Consumer Spending on Legal Cannabis Products Outpace Estimates

Wednesday, December 20, 2017 Drug News
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NEW YORK, December 20, 2017 /PRNewswire/ --

According to a recent

report by Arcview Market Research, consumer spending on legal cannabis in North America is outpacing previous estimates. The report estimates that retail cannabis sales will grow 33% from 2016 to nearly $10
billion
this year. The data published projects that by 2021 the legal cannabis market will reach a value of $24.5 billion, at a 28% compound annual growth rate (CAGR). Several statistics in the report point out the progress the industry has made in several states. For example, according to BDS Analytics, California's medical market is already as big as the total markets in Colorado, Washington, and Oregon combined. According to the Nevada Department of Taxation, Nevada retailers were allowed to open sales to all adults earlier than expected, and generated over $27 million the first month of adult-use sales. Global Payout, Inc. (OTC: GOHE), Marijuana Company of America Inc. (OTC: MCOA), Surna Inc. (OTC: SRNA), Greengro Technologies Inc. (OTC: GRNH), Kaya Holdings, Inc. (OTC: KAYS)

Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe... The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."

Global Payout, Inc. (OTC: GOHE) on December 13th announced that it has executed a Letter of Intent ("LOI") with SinglePoint, Inc., ("SinglePoint) (OTC: SING) a full service mobile technology provider whom Global intends to begin collaborating with to maximize its existing suite of financial technology solutions, including those utilized by its majority owned subsidiary, MoneyTrac Technology, Inc.

As Global continues to expand its financial technology service offerings to businesses operating across a wide range of industries, the Company continues to seek potential partnerships with other companies within the Fintech space whose technology can boost and optimize Global's existing payment and financial technology platforms. Through this LOI, the Company intends to explore the technology optimization opportunities that may exist through the establishment of a joint venture with SinglePoint."

According to Global CEO, "SinglePoint's knowledge and expertise in mobile payments and other mobile technology offerings is something we believe could be a significant addition to the financial payment platforms we have developed, and are still developing, for our clients in the many different industries we serve. We are also eager to use this agreement as an opportunity to examine how a partnership with SinglePoint can be leveraged to enhance the payment and financial solutions offered by MoneyTrac Technology, our majority owned subsidiary is focused on offering in the rapidly expanding multibillion dollar cannabis industry."

Marijuana Company of America Inc. (OTC: MCOA) is an innovative hemp and cannabis company. Recently, the company, through its wholly own subsidiary hempSMART™, Inc., announced the launch of its new personal care product: hempSMART™ Pain. HempSMART Pain Capsules are formulated with 10mg of Full Spectrum, non-psychoactive Cannabidiol (CBD) per serving, derived from industrial hemp as the core ingredient, which along with a proprietary blend of other natural ingredients, delivers an all-natural formulation for the temporary relief of minor pain associated with physical activity. Surna Inc. (OTCQB: SRNA) develops innovative technologies and products that monitor, control and or address the energy and resource intensive nature of indoor cannabis cultivation. On November 14, 2017, the company announced operating and financial results for the three and nine months ended September 30, 2017. The company's revenue for the three months ended September 30, 2017 was $1,566,000 an increase of $395,000, or 34%, compared to the three months ended September 30, 2016. Chris Bechtel, the Company's CEO stated: "Overall, we are pleased with the progress our team has made in the third quarter, particularly with the generation of almost $2.4 million in new sales contracts. Based on the current status of our projects, we are tracking toward the completion of more than half of our current backlog by year's end." Greengro Technologies Inc. (OTC: GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural systems serving both the consumer and commercial farming markets. On October 12, 2017, the company announced that its majority-owned subsidiary, Biodynamics, Inc., was awarded a purchase contract to build a 2-acre turn-key fully automated photovoltaic solar glass hydroponic cannabis greenhouse in Greenfield California, for Canna Culture Collective Inc., San Jose, California. Under the terms of the agreement, Biodynamics will construct a 88,364 sq. ft. PV solar glass hydroponic cannabis greenhouse for Canna Culture Collective, Inc., and expects to start construction as soon as permitting is complete in the first quarter of 2018. The project will incorporate Biodynamics' proprietary fully automated positive pressure PV solar glass greenhouse technology, and will be used by Canna Culture to cultivate medicinal cannabis using the Biodynamics proprietary multilevel controlled environment agriculture growing systems and techniques. Kaya Holdings, Inc. (OTCQB: KAYS) through subsidiaries, produces, distributes and sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods. On December 11, 2017, the company announced that it has completed the processes necessary to launch its own home delivery service in Portland and Salem Oregon. The Company expects to operate 4 cars initially, with additional cars to be added as demand requires and as the company expands into other cities in Oregon. Additionally, KAYS confirmed that it continues to discuss implementation options with its attorneys for its Kaya Cares Opioid-Cannabis Exchange Program and expects to be launching the program in January.

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