The Evolving Legal Cannabis Market
NEW YORK, March 9, 2017 /PRNewswire/ --
The legal cannabis market in North America is growing rapidly. According to a report published by Arcview Market Research, legal cannabis sales in North America were $6.9 billion in 2016 and are expected to increase to $21.6 billion by the year 2021. Growing support of cannabis products for medical and recreational purposes is one the most important factors that is boosting this market. A total of 28 U.S. states had legalized cannabis for either medical or recreational use. Colorado, the first state to legalize adult use cannabis, had a record high $1.3 billion of legal cannabis sales in 2016, up from $996 million in 2015. Vinergy Resources Ltd. (OTC: VNNYF) (CSE: VIN.CN), MCIG Inc. (OTC: MCIG), United Cannabis Corporation (OTC: CNAB), Terra Tech Corporation (OTC: TRTC), Marijuana Company of America Inc. (OTC: MCOA).
The demand for legal cannabis is increasing as per data provided by Arcview Market Research. People in North America spent over $53 billion for cannabis products in 2016, while the legal market only accounted for about 13% of total sales. Due to the accelerating pace of cannabis legalization in the United States, the customer base of the industry is expected to move further from the black market to the legal market. Troy Dayton, CEO of Arcview, said, "the cannabis industry doesn't need to create demand for a new product or innovation - it just needs to move demand for an already widely-popular product into legal channels."
Vinergy Resources Ltd. (OTCQB: VNNYF) (CSE: VIN.CN) in conjunction with its proposed acquisition of MJ Biopharma (announced December 14, 2016) announced today that, it has appointed Mr. Facundo Bacardi to its Board of Directors effective immediately.
Mr. Bacardi is a member of the family that owns and controls Bacardi Ltd., a worldwide liquor manufacturer and distributor. From 1979 to 1991, he was the head of Bacardi's manufacturing and distribution division for Nassau, Brazil, Trinidad and Central America. Since 1990, Mr.Bacardi has served as a Director of Suramericana de Inversiones, S.A., an investment company located in Panama. He is a founding shareholder of JSM Capital Holding Corp., a shareholder and Director of Global Arena Holdings, Inc. Mr.Bacardi is also on the Honorary Consul for the Bahamas in Panama."
"We are excited to have someone of Mr. Bacardi's calibre and pedigree join our team. We look forward to working closely with him on our strategy to roll out products and technologies internationally," said Mr. Kent Deuters, CEO of MJ Biopharma.
Mr.Bacardi, said, "I am happy to be joining the team at Vinergy to pursue business in the cannabis industry. Given my life-long experience in the spirits industry I see several areas in which I can add immediate value for the Company."
MCIG Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, filed its 3rd Quarter financial reports with the SEC in preparation. The company reported an increase in revenue of 446 percent to $1,362,689 for the most recent quarter compared to last year and gross profit increased 239 percent to $288,230 compared to $85,076. MCIG has expanded from originally a vaporizer manufacturer, to an industry leading, large scale, full service cannabis cultivation Construction Company currently operating in the rapidly expanding Nevada market, and a Hemp-based CBD market supplier. The company looks to further broaden its expansion in multiple different fields within the cannabis industry through organic growth and strategic partnerships.
United Cannabis Corporation (OTCQB: CNAB) announced that it 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 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) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm's retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blüm offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company's wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores. Terra Tech's MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company's wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.
Marijuana Company Of America Inc. (OTC: MCOA) is an innovative cannabis and hemp marketing and distribution Company. Earlier in February 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."
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