NEW YORK, November 27, 2018 /PRNewswire/ --
According to data compiledby Imarc Group, the North American legal cannabis market was valued at more than USD 8 Billion in 2017. The market is projected to reach USD 35 Billion by 2023 as well as grow at a CAGR of 28%
Recently, Michigan, Missouri and Utah were the latest states to approve the legalization of cannabis during the U.S.'s November midterm election. Missouri and Utah only legalized medical usage, while Michigan approved recreational use. According to the Boston Globe, citing Marijuana Business Daily, Michigan sales are expected to begin in 2020 and generate upwards of USD 1.7 Billion in revenue. Michigan could potentially join states like California, Colorado and Washington that already drive in billions of dollars in revenue annually. Adding three more states is yet another huge milestone for the U.S., allowing even more consumers to have access to cannabis. "Adding two more states with medicinal marijuana would mean almost 70% of Americans could have access to the drug for that purpose. Some in the industry see federal legalization of medical marijuana as the best path to ending prohibition in the U.S., which has held big banks and institutional investors on the sidelines," said Bloomberg reporters Kristine Owram and Craig Giammona.
Global Payout, Inc. (OTC: GOHE) yesterday announced that they, "are expanding into 3 new states with the signing of two new clients, both national brands that are two of the largest cannabis companies in the U.S.
'We strive to work with companies whose goals and principles are aligned with the core values of our company,' said Vanessa Luna, CEO of MTrac. 'We are solving some of the biggest financial challenges facing the industry, and I believe that a shared vision and key relationships with leading companies provides us with an opportunity to truly set a gold standard. With the deployment of our compliant and transparent payment processing and management system, we are solving the problems and addressing the risks associated with cash-heavy operations, while maximizing our value positions and enhancing customer/patient experience with secure and efficient transactions.'
MTrac's two new clients are adding 10 dispensaries to its platform with another 15 projected to come aboard before year end, and both companies are looking to add about 50 more dispensaries to their rapidly growing organizations in 2019. 'With these new locations in Arizona, Maryland, and Pennsylvania, we are expanding our operational footprint to six states,' said Ms. Luna. 'Our organizational infrastructure and streamlined processes are allowing our company to rapidly scale with a steadily growing pipeline of new clients. Our team's main focus is to continue working with industry leaders and to produce revenue on a much larger scale, with our eyes on mass market adoption.'
About Global Payout, Inc: From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global's current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors."
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. GB Sciences, Inc. recently announced the harvesting of its first hemp crop in association with the Colorado Hemp Project. Following closely on the overall philosophy and strategy of the Company, hemp is planned to provide both a reliable source of hard to find cannabinoids and terpenes necessary to manufacture cannabis-based medical formulations and also provide a fresh revenue source through the sale of bulk hemp oil and other hemp related products. "This is GB's first outdoor hemp crop that we created as a genetic test lab project to produce scalable and economically viable supplies of minor cannabinoids for both medical and recreational purposes," stated Dr. Andrea Small-Howard, Chief Science Officer at GB Sciences. "It would not have been possible without The Colorado Hemp Project. Besides providing unique genetics for GB Sciences to explore, they also sourced the land, the farmers and the production resources necessary to take the project from seed to sale. This was an incredible experience and paints a bright future for this relationship moving forward. We can't wait to begin expanding the program next growing season. We plan on developing a lot of unique strains that will support all of our efforts to maximize the benefits of hemp as a source of novel compounds. Exciting times."
mCig, Inc. (OTCQB: MCIG), headquartered in Jacksonville, Florida, is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. recently announced its first hemp harvest is expected to be completed by the end of the week. Once the plants have dried, the buds will be stripped, bagged, and prepared for ethanol extraction. The development of high-output ethanol extraction equipment will allow the company to keep processing costs to a minimum. mCig will keep some of the plants to process for its own needs, including its new pet line, Artax, and its forthcoming pain cream. The remainder of the crop will be sold. Chief Executive Officer of mCig, Paul Rosenberg, states: "The New York farm has now proven to be a viable revenue stream for the company. The farm has the ability to produce plants that pass inspection and can be successfully harvested. We are looking forward to our next planting in March 2019, which will expand our harvest to 120 acres."
MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. MassRoots, Inc. recently announced that its recently launched rewards program for cannabis consumers, WeedPass, has on-boarded more than 50 participating dispensaries. WeedPass customers have already earned more than 650 tickets for sporting events and festivals, such as Reggae on Rt. 66, driving more than USD 45,000 in sales to participating dispensaries. WeedPass is currently available in the California and Colorado markets, and the Company intends to expand the program to every state which has a regulated cannabis market. "We plan to continuously expand our dispensary footprint and consumer reach, in addition to the variety of rewards listed on our platform. We expect this to drive more consumers and purchasing volume to our dispensary clients," stated Isaac Dietrich, MassRoots' Chief Executive Officer. "We believe WeedPass's unique structure can drive significant purchasing volume to the thousands of dispensaries across the United States by offering compelling rewards for mainstream cannabis consumers."
Golden Leaf Holdings Ltd. (OTCQB: GLDFF) is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf Holdings Ltd. recently announced the launch of its edible product line of cannabis infused fruit chews to the Nevada market under the "Golden" brand. In Nevada, the Company currently sells a range of ethanol-extract distillate, oils and distillate blends under the Golden Private Stash, RSO-Go and Jackpot brands. Currently, our products are sold wholesale in approximately 40 percent of dispensaries in Nevada. The Company's Fruit Chews were launched in Oregon in March 2018 under the Golden brand with resounding success. Launching in Nevada is a natural extension of the Company's strategy to complement its existing offerings of extract product. Fruit chews aim to help the Company's customers to balance life's highs and lows. The four bold fruit chews being introduced feature clean cannabis distillate with real fruit and restorative ingredients. "Our launch in Oregon resonated well with our customers. We are expanding on that and offering the same consistent, wholesome line of edibles to our Nevada customers. The cannabis marketplace continues to grow and the population of cannabis consumers continues to expand. This continues to be an opportunity to engage and connect with our customers who prefer to consume cannabis through non-smoking methods," said William Simpson, Chief Executive Officer of Golden Leaf Holdings.
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