Cannabis Market Expected to Grow as Legalization Spreads

Wednesday, November 15, 2017 Drug News
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NEW YORK, November 15, 2017 /PRNewswire/ --

According to a new report

from Brightfield Group, the global cannabis market is currently worth $7.7 billion and is expected to reach $31.4 billion by 2021. The United States accounts
for about 90 percent of the market. But the U.S. domination of the market is expected to drop to 57 percent due to legalization of cannabis in other countries. Canada is considered as one of the biggest markets for cannabis. Canada plans to legalize recreational cannabis by July 2018. Other countries in South American and Europe are also expected to legalize cannabis for either recreational use or medical use before 2021. Global Payout, Inc. (OTC: GOHE), mCig, Inc. (OTC: MCIG), OWC Pharmaceutical Research Corp. (OTC: OWCP), American Cannabis Company, Inc. (OTC: AMMJ), SinglePoint Inc. (OTC: SING)

The booming cannabis market is expected to have positive economic benefits, such as creating more jobs and generating tax revenue. According to MG News, Vivien Azer of Cowen & Co. said in a report: "When you consider ancillaries such as growers, testing labs, security, etc., the economic impact could range from $12.7 to $22.6 billion. Of note, these numbers do not include the impact of tourism, business taxes, licensing fees and paraphernalia sales, which could drive the economic impact higher."

Global Payout, Inc. (OTC: GOHE) on November 2nd announced that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company") has successfully sold the front cover of the premier of the Los Angeles addition of PotSaver, slated for release and mass distribution on January 1st, 2018.

The sale of the front cover also marks one of PotSaver's first revenue generating sales in the Los Angeles market, where the MTRAC team is currently engaged in a full-forced sales and marketing campaign. The marketing and sales ramp-up in Los Angeles is designed to coincide with the legalization of recreational use in the country's largest market, California. The premier publication in January of the Los Angeles addition marks a turning point for PotSaver, and the Company expects this expansion to generate considerable revenue in 2018.

Adorning the front cover will be an unparalleled technology in the cannabis industry. Powered by HGMG, the official launch of the brand is set for mid-November.

"We are thrilled to have completed the sale of PotSaver's premiere Los Angeles edition," said MoneyTrac Technology COO, Vanessa Luna. "With the new recreational law going into effect at the turn of the new year, we are truly in the most exciting, but also crucial time in this industry's young history. By securing their spot on our front cover, HGMG will be placing themselves and their products in front of the eyes of thousands of potentially new customers who will be as motivated and eager as ever to explore everything this market has to offer as soon as it becomes legal on a recreational basis in the new year." 

mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. On November 13th, mCig announced that the company has applied for a license for manufacturing medical cannabis in California City. MCIG currently has over 2 acres of land in escrow. "Our team, led by Christina Hernandez, did a fantastic job in managing hundreds of pages of documents and aggressive timelines for this submission. These applications require coordination between legal, engineers, architects, and local government in order to assemble the necessary components within the applications framework and requirements. California City is an independent city with its own mayor, municipal code and city council and as such has the right to govern themselves without interference from the county. Our talented team gives the company very good chances for getting us approved.", explains Paul Rosenberg, CEO of mCig Inc.

OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., (collectively 'OWC' or the 'Company') conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. On June 27th, OWC Pharmaceutical Research announced that its wholly-owned, Israel-based subsidiary, One World Cannabis Ltd. (OWC), has filed a patent application with the United States Patent and Trademark Office for its active cannabinoid-based topical cream. This new patent application follows the previously filed 'provisional' patent application. The added protection that this patent application provides for OWC's intellectual property will enable the Company to accelerate its ongoing discussions and negotiations regarding scientific, medical and commercial collaboration.

American Cannabis Company, Inc. (OTCQB: AMMJ), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, announced on September 21st, it has signed an exclusive distribution agreement with Earth Alive, a leading Canadian clean-tech company that develops and manufactures state-of-the-art microbial technology-based products. This agreement allows for the commercialization of Earth Alive's premiere cannabis microbial inoculant product, called Dr. Marijane. Dr. Marijane is a certified organic root probiotic that promotes increased vegetative growth, improves the bioavailability of fertilizer programs, and sustains healthy development and structuring of plant roots.

SinglePoint Inc. (OTC: SING) is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry. On October 24th, the company entered into a Letter of Intent with AppSwarm to conduct a joint roll-out of mobile applications specifically geared to the cannabis industry. The applications will be branded and marketed under SinglePoint's SingleSeed subsidiary while AppSwarm will provide the necessary technical support and app development.

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