Legal Cannabis Industry Growth in 2016
NEW YORK, November 16, 2016 /PRNewswire/ --
http://www.Financialbuzz.com - Americans are more open minded about cannabis use than ever before. This election year, at least several states voted to legalize cannabis in some form, with California, Massachusetts, Main and Nevada voted to legalize recreational cannabis for adults, while Arkansas, Florida, and North Dakota legalized medical cannabis. California is the largest cannabis market in the United States, and legalization of recreational marijuana in the state is crucial for the growth of the market. Bang Holdings Corporation (OTC: BXNG), Cara Therapeutics Inc. (NASDAQ: CARA), American Cannabis Company Inc. (OTC: AMMJ), Medicine Man Technologies, Inc. (OTC: MDCL), Cannabis Sativa Inc. (OTC: CBDS)
The legal marijuana industry could generate roughly $22 billion in annual sales across the United States by 2020. This is according to a research report which was jointly released by New Frontier and ArcView. California's legal marijuana market could reach $7.6 billion in annual sales by 2020 alone.
Bang Holdings Corporation (OTCQB: BXNG), through its subsidiary Bang Digital Media, is company that provides brand management, digital content and influencer-based marketing to the cannabis industry. Bang Holdings directly promotes companies in the legal cannabis industry to more than a million followers. The goal is to connect legal cannabis businesses with potential customers.
Bang Holdings Corporation announced this week it, "believes that laws legalizing recreational cannabis use in California, Massachusetts, Maine and Nevada, along with medical marijuana initiatives passed in Montana, Florida, Arkansas, and North Dakota are game changers for their business, and that of their clients. "The legalization of recreational and medical cannabis in already tourist-friendly states like California and Nevada unlocks massive potential for industry growth," said Bang Holdings CEO, Steve Berke. "California alone represents the sixth biggest economy - not just in the United States - but in the world. We believe that the business opportunities are vast."
"Even with the majority of Americans now saying they support cannabis legalization, social media platforms like Facebook and Twitter and advertising providers such as Google still have a ban on cannabis-related advertising," Berke said, adding that "Bang has honed the perfect mix of technical prowess and creative aptitude necessary to generate successful marketing campaigns for our brands and clients. We're immensely excited about the growth potential these new markets will provide," Berke said. "Next year may prove to be a banner year for advertising and marketing in the cannabis industry, and we are looking forward to monetizing our beta platform in 2017."
Biotechnology Company, Cara Therapeutics Inc. (NASDAQ: CARA), is pleased to be actively enrolling late stage studies with both IV and oral formulations of CR845 for three significant unmet medical indications. In September 2016, Cara initiated the enrollment of a Phase 2b trial of Oral CR845 in roughly 330 patients for the treatment of pain associated with osteoarthritis and presented positive data at PAINWeek from the Phase 2a study of Oral CR845 in OA. In October, company initiated Phase 1 study with Oral CR845 in hemodialysis patients.
American Cannabis Company Inc. (OTCQB: AMMJ) announced it has signed a client in Pennsylvania that will be applying for the state's medical marijuana program in the near future. The company anticipates to leverage this contract to secure additional profits through long-term consulting agreements, sales of ancillary products and services to aid cultivation operations. "As the sixth most populated state in the country, Pennsylvania is a major market in the growing medical cannabis framework. Our new client operates with the business acumen and a track record of success from within other sectors, and this experience will be key for them in the effort to realize their goal of operating within Pennsylvania's new medical marijuana program," mentioned President and CEO of American Cannabis Company, Corey Hollister.
Medicine Man Technologies, Inc. (OTCQB: MDCL). The company implemented a risk averse growing environment, applying high-tech indoor cannabis cultivation equipment and works in medical and adult use dispensaries. Medicine Man Technologies assisted Illinois and Nevada licensees to organize these practices after acquiring cultivation and dispensary operational licenses. Currently, the company has reinforced competitive application filings in Maryland and Hawaii and has pre-licensure clients in Texas, California, Florida, Ohio, Arkansas, and Oklahoma and has engaged potential clients in Alaska, Delaware, Utah, Michigan, Nebraska, Puerto Rico, and abroad.
Cannabis Sativa Inc. (OTCQB: CBDS) cultivates and markets natural cannabis products. The Company plans to develop, produce and market products through joint ventures with companies licensed under state regulations applicable to cannabis businesses. The Company is developing a third strain of cannabis plant named CT22. The Company also conducts its operations through its subsidiary, Wild Earth Naturals Incorporated. Wild Earth is an herbal skin care products formulation and marketing company that plans to target the natural healthcare products market in the United States and abroad. It offers Go Deep, Go Deep EXTRA, Face Garden, Body Garden and Lip Garden.
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