NEW YORK, July 19, 2017 /PRNewswire/ --
According to a research reportpublished by the Arcview Group, the legal cannabis industry accelerated at a strong pace in 2016 and is expected to continue. The market research forecasts growth will reaccelerate beginning in 2018, as adult-use sales ramp up in Canada,
New Frontier Data recently published a report on the cannabis market and stated, "Cannabis stocks significantly outperformed major indexes in 2016, fueled by speculative investment based on anticipated expansion of new legal markets. In the run up to the election, stocks increased by 207.8% and continued to rise, even with an uncertain future under the new administration. While recent comments by the Trump administration did have an initial dampening effect on the market, we have seen continued growth relative to Q4 2016 whereby cannabis stocks are still outperforming other sectors," said Giadha Aguirre De Carcer, CEO of New Frontier Data.
Marijuana Company of America, Inc. (OTC: MCOA) just this morning announced that, "it has contributed the first installment of capital to Bougainville Ventures, Inc. ("BV") in partial satisfaction of the joint venture agreement entered into earlier this year in Washington State.
MCOA received $375,000 in its first round of financing. This investment will contribute to funding the development of a state-of-the-art 30,000 sq. ft. greenhouse grow facility in Oroville, Washington. Once completed, the greenhouse facility will accommodate a cannabis production and processing tenant with a Tier 3, I-502 license with significant experience growing cannabis. The total principal amount of the convertible note that MCOA executed with its financing partner is $752,500, with a 16 month term and 10% annual interest rate. Additional rounds of financing will be received as part of this note, which MCOA intends to invest in BV in satisfaction of the terms of its JV agreement.
As turnkey landlords, MCOA and BV look to provide an ideal cultivation environment that their current tenant can move into in Q3, and be fully operational and revenue producing in early Q4. As more states legalize the cultivation and consumption of cannabis, MCOA intends to replicate this business model and build the Company's real estate portfolio and increase its revenue.
Donald Steinberg, MCOA President and CEO, said, "I am very pleased that we obtained the financing to start our operations in Washington. We are projecting that this joint venture will soon be profitable and be a model that we can replicate in other states and countries. We are also happy to establish a relationship with a financing partner that is interested in supporting joint venture projects for MCOA in the future."
The closing of its first round of financing is a significant step in completing the Company's JV partnership that was formed to construct two greenhouses, provide management services and a commercial lease to an I-502 licensed grower in Washington State. Separately, the Company announced effective July 1, 2017, the establishment of a new corporate office located at 1320 West Valley Parkway, Escondido, California, 92029, that will include space for the Company's back office support team for its HempSMART brand, and provide office space for some Company executives.
Medical Marijuana, Inc. (OTC: MJNA), is the first-ever publicly traded cannabis company in the United States. The company recently announced that the second quarter of 2017 generated the largest revenue quarter in the Company's history. The Company saw a gross revenue increase from $1,660,633 in Q2 2016 to $6,131,415 in Q2 2017, a quarter-over-quarter increase of 269% making it the largest quarter in the Company's history. The Company also saw year-to-date and year-over-year revenue increase from $3,177,103 to $9,651,088 an increase of 203%. Medical Marijuana, Inc. CEO Dr. Stuart Titus said: "As a well-known Company of Firsts, we are encouraged to see the Company achieve a new milestone - hitting its highest revenue mark ever in this last financial quarter. We continue to work closely with our portfolio of companies to ensure their success, and look forward to breaking new records as we continue to expand our footprint in new markets."
MCig Inc. (OTCQB: MCIG) is a diversified and vertically integrated cannabis group committed to being the leading distributor of technology, products and services to fit the needs of the rapidly expanding cannabis sector. The company recently announced that the latest project updates for Grow Contractors (its construction and consulting division), in addition to the latest expansion of its cannabis supply division into the California cannabis market with record sales driven by recent recreational legalization in Nevada. Indicative of the marijuana shortage witnessed in Nevada as recreational use of cannabis went into effect, Grow Contractors is set to shatter previous sales record numbers. Furthermore, with its recent operations in taking on cultivation management contracts, MCIG has delivered on its game plan for cultivation and production ownership while mitigating risks through its consulting services.
General Cannabis Corp. (OTCQB: CANN) is the comprehensive resource for the highest quality service providers available to the regulated cannabis industry. Last month, the company announced the acquisition of GC Finance Arizona, LLC ("GC Arizona") from Infinity Capital West, LLC ("Infinity Capital"). GC Arizona owns two primary assets: 1) a 50% LLC membership interest in DB Products Arizona, LLC ("DB Arizona") and 2) a secured promissory note with DB Arizona in the amount of $825,000, plus accrued interest. DB Arizona produces and distributes medical marijuana infused products in the state of Arizona. The vast majority of DB Arizona's products to date have been Dixie Brands Inc.'s full line of medical cannabis "Dixie Elixirs and Edibles."
United Cannabis Corporation (OTCQB: CNAB) has long advocated the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. Recently, the company announced that Jamaica's Ministry of Health has registered its Prana P5 Hemp Bio Nutrient Capsules, Aromatherapy Roll-On and Sublingual Drops, and approved a Jamaican bilateral partner of the Company, Caribbean Research & Development Limited ("CRD"), to begin production in Jamaica. Through CRD, the Company now has approval in a legal market to research, cultivate, manufacture, and distribute its CBD-based products in Jamaica and reciprocal countries, giving United Cannabis and CRD immediate means to revenue.
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