NEW YORK, May 23, 2018 /PRNewswire/ --
A market report by Ameri ResearchInc. indicates that the global legal cannabis market was valued at $14.3 billion in 2016 and is expected to grow at a CAGR of 21.1% from 2017 to 2024. During the forecast period, the projected demand of legal cannabis products
A major component of the legal cannabis industry is the CBD market. CBD is the part of the cannabis plant that doesn't have any psychotropic effects, and is typically used for medical purposes. Matt Karnes of Greenwave Advisors is optimistic about the growth of the CBD market saying, "In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only - this is in addition to the 28 states plus DC that have legalized medical marijuana," Forbes reported. Outco, the largest licensed cultivator in Southern California learned that 38% of users and non-users said they wanted to learn more about CBD oil. Forbes indicated that Outco also believes the market is poised for growth.
Chineseinvestors.com, Inc. (OTCQB: CIIX) earlier this week announced breaking news that, "Its wholly owned subsidiary, ChineseHempOil.com, Inc. ("ChineseHempOil") has expanded its domestic sales force appointing Nina Wang Vice President of Sales for its United States Consumer Retail/E-Commerce Division on March 19, 2018, setting the stage to complete the temporarily postponed spin off of all of the Company's hemp related assets in the near future.
Mrs. Wang has over 15 year's sales experience in the financial services industry with over 10 years as a Merchant Services Sales Manager at USA First Credit Card, Inc. Prior to that, Mrs. Wang worked as a Sales Manager for Alliance Bank Card Services. Since joining ChineseHempOil.com, Inc. in March 2018, Mrs. Wang has hired a team of sales representatives focused on wholesale and consignment sales in the Los Angeles area.
Through her efforts, ChineseHempOil.com, Inc. has developed strategic relationships with over 70 retail establishments in the Los Angeles area to consign the ChineseHempOil OptHemp products with plans to expand to Northern California in the near future. Mrs. Wang will also play an integral role in procuring new manufacturing relationships to, continuing to brand the Opt Hemp product line and developing new cutting edge hemp products.
"With over 15 years sales and management experience, we look forward to the increased sales that will be generated through Mrs. Wang's leadership as we are laying the groundwork to increase revenues in advance of the spin-off of all of the Company's hemp related assets. We were pleased with the 57% increase in monthly sales generated by the recent Mother's Day Promotion and are looking forward to an even better response for the Father's Day promotion," said Warren Wang CEO.
The Company recently announced in an 8k filing that spin-off of all of the Company's hemp related assets, originally scheduled for May 31, 2018, has been temporarily postponed as it continues to develop its domestic sales channels."
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. Recently, the company announced its financial results for the first quarter ended March 31, 2018. Sales for Q1 2018 were $8.1 million demonstrating the Company's continued organic expansion into all sales channels including the natural product retail, wholesale and direct-to-consumer channels. CV Sciences plans to continue developing new sales channels and is encouraged by the strength of its branded products as evidenced by SPINS® Scan data, which positions the Company as the #l selling hemp product line in the natural products industry.
Freedom Leaf Inc. (OTCQB: FRLF), is a group of diversified, international, vertically-integrated hemp businesses and cannabis media companies. FRLF's large portfolio of acquisitions and properties includes: its wholly-owned hemp extraction division Leafceuticals, Inc., its exclusive health and wellness CBD brand Hempology, its 60,000 acres of indoor hemp greenhouse cultivation and 200 acres of outdoor cultivation with Green Market Europe, its hemp-based rolling paper company Plants to Paper, two of the largest Spanish-speaking cannabis web portals in the world LaMarihuana.com and Marihuana-Medicinal.com, and of course our flagship publication, Freedom Leaf Magazine. On April 17, 2018, the company consummated its previously-announced acquisition of the Irie CBD Product Line, including virtually all: assets, trademarks, formulating equipment, formulas and products. Irie is a California-based CBD, "Cannabidiol", product line that, and has been operating since 2015, it formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country.
Medical Marijuana, Inc. (OTC: MJNA) recently announced that portfolio company Kannalife Sciences, Inc., a bio-pharmaceutical and phyto-medical company, was featured in a Dateline NBC segment discussing how their research on cannabidiol (CBD)-like molecules could potentially change the landscape for various ailments including chronic traumatic encephalopathy (CTE) and the opioid epidemic. Kannalife currently holds two licenses, one of them exclusive, with the National Institutes of Health (NIH) for the Commercialization of U.S. Patent #6630507, "Cannabinoids as Antioxidants and Neuroprotectants," to research Hepatic Encephalopathy (HE) and CTE.
NightFood Holdings, Inc. (OTC: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc. MJ Munchies was recently formed as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. On March 23, 2018, MJ Munchies provided an update on the development of its Half-Baked line of cannabis-related snacks. After further research, the Company decided to move forward with Project X in January. One of the leading nutraceutical consulting firms in the United States has been engaged to drive product development and formulation under the guidance of NightFood's Peter Leighton. In addition to the development of these unique products, which it plans to launch under the Half-Baked trademark, MJ Munchies is also currently in discussions with manufacturers regarding the launch of THC infused recreational snacks in Washington, Colorado, and Nevada.
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