Legal Cannabis Market Projected to Grow Due to Medical Applications

Tuesday, June 27, 2017 Drug News
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NEW YORK, June 27, 2017 /PRNewswire/ --

According to a new market

research study published by Ameri Research, the global legal cannabis market was valued at $14.3 billion in 2016. The market is forecast to grow at a CAGR of 21.1% between 2017 and 2024, while reaching global sales of
by 2024. The report indicates that, 'North America accounts for over 49% of the market, with the U.S. being the single largest market'. The key factors boosting the legal cannabis market include the growing tax revenues due to product sales and tourism activities, decrease in crime rate, and several medical applications. There are about 20 conditions for which medical cannabis is used, and some of the more common applications include pain management, arthritis, cancer, multiple sclerosis and Alzheimer's. In 2016, chronic pain was identified as the largest segment in this market. SinglePoint, Inc. (OTC: SING), CV Sciences, Inc. (OTC: CVSI), GB Sciences, Inc. (OTC: GBLX), mCig, Inc. (OTC: MCIG), MassRoots Inc. (OTC: MSRT)

The report emphasizes that according to the National Institute of Health (NIH), nearly 40 million adults experienced severe levels of pain and over 25.3 million adults experienced chronic pain. Due to unhealthy life style factors, medical conditions, the number of people requiring pain management is growing rapidly and therefore, this segment is expected to continue its dominance over the forecast period. However, cancer is expected to emerge as the fastest growing application area over the next few years. Rapid increase in the number of cancer patients undergoing chemotherapy is a key reason boosting the consumption of medical cannabis across different regions.

SinglePoint, Inc. (OTC: SING) on June 20th announced that it has "successfully closed a $1 million company friendly Convertible Promissory Note with an institutional investor. Proceeds from the investment will be used to execute on the company's previously announced BitCoin Payments solution, as part of its partnership with First BitCoin Capital (OTC: BITCF). With the new round of funding, SinglePoint management believes the company will be able to move very quickly to develop a crypto currency solution and continue acquisitions in cannabis space."

"This is great timing for SinglePoint. We have many acquisitions deals in the pipeline, and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready to launch. We will be able to develop our solutions and really start driving sales," states Greg Lambrecht CEO of SinglePoint.

SinglePoint currently offers many integrated business solutions. The addition of BitCoin Payments to its portfolio will help solve the banking issue in the cannabis industry and other high-risk markets. Furthermore, SinglePoint has developed and is releasing a full-scale web development and online marketing solution for dispensaries. The company will use some of this funding to launch its own online marketing system to drive more customers to In the acquisition space, SinglePoint has already acquired several companies in the cannabis vertical, and is currently in discussions with other targets for a potential roll-up.

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. CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada. The company announced that it held its pre-IND meeting with the U.S. Food and Drug Administration (FDA) on June 15, 2017, to review its drug development plan for CVSI-007, the Company's patent-pending product for smokeless tobacco addiction therapy consisting of nicotine-polacrilex chewing gum in combination with synthetic cannabidiol (CBD).

GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. Recently, the company announced it secures bid to Louisiana State University (LSU) and receives authorization from the LSU Board of Supervisors to proceed with contract negotiations to act as the LSU Agricultural Center's (AgCenter) licensed operator of their medical cannabis production facility as outlined in the Alison Neustrom Act (hereinafter referred to as the 'Act'). The secured bid will enable GB Sciences to be the sole vendor of cannabis and extracted cannabis compounds on behalf of LSU for the patients of Louisiana. The agricultural centers at LSU and Southern University have the only two licenses granted by the State of Louisiana to cultivate, distribute, and sell medical cannabis.

MassRoots Inc. (OTCQB: MSRT) is one of the largest technology platforms for the regulated cannabis industry. The Company's mobile apps enable consumers to make educated cannabis purchasing decisions through community-driven reviews. On June 9, 2017, the company announced that it made a strategic investment in High Times Holding Corporation, 'High Times', the leading voice of the Cannabis Industry, in February 2017. Over the past forty years, High Times has built an iconic brand and business with innovative and forward-minded strategy at the front of the cannabis legalization movement. High Times maintains a portfolio of high-quality brands, including the Cannabis Cup and High Times Magazine, and a reputation for being at the leading edge of industry trends, information and news.

mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. Recently, the company announced that its Grow Contractors (GC) division has exceeded fourth quarter revenues of 2017 (February 1 - April 30, 2017) in just the first month of the 2018 fiscal year (May 2017). In the first month of FY2018, GC surpassed earnings with $1.3 million in gross revenue. Grow Contractors is MCIG's group of Cannabis consultants, engineers, architects, contractors, and grow experts combining over 100 years of experience and talent combined, to bring efficient and high-quality grow spaces. Grow Contractors offers a practical approach to cannabis design, construction, and operations to create profitable and compliant facilities, and a custom tailored approach to every client.

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