NEW YORK, April 3, 2018 /PRNewswire/ --
According to data providedby Energias Market Research, the global medical cannabis market is expected to grow significantly from USD 8.28 billion in 2017 to USD 28.07 billion in 2024, at a CAGR of 19.1% from 2018 to
Starting January 1st 2018, the state of 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."
SinglePoint, Inc. (OTC: SING) earlier today announced breaking news that, "the official launch of the freshly revamped SingleSeed.com website, focused on selling cannabidiol (CBD) based products direct to consumer. A subsidiary of SinglePoint, SingleSeed has been actively operating in the cannabis space since 2014. Interest in CBD has increased tremendously over the years, and the CBD market is projected to hit $2.1 Billion by 2020, according to Forbes. SingleSeed is looking to capitalize in the space by creating and distributing hemp-based CBD products.
SingleSeed.com is now live and taking orders. Consumers can visit SingleSeed.com and use promo code SING on orders of $50 or more to receive a complimentary two-pack of the company's hemp-based CBD capsules. The company is sourcing all of its CBD from U.S.-based hemp farms, all of which provide analysis of the product to ensure purity. SingleSeed is looking to position itself as the trusted, quality leader in the CBD market.
CBD products do not have any psychotropic effects and typically are used for medical purposes. Brightfield's data estimates that hemp CBD sales have already hit $170 million in 2016 and at a 55 percent compound annual growth rate. A major benefit of hemp-based products is they can be sold globally, and with the power of e-commerce, SingleSeed will be making a major push to drive website traffic and convert sales.
The company is relying on the team's history and expertise in payment and technology development to capitalize on the growing demand in the CBD market. SingleSeed has also engaged e-commerce experts to help drive online awareness and will also be working with online influencers to drive brand awareness."
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. Last month, the company announced that Jamaica's University of the West Indies' Ethics Committee has reviewed and approved its proposal to conduct clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain. The study, titled, "An Open-Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," will be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University Of West Indies, Mona Campus, in Jamaica.
Surna Inc. (OTCQB: SRNA) is a manufacturer of application-specific climate and environmental control and air sanitation systems for state-regulated indoor cannabis cultivation facilities. Recently, the company announced that announced operating and financial results for the three and twelve months ended December 31, 2017. We will not be hosting a conference call following the release of our financial results. Revenue for the three months ended December 31, 2017 was $2,309,000, an increase of $743,000, or 47%, compared to the three months ended September 30, 2017, and an increase of $290,000, or 14%, compared to the three months ended December 31, 2016. For 2018, the company intends to pursue customers seeking to build indoor cannabis cultivation facilities in all regulated markets, with special focus in California and Canada.
Freedom Leaf, Inc. (OTCQB: FRLF) is the leading go-to resource in the cannabis, medical marijuana, and industrial hemp industry. Last month, the company announced that it has hired Purdue University Biomedical Engineering graduate Nick Shi to oversee the Leafceuticals Inc hemp extraction, distillation and refining laboratory in North Las Vegas. Leafceuticals Inc is Freedom Leaf's wholly-owned extraction and manufacturing division that uses NuAxon CO2 supercritical extraction to manufacture wholesale hemp CBD oil, terpenes, rare cannabinoids, and other valuable byproducts of industrial hemp. In addition to hiring highly-skilled staff, Leafceuticals Inc is also in the process of expanding its facility in North Las Vegas, currently constructing two additional fully-functioning laboratory spaces for hemp CBD extracting, distilling, and refining.
GreenGro Technologies Inc. (OTC: GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. Recently, the company announced that it plans to submit development plans and seek approval from the City of Adelanto, California to develop a five-acre canna-business park. The Company on February 26, 2017, had entered into a twenty year lease agreement for over five acres of space in Adelanto, California to be used for the development of the canna-business park. In addition to the Company's one-acre indoor greenhouse, the property is being designed to include four 12,000 square foot buildings to be used for manufacturing, cultivation, a dispensary and distribution.
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