NEW YORK, November 28, 2017 /PRNewswire/ --
According to a reportpublished by New Frontier Data, the legal cannabis market was valued at $6.6 billion in 2016 and is expected to grow to $24.1 billion by 2025, registering a compound annual growth rate of 16 percent. The market is growing rapidly due to accelerating
The booming cannabis market is expected to have positive economic benefits, such as creating more jobs and generating tax revenue. According to MG News, Vivien Azer of Cowen & Co. said in a report: "When you consider ancillaries such as growers, testing labs, security, etc., the economic impact could range from $12.7 to $22.6 billion. Of note, these numbers do not include the impact of tourism, business taxes, licensing fees and paraphernalia sales, which could drive the economic impact higher."
Global Payout, Inc. (OTC: GOHE) announced on November 16th that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company") continues to make significant headway with Pegasus Fintech, Inc. on their collaboration in the development of a cryptocurrency token for the cannabis industry.
Last month, MTRAC announced the establishment of a strategic partnership with Pegasus Fintech, Inc., an innovative Blockchain and Token Accelerator company that is focused on delivering solutions in the financial services, technology blockchain, and emerging cryptocurrency market sectors. In recent weeks, MTRAC and Pegasus, along with additional companies they are currently working in collaboration with, have been working on the development of a token that will be aimed at revolutionizing the financial process that currently exists within the cannabis industry.
Coupled with blockchain technology, the token will not only provide businesses that are operating in the emerging cannabis industry with the most effective option for transaction processing, but will also create a level of effective transparency in an industry where the ability to track transactions from seed-to-sale is critical from a compliance perspective."
"Our vision is to create a fully intuitive financial network that interlocks the entire cannabis supply chain from seed-to-sale," said MTRAC COO, Vanessa Luna. "This token will do far more than just optimize the way businesses and consumers are able to process and complete basic transactions, but will create the kind of transparency that will deliver consumer safety and ensure regulatory requirements across a rapidly growing industry by making it possible to track every transaction from start to finish," Ms. Luna commented further. Marijuana Company of America, Inc. (OTC: MCOA) is an innovative hemp and cannabis corporation. On November 9, 2017, the company announced that it has completed its financing of $800,000 in cash and 15 million shares of the Company's common stock in full satisfaction of the amended terms of the joint venture agreement with Bougainville Ventures, Inc. Per the terms of the agreement and the completion of funding, the Company has secured a 50% equity stake in BV-MCOA Management, LLC and will receive 50% of the net profits from leasing the facility, which will accommodate a contracted cannabis production and processing tenant with an approved Tier 3, I-502 license. As turnkey landlords, MCOA and BV look to provide an ideal cultivation environment for their future tenant and it is anticipated that construction of the greenhouse will be completed in Q1 2018. OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., is conducting medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. On July 10, 2017, the company announced that its wholly-owned, Israel-based subsidiary, One World Cannabis, has filed a patent application with the European Union Patent and Trademark Office for its active cannabinoid-based psoriasis topical cream. Psoriasis is an autoimmune disease that causes red, scaly patches to appear on the skin, and can be associated with other serious health conditions, including diabetes, heart disease and depression. SinglePoint, Inc. (OTC: SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry. On November 15, 2017, the company announced the soft launch of a bitcoin exchange aimed at solving payment issues plaguing the cannabis industry. SinglePoint sees vast opportunity for technology to solve payment issues related to high-risk transactions, specifically in the cannabis market. There is yet to be a standout leader in the cannabis payments space, and SinglePoint is looking to solidify its position through the company's relationships and history of mobile payment offerings.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. On September 28, 2017, the company announced that its active client in New Brunswick has successfully submitted application materials and supporting documents for the purpose of acquiring business licenses to operate within the newly founded medical cannabis program that is to be regulated by the province and the Canadian government. This client will be constructing a custom 63,000 square foot warehouse featuring state-of-the-art cultivation and extraction technologies with a focus on lean manufacturing principles. ACC's client will also be placing a 50,000 square foot greenhouse on the roof of the warehouse, expanding the firm's overall output potential as they look to service the demand of the medical market as well as ramp-up and prepare for licensure and sales for Canada's upcoming 2018 recreational market.
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