Cannabis Industry Projected to Experience Significant Growth While Legalization Efforts Pick Up Steam

Wednesday, May 23, 2018 Drug News
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PALM BEACH, Florida, May 23, 2018 /PRNewswire/ --

MarketNewsUpdates.com News Commentary 

The

multi-billion dollar cannabis industry is projected to experience 28% CAGR through 2021 en route to nearly $25 billion in annual revenues, according to a study conducted by Cannabis Business Plan. States with large populations
like Florida and Arizona are expected to make legalization progress within the next five years, leading to a more competitive, but lucrative overall market in the United States. For perspective, California currently owns roughly 40% of the US market and that number is projected to be cut down to 27% by 2025 as more states get involved through legalization. Other factors influencing the industry's impressive growth include consumer education on the substance, as well as general societal acceptance of cannabis-based products. Active Companies from around the market with current developments this week include: CLS Holdings USA, Inc. (OTC: CLSH), Canopy Growth Corporation (TSX: WEED) (OTC: TWMJF), mCig Inc. (OTC: MCIG), PotNetwork Holding Inc. (OTC: POTN), INSYS Therapeutics Inc. (NASDAQ: INSY).

CLS Holdings USA, Inc. (OTCQB: CLSH) BREAKING NEWS: Snipp Interactive Inc. (OTCQB: SNIPF) (TSX-V: SPN), a global provider of digital marketing promotions, rebates and loyalty solutions, today announced that it has signed an MOU with Cannabis Life Sciences - CLS Holdings USA, Inc. ("CLS"), who is in the process of finalizing its purchase of Oasis Cannabis a "seed to sale" company focusing on Cultivation, Production and Dispensaries. CLS showed interest in the Company's solutions by signing up on its recently launched Cannabis Marketing Resource Center ("CMRC").

In addition Cannabis Life Sciences is the developer of a proprietary patent-pending extraction and conversion methodology that has potential to increase yield and quality of cannabinoid oils extracted from cannabis plants. CLS is in the process of expanding its business strategy to include cultivation, production, and retail dispensaries, and is currently in the process of acquiring Oasis Cannabis, a Las Vegas based vertically integrated cannabis company. To learn more visit https://www.clsholdingsinc.com .

The MOU explores a comprehensive partnership to implement a customer loyalty management platform covering all CLS locations across Snipp's SnippCheck, SnippRewards and SnippLoyalty platforms. Snipp will leverage the accumulated knowledge and deep expertise it's has acquired in designing and launching marketing programs in other highly regulated industries like Pharma, Alcohol and tobacco to help CLS run effective and legally compliant promotion and loyalty programs to meet their marketing objectives.

"We have explored a number of loyalty platforms and after extensive review and consultation with SNIPP have concluded that the SNIPP offering allows us to deploy a system that we can leverage as we grow the CLS platform," said JEFF Binder, CEO of CLS.

"We are energized by the interest received in our CMRC. Clearly, there is a need that is currently unmet in the cannabis industry for marketing solutions that can be leveraged across the industry ecosystem and we hope to be the go to resource that fills that need. CLS is a great example of a forward looking company that intends to run a vertically integrated business that is already thinking through the finer points of their future business and operating model," said Atul Sabharwal, CEO of Snipp.

The goal of the CMRC is to help Cannabis marketers hit the ground running by leveraging our deep expertise and the flexible technology platforms we have engineered for highly-regulated industries, which have unique requirements compared to other consumer-oriented segments. This resource center is designed to help cannabis-related companies launch sophisticated solutions that are also legally compliant, a very important aspect for all firms in the space. Read this and more news for CLS Holdings USA at:  http://www.marketnewsupdates.com/news/clsh.html

In the industry developments and happenings in the market this week include:

Canopy Growth Corporation (TSX: WEED.TO) (OTC: TWMJF) recently announced it has entered agreement to acquire outstanding shares of research arm Canopy Health Innovations. "Canopy Health has overachieved in its mandate to create value and [intellectual property] relating to medical cannabis applications. By combining its IP with Canopy's production and advanced manufacturing platform, we aim to advance speed to market of medical cannabis products," said Bruce Linton, chairman and chief executive officer, Canopy Growth, and chairman, Canopy Health. "Bringing CHI fully under the Canopy banner at this time and at this price reflects the value of CHI's existing assets and takes into account the upstream value creation Canopy Growth is uniquely capable of layering on." Canopy Growth has built the world's leading ecosystem of cannabis product development, research and international sales channels, all while serving the largest medical patient base in Canada.

mCig Inc. (OTC: MCIG) announced on Tuesday that its STARTUP Supply Division reached $1.5M in sales during its first year of operations. MCIG's supply division has become the "goto" organization for supplies needed in support of the recreational and medical cannabis movement in Nevada. With a well-developed infrastructure headquartered in Las Vegas, Cannabiz Supply, MCIG's supply division operational entity, recently expanded operations into Southern California and is currently in the planning stages of opening a Colorado operation. The Cannabis market continues to exceed all expectations since in the USA and worldwide. Cannabiz Supply has recently entered into negotiations with two of the largest production empires and anticipates becoming their sole source provider in the upcoming months, further entrenching the operations in this blooming market.

PotNetwork Holding Inc. (OTC: POTN) came to a close up 4.68% on Tuesday with a volume north of 2.6 million. Last week, the company announced over $2 million in sales revenues recorded for the month of April. Compared with the $1,009,900 the company achieved in April of 2017, April 2018's revenues represent a 98% year over year increase. PotNetwork Holdings, Inc.'s wholly owned subsidiary Diamond CBD, Inc. recently revealed that Diamond CBD's Vape Additive, Liquid Gold Vape Juice, Chill Gummies, Tinctures and Biotech Creams, are the brand's most successful products according to the 2018 Investor Relations FAQ, and are being sold in 1000's of retail locations across the United States. According to the PotNetwork Holdings, Inc. 2018 Investor Relations FAQ, Diamond CBD's products are selling best in Texas, California, Florida, Georgia and New York. By virtue of Diamond CBD's success in the 4 most populous states in the country, and with close to 25% of its revenues coming from ecommerce, Diamond CBD emerges as market leader in the U.S. domestic hemp-derived CBD oil market.

INSYS Therapeutics Inc. (NASDAQ: INSY) recently announced that an expert panel convened by the U.S. Food and Drug Administration (FDA) voted not to recommend approval of the company's New Drug Application (NDA) for a buprenorphine sublingual spray as a treatment for moderate-to-severe acute pain. "We appreciate the panelists' perspective and guidance," said Steve Sherman, senior vice president of regulatory affairs for INSYS Therapeutics. "Believing that our sublingual delivery technology could contribute significantly to bring value to patients, we will continue to work with the FDA in the coming months to discuss the path forward for our buprenorphine product candidate and to build on the current body of evidence for its efficacy and safety." INSYS Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve patients' quality of life. Using proprietary spray technology and capabilities to develop pharmaceutical cannabinoids, INSYS is developing a pipeline of products intended to address unmet medical needs and the clinical shortcomings of existing commercial products.

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