NEW YORK, December 18, 2017 /PRNewswire/ --
According to data providedby Hexa Research, the U.S. medical cannabis market size was valued at USD 5.44 billion in 2016, and is expected to be valued $19.48 billion by 2024. The medical cannabis market is still in development stage and is expected to significantly increase in
Giadha Aguirre De Carcer, CEO and Founder, New Frontier Data, explained, "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."
Sugarmade, Inc. (OTC: SGMD) just announced breaking news this morning that to its investors and to the growing cannabis marketplace, the creation of the industry's largest publicly traded cannabis and hydroponics supply company. Sugarmade has completed a master market agreement with industry leader, BizRight Hydroponics, Inc., a highly successful manufacturer and distributor to the hydroponics and cannabis markets. BizRight is expected to produce in excess of $30 million in revenues during 2017, with substantial growth expected for 2018. Sugarmade expects to provide detailed revenue guidance to its investors over the coming weeks.
"We plan to grow Sugarmade right along side the booming legal cannabis sector and this agreement with BizRight, which has been one of the fastest growing companies in this sector, moves Sugarmade and its investors much closer to this goal," commented Mr. Jimmy Chan, Sugarmade's CEO. "The implementation of this agreement will easily make Sugarmade one of the largest players in this growing marketplace. As California, and other state markets open up, we see a major opportunity to substantially grow our business operations."
As part of the agreement, Sugarmade will compensate the owners of BizRight cash and Sugarmade common shares depending on revenue gained through the master marketing agreement. The full "earn out" of shares to be issued to the owners of BizRight will be obtain based on annualized revenues from the agreement of $30 million. Sugarmade is in process of significantly increasing its financial, accounting and managerial staffs in order to manage the expected significant increase in orders and transactions, and to manage future acquisitions within the cannabis sector, which are currently contemplated. Additionally, the Company will be acquiring additional office and warehouse space to accommodate expected order flow.
Mr. Chan continued, "It is an exciting time to be involved in this industry and we are certainly looking forward to the opening of California recreational marketplace, which should further boost our business. With Sugarmade and BizRight both being located in San Gabriel Valley, which is just outside of Los Angeles, we believe there are many other opportunities for our companies to work together. To this end, we have also acquired an option to buy the entire BizRight operation in the future."
BizRight Hydroponic, Inc. is a leading marketer and manufacturer of cannabis and hydroponic growth supplies, which offers a range of hydroponics-related products including: HPS grow lights, electronic ballasts, HPS Bulbs, nutrient mixes, environmental control products, pH measurement and calibration solutions and other cannabis-related grow and storage products. BizRight operates the ZenHydro.com website and other e-commerce properties, and sells various products to distributors and retailers."
General Cannabis Corp. (OTCQB: CANN) announced earlier this year the acquisition of Mile High Protection Services LLC Mile High has a diversified client roster, providing security services to hospitality companies, such as hotels, and to licensed cannabis retailers and cultivators in Colorado. During the seven months ended July 31, 2017, Mile High had revenues of approximately $570,000. The purchase price consists of the issuance of 224,359 shares of CANN common stock under the asset purchase agreement. The purchase price is subject to adjustment if less than 90% of certain Mile High customer contracts are assigned to General Cannabis. Tim Moore, the owner of Mile High, will become an employee of General Cannabis. Robert Frichtel, CEO of General Cannabis, stated, "Mile High will complement our current security business, Iron Protection Group. It expands our footprint within the Colorado cannabis security market, as well as providing the opportunity to expand our entire security business into the hospitality and other industries. The combination brings natural synergies across hiring, management and operating expenses."
Cannabis Sativa, Inc. (OTCQB: CBDS) recently announced that its subsidiary, PrestoDoctor, is expanding its online medical marijuana recommendation services into New York. PrestoDoctor currently serves patients via both their online platform and with dispensary kiosks operating in California and Nevada and will now extend their online services to patients located in the State of New York. To use PrestoDoctor's online services, interested patients must sign up for an account and complete a profile. They are then eligible to choose an appointment time and video chat with one of PrestoDoctor's licensed physicians. Patients can immediately receive a digital recommendation and an official copy will arrive in the mail a few days later.
22nd Century Group, Inc. (NYSE: XXII) announced last month that it has shipped 2.4 million SPECTRUM® research cigarettes for the National Institute on Drug Abuse (NIDA), which is part of the National Institutes of Health (NIH). As a subcontractor under federal government contracts, 22nd Century has supplied the Company's proprietary SPECTRUM® research cigarettes for NIDA since 2011. The SPECTRUM® product line consists of a series of 24 cigarette styles (11 regular and 13 menthol versions) that have 8 different levels of nicotine - from very low to high. The U.S. Food and Drug Administration (FDA) and other agencies of the U.S. federal government have invested more than $100 million in numerous independent clinical studies that have demonstrated the public health benefits of 22nd Century's proprietary Very Low Nicotine Content (VLNC) tobacco cigarettes. As a result of this research, scientists have found that VLNC cigarettes reduce cravings, reduce consumption of cigarettes, and increase quit attempts.
CV Sciences, Inc. (OTCQB: CVSI) On November 14, 2017, the company announced it has been named on Deloitte's Technology Fast 500™, an annual ranking of the fastest growing companies in the technology, media, telecommunications, life sciences and energy tech sectors in North America. The Deloitte Technology Fast 500 is based on percentage of revenue growth from fiscal year 2013 to 2016, with CV Sciences growing by 403% during this period. 2017 marks CV Sciences' first year named on the Deloitte's Technology Fast 500™ list. Overall, 2017 Technology Fast 500™ companies achieved revenue growth ranging from 135% to 59,093% from 2013 to 2016, with median growth of 380%.
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