of environmentally-friendly facilities capable of producing only the safest, high-grades of cannabis free of contaminants and harmful residues. The company's cultivation technologies have been implemented into hundreds of state-of- the-art facilities worldwide. Terra Tech operates through two segments: Hydroponic Produce and Cannabis Products.
American Cannabis Company Inc. (OTCQB: AMMJ) is a provider of professional consulting services, products and equipment. The Company primarily operates through two divisions within the regulated cannabis industry: consulting and professional services, and the sale of products and equipment utilized in the cultivation, processing, transportation or retail sale of cannabis. The Company offers consulting services for companies associated with the cannabis industry in various stages of development. Its service offerings include Cannabis Business Planning, Cannabis Business License Applications, Cultivation Build-out Oversight Services, Cannabis Regulatory Compliance, Compliance Audit Services, Cannabis Business Growth Strategies and Cannabis Business Monitoring. Its Equipment and Supplies product offerings include The Satchel, SoHum Living Soil, High Density Racking System and The Cultivation Cube.
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