NEW YORK, January 25, 2017 /PRNewswire/ --
NetworkNewsWire News Coverage: The election of 2016 will forever marka historic moment for the cannabis industry, reflecting growing acceptance - and legalization - of cannabis for medical and recreational use. The progression of this market, expected to grow to $50 billion in the next 10
With specialties ranging from technology to health care, visionary companies are learning how to apply their expertise to meet the increasing and evolving demands for cannabis-based products and services.
A recent report (http://nnw.fm/iI0ci) from the National Cannabis Industry Association (NCIA) calls the 2016 election "a watershed moment for the cannabis industry." While the report highlights concerns about how the Trump Administration could affect players in the blooming cannabis industry, the cautionary article offers room for optimism.
Among other points, NCIA notes the potential for policy changes at the Department of Justice, which since 2013 has crafted its state marijuana programs around the "Cole Memo." Written by James Cole, former U.S. deputy attorney general (2010-2015), the memo provides eight priorities concerning federal policy on the cannabis industry.
"Hypothetically, new leadership at the Justice Department could revoke the Cole Memo and return to an era of federal enforcement actions against state-compliant cannabis businesses. However, such an action would almost certainly provoke substantial backlash," writes NCIA.
Meanwhile, a recent initiative by Senator Elizabeth Warren of the Senate Banking Committee demonstrates growing acceptance of the cannabis industry, and raises hopes that the Financial Crimes Enforcement Network (FinCEN) will soon provide updated guidelines for marijuana companies looking for access to banks and credit unions. Earlier guidance provided by FinCEN in 2014 addressed the concerns of businesses that dealt directly in marijuana, like pot shops and marijuana dispensaries. "Indirect businesses that service the marijuana industry" were left in regulatory limbo, not knowing what rules, if any, applied to them.
One "indirect business" of vital importance to the marijuana industry is handled by Singlepoint subsidiary, SingleSeed Payments, which will provide a number of transaction and payment processing services, such as cashless ATM, Pay-by-Text™ and text message marketing to the cannabis industry.
In a recent interview (http://nnw.fm/lK1Y5) with MoneyTV, Singlepoint CEO Greg Lambrecht discussed the value banking services would provide to marijuana businesses, also highlighting his optimism for the industry.
"With Oregon, Washington and Colorado, the cannabis business was roughly somewhere around $5 billion. With Florida, Massachusetts and California, I've seen a lot of estimates of it growing to $50 billion, and some estimate saying $100 billion. We're going to be the merchant processor on that money, so this is a very exciting time for Singlepoint."
Another business that will feel the ripple effects of industry change is MassRoots, Inc. (OTCQB: MSRT), one of the largest technology platforms for the regulated cannabis industry. The company's mobile apps enable consumers to provide community-driven reviews of cannabis strains and products, enabling consumers to make educated cannabis purchasing decisions.
The cannabis industry is also comprised of other "indirect players" such as Eco Science Solutions, Inc. (OTC Pink: ESSI), an eco-tech company with several smart-device apps and related supplements to natural medication use; and Medical Marijuana, Inc. (OTC Pink: MJNA), whose HempMeds Mexico® subsidiary recently received approval from Mexico's health authority, COFEPRIS, to import the company's Real Scientific Hemp Oil-X™ to treat a patient for pain associated with cancer treatments and for general well-being.
Additionally, OWC Pharmaceutical Research (OTCQB: OWCP), through its Israel-based One World Cannabis Ltd. subsidiary, develops cannabinoid-based therapies targeting a variety of different medical conditions and disorders. One World was created to apply pharmaceutical research protocols and disciplines to the medical cannabis industry, and enables OWC Pharmaceutical to take advantage of Israel's position as the global center of medical cannabis research.
Ultimately, the forecast for cannabis business is bright, buoyed by public and congressional support that demands change.
"The 2016 election is a turning point for marijuana policy and the cannabis industry in the United States. Never before have so many Americans lined up to reject the failures of marijuana prohibition and support legal, regulated cannabis programs," says NCIA.
For more information, please visit: Singlepoint, Inc. (SING)
NetworkNewsWire (NNW) provides news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information about NetworkNewsWire, please visit http://www.NNW.fm
Please see full disclaimers on the NetworkNewsWire website: http://NNW.fm/Disclaimer
New York, New York
DISCLAIMER: NetworkNewsWire (NNW) is source of content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NetworkNewsWire (NNW) or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. NNW & FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW & FNM undertakes no obligation to update such statements.
Media Contact e-mail: FN Media Group, LLC - email@example.com +1-(954)345-0611
Subscribe to our Free Newsletters!
Cyanosis is the bluish or purplish discoloration of the skin and mucus membranes due to lack of ...
Find out about travel shots or vaccination before you travel to your destination country. Travel ...
Hay fever is caused by allergy to pollen and is characterized by runny or blocked nose, sneezing, ...View All