NEW YORK, April 3, 2018 /PRNewswire/ --
According to a research byOristep Consulting, the global medical cannabis market in 2016 was USD 12.67 billion and will reach USD 33.41 billion by 2022 at a CAGR of 17.53% during the forecasted period. Scientific studies
Earlier this March, Forbes reported that a bipartisan pair of California lawmakers have announced a bill which would drop the state excise tax on cannabis to from 15% to 11% for a period of three years. Beau Whitney, a senior economist at data analytics for New Frontier Data, which conducted an analysis of the bill, explained to Leafly that, "by lowering the excise tax and postponing the cultivation tax, it will lower the overall price for consumers at the register, which will also reduce the differential between illicit and legal prices… Reducing this gap is critical to making the legal market more competitive against the illicit market and more attractive for consumers."
Global Payout, Inc. (OTC: GOHE) on March 29th announced breaking news that, "its subsidiary MoneyTrac Technology, Inc. ("MTRAC", the "Company") will be launching MTRAC, a full-service banking solution powered by GreenBox blockchain technology, on April 4th, 2018. The official launch of this system brings the MTRAC goal of 'Banking the UnbankableTM' to life and marks a massive turning point for both MTRAC and the legal cannabis industry in California.
While many states have legalized medical cannabis, and a handful have gone full blown recreational, traditional banking services remain largely unavailable to the legal cannabis industry. MTRAC, the Company's payment solution powered by GreenBox blockchain technology, not only provides these services but also incorporates the distributed ledger technology to track and record each transaction taking place in cannabis dispensaries. This solves several of the industry's most pressing problems, not the least of which is the ability to track sales to prevent theft. The official launch of MTRAC will present businesses in the industry with effective cashless methods to not only process payments for their consumers, but also remit payments to their vendors, employees, and other business affiliates."
"The goal of MTRAC from the beginning has been to leverage the different technologies available to us to remove the use of cash as the primary form of payment throughout the cannabis industry. While other companies have struggled to find supportive financial solutions, MTRAC opted to take a different approach, and one that has relied heavily on the use of blockchain technology to address this problem for a massive and growing industry," said MTRAC CEO, Vanessa Luna. "I am extremely excited to see MTRAC, our payment solution, officially launch next week. Once this happens, I am confident that every dispensary desiring legitimacy and transparency will jump on board and provide us with a number of new clients to serve."
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. In March, the company announced that on February 26, 2018 The NYAcres Project, a joint venture project between mCig, Inc and the FarmOn! Foundation was granted its Industrial Hemp Agricultural Research Pilot Program License through the Department of Agriculture and Markets in the State of New York. In preparation of receiving the license, the NYAcres Project has been advancing and expanding its infrastructure and three green houses on the 220-acre Empire Farm, home of the NYAcres Project in upstate rural New York. The NYAcres Project is scheduled to commence on the first approximate 40 acres and start planting its first crop immediately. NYAcres expects to harvest 800 plants per acre of the initial farmed 40-acres in its first harvest. In the same season, another 80-acre parcel is planned for the second harvest, with 800-1000 plants per acre.
GrowLife, Inc. (OTCQB: PHOT) aims to become the nation's largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. In February, the company announced that GrowLife HP Soil, the Company's organic certified high-porosity peat mix, was tested and selected for exclusive use in three major indoor cultivation sites across the country, including in one of the nation's largest state-sanctioned cultivation facilities with over 120,000 square feet of production room in Colorado. Denver, Colorado-based Green Man Cannabis, a Colorado cannabis cultivation and dispensary chain, ran a multiple-month test with GrowLife HP that delivered such favorable results that the company has entered into an agreement to exclusively use GrowLIfe's highly oxygenated soil for all further production in the facility. In addition to their operations in Colorado, Green Man has begun using GrowLife HP in its cannabis cultivation facilities in Portland, Oregon, under the brand Phresh and in Las Vegas, Nevada, under the brand Greenway Medical. GrowLife recently announced the opening of a flagship Canadian retail location built in order to meet the growing market demand for indoor cultivation equipment in the emerging legal cannabis Canadian marketplace.
General Cannabis Corp. (OTCQB: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. In February, the company announced that its client, Green Leaf Medical LLC, a leading grower and supplier of medical cannabis in Maryland, has successfully harvested its first crop and has passed all state-required laboratory tests. Now producing an estimated 500-600 pounds of high-quality medical marijuana on a monthly basis, Green Leaf is one of the leading fully approved suppliers in Maryland. Green Leaf also announced that it has begun the next phase of its expansion, increasing the size of its facility to approximately 50,000 square feet, a 67 percent increase from current capacity. The expanded grow house should be completed before the end of the year, raising production totals to nearly 1,000 pounds per month.
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. Earlier this year, the company announced that it has secured a consulting contract with Cloud 9 Apothecary in the state of California. In conjunction with the consulting agreement, ACC will acquire an equity stake in Cloud 9's project that is currently non-operational and in the development stage. This project, to be built-out and completed in Desert Springs, California, will comprise a closed-loop greenhouse containing a 22,000 square foot canopy of premium cannabis cultivars. With the construction of this facility, Cloud 9 Apothecary's plans focus on wholesale cultivation and product manufacturing. Plans to shift into a fully integrated business model, complete with dispensing solutions, will be made in the near future as Cloud 9 plans to scale up operations organically.
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