NEW YORK, January 5, 2018 /PRNewswire/ --
According to a report byForbes, Brightfield Group, a cannabis market research firm, the international market for cannabis is expected to be valued $31.4 billion by 2021. Bethany Gomez, Director of Research for Brightfield
The growth of the legal cannabis industry is expected to reaccelerate beginning 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. California's new recreational cannabis laws went into effect this month. New Frontier Data wrote in its 2017 annual report, "Cannabis is now legal in the most populous state in the country, dramatically increasing the total potential size of the industry while establishing legal adult use markets across the entire US Pacific Coast given the legalized states of Washington and Oregon."
Global Payout, Inc. (OTC: GOHE) earlier this week announced that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC" "MoneyTrac", the "Company") has promoted Ms. Vanessa Luna to the distinguished role and position of Chief Executive Officer. Former CEO, James Hancock will assume the distinguished role of the Company's Chairman of the Board. Both appointments are effective as January 1, 2018."
The Company's promotion of Ms. Luna comes following her successful and groundbreaking nine-month role as MTRAC's COO. This succession comes at a pivotal time, as the Company positions itself strategically for its anticipated growth and expansion within the multibillion-dollar cannabis industry.
Said MTRAC Chairman of the Board, James Hancock: "I mentioned in the 2017 year-end review that was distributed last week that MoneyTrac is very much on the verge of significant growth from a revenue perspective. This is due in large part to the hard work and dedication Ms. Luna exhibited in cultivating some incredibly strategic partnerships and acquisitions for the Company. Her elevation to CEO provides the Company with the leadership it will need to foster continued growth and fully capitalize on an industry that is growing faster than any other right now. I am excited for her promotion and I look forward to offering her, and the Company's Board, valuable guidance and support in my role as Chairman."
Said MTRAC CEO, Vanessa Luna: "The time is absolutely now to charge forward with the goals and objectives that will make MoneyTrac the most recognized leader in financial technology, banking, and payment solutions for the underserved businesses of the cannabis industry. I am fully aware of the responsibilities and challenges that come along with accepting a promotion such as this, but I am confident that with the foundation we built for this Company in 2017, and with the many different ventures and opportunities we have loaded into our pipeline, that we are poised to gain the stronghold on this industry that we know we are capable of."
Included with the transition of Ms. Luna to CEO is the appointment of Mr. David A. Flores as the Company's new COO. Since June 2017, Mr. Flores has been instrumental in the Company's internal operational development in his role as MTRAC's Business Development Manager. His experience and knowledge are deeply rooted in his experience with the legal industry, where he gained several years of experience in operational support and management, including compliance oversight, HR, payroll and employee benefits administration, as well as in finance and accounting management. Mr. Flores will also be joining the Company's Board of Directors and will play a critical role in driving MTRAC's vision and objectives to fruition in collaboration with the Company's growing executive management team.
The Company has also selected a group of key individuals to fill the management positions that are being developed through its growth. Each of them bring invaluable industry experience and knowledge and will be important in the facilitation of the significant growth and expansion MTRAC anticipates over the next several months.
Over the next few months the MTRAC Management Team anticipates following through on continued execution of strategic partnerships and networking relationships which will enhance their business objectives. A prime focus in the beginning will be the Los Angeles market, but in any state which provides for legal cannabis use MTRAC's technology will prove vital in regulatory compliance, technological advancement, crypto-currency, and alternative banking solutions."
Cannabis Strategic Ventures, Inc. (OTC: NUGS) is based in Los Angeles and is focused on supporting entrepreneurial growth within the fast-growing legal cannabis sector. Recently, the company announced it has signed a letter of intent with an approximately two acre cannabis cultivation and processing project in Santa Barbara County. The successful implementation of the project will not only expand the investment portfolio of the Company, but will also provide valuable experience for the management team toward building larger scale projects in the future. With the opening of the California recreational market earlier this week, Cannabis Strategic believes expansion out of its first market, Washington State, into California presents significant opportunities for the Company. The Company plans to pursue investment opportunities in not only outsourced employment, human resources and staffing operations, but also in the areas of real estate, cultivation, extraction, packaging and dispensary operations.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. On December 13, 2017, the company announced its development of a cannabis strain that has an extremely high THC concentration, and also has a specifically-defined terpene profile, meaning that this potent strain may have significant medical benefits. "Because of our research background, we're not willing to talk about things while we have only anecdotal evidence. But now, we have solid data that shows that the innovations that we have been working on for years are starting to bear fruit," said Chief Science Office, Dr. Andrea Small-Howard.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Recently, the company introduced its lead cannabinoid drug formulation VITA-100 as a non-psychoactive prodrug of THC. Vitality Biopharma has developed a new class of cannabinoid prodrugs, known as cannabosides, which enable targeted delivery of THC to the large intestine. THC has been previously reviewed and approved by the U.S. Food & Drug Administration (FDA) under the name dronabinol, and has been established as safe and effective for use with appetite stimulation and for treatment of nausea and vomiting. Vitality's cannabosides could enable oral delivery of large concentrations of cannabinoids in order to provide therapeutic benefits while reducing or eliminating psychoactivity by limiting entry of THC into the bloodstream or brain.
MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. On December 27, 2017, the company announced a comprehensive action plan to aggressively scale its market share of cannabis consumers and businesses in the California market. Powered by more than one million registered users, MassRoots enables consumers to rate products and strains based on their efficacy (i.e., effectiveness for treating ailments such as back-pain or epilepsy) and then present this information in easy-to-use formats for consumers to make educated purchasing decisions at their local dispensary. Businesses are able to leverage MassRoots by strategically advertising to consumers based on their preferences and tendencies.
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