Legal Cannabis Market Projected to Grow as Consumers Spend More

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

Legal cannabis sales in the North American market are expected to grow

rapidly as consumers spend more every year on legal cannabis. According to a new report from Arcview Market Research, people in America and Canada spent $56.4 billion on cannabis in 2016,
while about $6.9 billion came from the legal recreational and medical cannabis market, a 34 percent up from 2015. The accelerating pace of cannabis legalization in the United States continues to drive the growth in the market. SinglePoint, Inc. (OTC: SING), Inc. (OTC: CIIX), Researchers at PharmaCyte Biotech Inc. (OTC: PMCB), Eco Science Solutions Inc. (OTC: ESSI), MCig Inc. (OTC: MCIG)

Colorado, the first state in the United States to legalize cannabis for recreational use, witnessed impressive growth in the cannabis market. According to the Colorado Department of Revenue tax data released last week, Colorado's dispensaries sold $1.3 billion of legal cannabis in 2016, while $875 million came from recreational sales and $438 million from medial cannabis. Colorado's first licensed recreational dispensaries opened in January 2014. Those shops generated $699.2 million revenue by selling recreational and medical cannabis during their first year operation, and the number reached $996 million in 2015.

On January 31st, SinglePoint (OTC: SING) announced that it, "is entering an exciting niche of the cannabis industry through a Letter of Intent ("LOI") to acquire an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.

Convectium is the creator of the world's first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries. The company's 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind.

Convectium operates a B2B equipment division in addition to its legacy B2C products. The proprietary equipment is solely distributed by, the Convectium B2B brand. Based on its market position and increasing demand for its products and services, Convectium forecasts revenues for 2017 at $3.5 million, an increase of 150% compared to revenue of $1.4 million for 2016. Convectium ships its consumer brands to over 52 countries. The company's line of B2C brands include BlackoutX as well as HazeSticks, inspired by the Jimi Hendrix Cannabis Collection."

"To say we are excited about this opportunity is an understatement," states SinglePoint CEO, Greg Lambrecht. "Convectium's 710Shark and 710Seal system is incredible, and its capabilities are unmatched. After looking at hundreds of cannabis companies, finding an acquisition opportunity like we have found in Convecitum adds a new dynamic to our endeavors and the cannabis industry as a whole."

Premier financial information website for Chinese-speaking investors in both the U.S. and China, Inc. (OTCQB: CIIX) announced earlier today that, "its management team will be presenting at the 2017 Disruptive Growth & Healthcare Conference in New York City, February 15th and 16th. at the beginning of the month also announced, "the launch of its new website for its new subsidiary The website went live on January 31st under the URL: The Company is expanding into the medical marijuana industry with the launch of its website and plans to retail hemp oil and related products, which are legal to sell and distribute within China and in the United States in all fifty states (hemp oil is not marijuana, but indeed a separate and distinct plant made from hemp).  CBD oil, derived from hemp is a product with medicinal qualities that are primarily used for anti-inflammatory and other common ailments."

Mr. Warren Wang, the Chairman of stated: "I am very pleased to see the investor reaction to our announced plans which we began to disclose over a month ago... Our core business, the online distribution of news to the Chinese speaking population about financial markets and stocks has been a very solid and consistently robust business for our shareholders. Now as we expand into online retailing and distribution of CBD oils to the Chinese speaking population with a focus on hemp and medicinal needs via consumer products. This will create a much needed and growing niche for us to enter. Indeed, we believe we are the first public company to enter this market in China."

Researchers at PharmaCyte Biotech Inc. (OTCQB: PMCB) investigated molecular indicators of spontaneous shrinking in children with pediatric low-grade gliomas and found that tumors that remained stable or had spontaneous shrinking after surgery had significantly higher levels of expression of the CNR1 gene at the time of diagnosis. They hypothesize that high expression levels of CNR1 make P-LGGs more susceptible to the anticancer effects of normally occurring substances in the body known as endocannabinoids. By extension, plant-derived phytocannabinoid molecules, such as tetrahydrocannabinol and cannabidiol, may provide similar effects through their known interaction with endocannabinoid receptors like CNR1.

Eco Science Solutions Inc. (OTC: ESSI) is a technology-focused Company targeting health and wellness industry. The company has an app called, Herbo that has a database of over 14,000 alternative medicine locations and helps users find medical cannabis dispensaries, smoke shops, legal doctors, clinics, and delivery services in the area. With its latest update, the company added information of different strains that includes a breakdown of THC/CBD, effects, and where to buy it to help users find the best strains for your specific needs.

MCig Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has expanded from originally a vaporizer manufacturer, to an industry leading, large scale, full service cannabis cultivation Construction Company currently operating in the rapidly expanding Nevada market, and a Hemp based CBD market supplier. The company looks to further broaden its expansion in multiple different fields within the cannabis industry through organic growth and strategic partnerships.

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