NEW YORK, January 19, 2018 /PRNewswire/ --
According to a reportby Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 or culminating to $63.5 billion by
In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. The new industry is also expected to contribute to California's tax revenue. The LA times reported that, California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists.
Sugarmade, Inc. (OTC: SGMD) announced yesterday that the, legalization of recreational cannabis within the state of California is already having a positive impact on the businesses of Sugarmade and BizRight Hydroponics, Inc. The two companies are currently in process of implementing a master marketing agreement, creating one of the largest publically traded cannabis and hydroponics supply companies. While the California market, considering its strong economic clout is certainly important, many other states are also now beginning to issue cultivation licenses, adding additional fuel to the already growing cultivation supply market.
Mr. Jimmy Chan, CEO of Sugarmade, commented, "2018 will certainly be very busy for our Company. We could not be more pleased with the growth we are seeing from almost all geographic areas, but California is clearly developing into a marketplace that is exceeding even our very positive previous expectations."
In California, a cultivator must first obtain a local cultivation license before applying for a state license. Through January 13, 2018, the California Department of Food & Agriculture had issued only 442 temporary cannabis cultivation licenses; however, there are thousands of applications still pending at the city and country level. Thus, the number of state issued licenses is expected to grow dramatically over the coming months.
Mr. Chan continued, "We are especially excited about the increase in business being seen from California commercial growers as both local and state licenses are now being issued. We are already seeing an increase in demand even though only 442 licenses have been issued thus far by regulators, but there are thousands of additional licenses still pending. Nearly all of these cultivators will need supplies and as one of the largest suppliers with product lines for both indoor and outdoor cultivation, we think we are very well positioned to realize further acceleration in demand. Thus, we are in process of revising our internal revenue estimates for 2018 and beyond. We expect to provide formal guidance over the coming weeks."
While the California market is very exciting, there many other cultivation markets expected to come online during 2018. States such as Florida, Texas, Arkansas, New Mexico, Alaska, Vermont and Pennsylvania, among others, are also experiencing a cultivation license backlog.
Sugarmade is currently expanding its staffing, especially related to finance and accounting, in order to prepare for the significant increase in business the companies are expecting. BizRight produced in excess of $30 million in revenues during 2017, with substantial growth expected for 2018. Sugarmade expects to provide detailed revenue guidance to its investors over the coming weeks, but is preliminarily expecting revenue for 2018 to top $40 million."
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive and cost-effective DehydraTECH technology that promotes healthier administration methods, lower overall dosing and higher effectiveness of ingestible drugs and other beneficial molecules. On December 13, 2017, the company announced the United States Patent and Trademark Office has granted patent number 9,839,612 B2 for the use of DehydraTECHTM technology as a delivery platform for a wide variety of Active Pharmaceutical Ingredients including all cannabinoids including THC; fat soluble vitamins; non-steroidal anti-inflammatory pain medications; and nicotine. In one aspect a method of treating a condition is provided wherein a cannabinoid is used to treat conditions selected from the group consisting of cardiac diseases such as heart disease, ischemic infarcts, and cardiometabolic disorders, neurological diseases such as Alzheimer's disease, Parkinson's disease, schizophrenia, and Human Immunodeficiency Virus (HIV) dementia; obesity; metabolic disorders such as insulin related deficiencies and lipid profiles, hepatic diseases, diabetes, and appetite disorders; cancer chemotherapy, benign prostatic hypertrophy; irritable bowel syndrome, biliary diseases; ovarian disorders; marijuana abuse; and alcohol, opioid, nicotine or cocaine addiction.
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. This strain is the result of an ongoing research project and is one of many tangible results of the coordination of the three operating units--- Life Sciences, Tissue Propagation, and Cultivation Labs. GB Sciences is a fully integrated cannabis company with three complementary operating units. The internal pipeline is now fully solidified; the Life Sciences division researches and develops the profile for a strain that is thought to be medicinally important; the Tissue Propagation team acquires the specified genetics and begins the propagation process to provide clean, healthy, starter plants so that verifiable and consistent results can be gained; the new plants then move into the Cultivation Labs precision controlled growing environment and are matured under stringently monitored growing conditions.
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. On January 02, 2018, the company announced that its Grow Contractors (GC) division has secured cannabis cultivation and manufacturing licenses for one of its clients in San Gabriel Valley, California. The licenses permit the production and sale of cannabis products throughout California, a state with a new recreational marijuana economy said to be valued at $7 billion and currently takes 30% market share of the US cannabis market.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. On January 1, 2018, the company announced that it has received State of California Temporary Authorization to distribute and retail cannabis, and expects to receive authorizations to cultivate and manufacture cannabis for California's adult-use and medical markets, effective January 1, 2018. Terra Tech plans to commence adult-use cannabis sales to the California market immediately through its Blümretail dispensaries located in Oakland and Santa Ana. Terra Tech first started selling medical cannabis products to patients in California through its Blüm dispensary in Oakland. In anticipation of adult-use sales, the Company opened a second Blüm retail location in Santa Ana, California in September, 2017 and is currently constructing a Blüm dispensary in San Leandro, which is expected to open to the public in early 2018. The Company is also expanding its cultivation facilities through its 'Craft Cultivation' model, and has signed two craft cultivators, based in Honeydew and Salinas, to ramp production of the Company's brand of premium cannabis. The Company's IVXX cannabis is grown and harvested under the safest and most beneficial conditions, free of toxic pesticides, harmful molds and chemical residues. All products are rigorously tested and certified to the highest standards of potency and purity.
Subscribe Now! Watch us report from LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information: email@example.com +1-877-601-1879
Subscribe to our Free Newsletters!