The Growing Awareness of the Medical and Legal Cannabis Markets

Monday, April 2, 2018 Drug News
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NEW YORK, April 2, 2018 /PRNewswire/ --

According to Hexa Research,

the U.S. medical cannabis market was valued at USD 5.44 billion in 2016 and is anticipated to be valued at USD 19.48 billion by 2024. The projected growth is a direct effect of the growing acceptance
of cannabis products around the country. A wider range of consumers are aware of the medical benefits related to cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated by cannabis include, cancer, HIV, AIDS, Alzheimer's disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. The research also indicates that the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024. Snipp Interactive Inc. (OTC: SNIPF), NightFood Holdings, Inc. (OTC: NGTF), Leafbuyer Technologies, Inc. (OTC: LBUY), Solis Tek Inc. (OTC: SLTK), MassRoots, Inc. (OTC: MSRT)

As of January 1st 2018, California has started legal sales of cannabis products for recreational use. A report by CNBC quotes MedMen CEO and co-founder Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana… The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play… Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense."

Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). On March 21st the company announced breaking news that, "it has received a strategic investment from WeedMD Inc. ("WeedMD"), a publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario and is awaiting its second-site cultivation license for its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, Ontario. WeedMD is focused on providing medical cannabis to the seniors' market in Canada through its proprietary program. WeedMD and Snipp are entering into an agreement where WeedMD will use Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other initiatives. WeedMD has also signed up for the Company's recently launched Cannabis Resource Marketing Centre ("CMRC"), which leverages Snipp's experience in similar regulated industries like Alcohol, Pharmaceuticals and Tobacco. For interested companies, a free and simple application process can be accessed at http://www.snipp.com/CMRC

"Snipp provides companies with a complete technology suite to manage their promotions and implement cross channel loyalty programs. When we were looking for technology vendors to enhance our marketing and sales programs, no one understood our goals and objectives more than the team at Snipp," said Bruce Dawson-Sully, CEO of WeedMD. "Given their deep experience in regulated industries, we're looking forward to working with them to help launch sophisticated, compliant and responsible campaigns to increase market awareness along with acquisition and retention of medical patients, and eventually for both retailers and consumers as the adult use market emerges."

"We are extremely excited to announce our first client in the cannabis space. Companies like WeedMD that make the initial investments today in the infrastructure and programs required to succeed in an increasingly competitive market are better positioned to gain and retain market share," said Atul Sabharwal, CEO of Snipp. "The cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. As we did in the alcohol and pharma space, we are positioning ourselves to be the leading technology solutions provider for this emerging market. We believe our solutions are industry-leading given their proven security, scalability and flexibility to adapt not only to the myriad regulatory frameworks in place, but for future regulations that will affect the industry as it matures. Given our rich history and experience with multiple clients in the alcohol and pharma industries, we have no doubt that we are best positioned to help advance and accelerate the unique marketing objectives for any company in the cannabis space from seed to sale and beyond."

"We also welcome WeedMD to our CMRC. Since the launch of the CMRC we have been receiving interest from leading Cannabis companies and we look forward to sharing more about our solutions and services." Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.""

NightFood Holdings, Inc. (OTC: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc. MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. Recently, the company announced that its wholly owned subsidiary MJ Munchies, Inc. provided an update on the development of its Half-Baked line of cannabis-related snacks. In November, on an investor conference call, CEO Sean Folkson first introduced that the Company was investigating the scientific possibilities of a unique snack idea in the marijuana-related space. He identified that project as "Project X". 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.

Leafbuyer Technologies, Inc. (OTCQB: LBUY) is one of the most comprehensive online sources for cannabis deals and information. Leafbuyer Technologies works alongside cannabis businesses to showcase their unique products and build a network of loyal patrons. The company's online network reaches millions of marijuana consumers monthly. Recently, the company announced a major upgrade and expansion to its "News & Blog" site. The web property has witnessed a growth of nearly 900 percent in page views in less than six months. The blog has increased its traffic to over 300,000 page views per month, up from 30,000 in October 2017. Due to the dedicated work of the Leafbuyer team, the "News & Blog" site has become one of the fastest growing informational sites educating the cannabis community.

Solis Tek Inc. (OTCQB: SLTK), parent company of wholly owned subsidiaries Solis Tek Digital Lighting and Zelda Horticulture, is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. In February, the company announced a cooperative agreement under which Solis Tek will become Medicine Man Technologies' recommended supplier of High Intensity Discharge (HID) lighting technologies for its current and prospective consulting and sales relationships. The recommended status includes Solis Tek Lighting as its specified cultivation lamp fixture in both its equipment lists as well as facility designs.

MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. Recently, the company announced it has launched revamped mobile applications in the iOS App Store and Google Play. These mobile applications are expected to serve as a solid foundation for an updated dispensary finder and blockchain-powered utilities to incentivize user-growth and product reviews. Additionally, MassRoots is expected to introduce its revamped business portal and dispensary finder in the near future. Only dispensaries that compensate MassRoots a minimum of $199 per location per month will be listed on the dispensary map and have access to the business portal.

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