Legal and Medical Cannabis Sales Projected to Grow as More S...| MENAFN.COM

Sunday, 23 January 2022 09:11 GMT

Legal and Medical Cannabis Sales Projected to Grow as More States Adopt

(MENAFNEditorial) NEW YORK, September 12, 2017 /PRNewswire/ --

According to a report by New Frontier Data, medical cannabis sales in 2017 are forecast to grow to$5.3 billion, which is 67% of total cannabis sales. The report projects that by 2025, medical sales in current legal states are forecast to grow to$13.2 billion, which will account for 55% of total cannabis sales. Adult use sales in 2017 are forecast to reach$2.6 billion, or rising to$10.9 billionby 2025.New Frontier also indicates that legal cannabis sales in California alone are projected to reach $2.8 billion in 2017 and $6.6 billion by 2025, with a compound annual growth rate of 12% over the next eight years. Medical cannabis products are now legal in 29 states and Washington DC. Global Payout, Inc.(OTC: GOHE), Medical Marijuana, Inc.(OTC: MJNA), Terra Tech Corp.(OTC: TRTC), OWC Pharmaceutical Research Corp. (OTC: OWCP), CV Sciences, Inc. (OTC CVSI).

"Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state," said Giadha Aguirre de Carcer, New Frontier Data CEO. "As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."

Global Payout, Inc.(OTC: GOHE)onAugust 21stannounced that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC," the "Company") has finalized a business development agreement with Pot Saver, a Southern California-based community periodical providing listings on discounted cannabis-related products for local dispensaries and shops. Per the agreement, MTRAC will provide Pot Saver with fundamental support and guidance needed to execute its go-to-market strategy.

The Company expects that as early as Q4 2017, this agreement will enable MTRAC to generate revenue earnings from service agreements facilitated on behalf of Pot Saver, while providing both companies an opportunity to benefit from rampant market growth."

"With the medical and recreational cannabis industry growing at an unprecedented rate in California, we are determined to be conscious of the multiple opportunities that currently exist, or that we can create for MoneyTrac to further expand its brand throughout the industry as well as tap into every available revenue source possible," said MTRAC COO Vanessa Luna. "This agreement with Pot Saver is an excellent opportunity for us to offer the industry-specific business development expertise we have acquired to help further Pot Saver's go-to-market strategy, while simultaneously creating a new source of revenue for our company as we continue to expand our own brand throughout the industry."

Although the development and offering of financial technology solutions for companies and businesses in alternative and "high-risk" industries such as cannabis remains at the core of MTRAC's business focus, the Company will continue to explore additional ventures within the industry that can further its market reach and generate new avenues of revenue for Global and all its subsidiaries.

Medical Marijuana, Inc.(OTC: MJNA) is the first-ever publicly traded cannabis company inthe United States. The company recently announced thatAugust 2017was the Company's largest revenue month in its history. Additionally, wholly-owned subsidiaries Kannaway® and HempMeds®Mexicoexperienced their largest months of revenue in their respective histories."As we continue to expand into new markets, we are proud to watch the Company achieve milestone after milestone," said Medical Marijuana, Inc. CEO Dr.Stuart Titus. "Our portfolio of companies continues to create exciting developments in the cannabidiol (CBD) sector. Medical Marijuana, Inc. and our portfolio of companies are on track for a banner year, in terms of gross sales revenue figures."

Terra Tech Corp.(OTCQX: TRTC)operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC.Recently, the companyannounced it has filed a patent application with the U.S. Patent and Trademark Office for innovative cannabis-infused rolling papers.The inventive rolling papers, which are expected to launch in 2018, will be the latest addition to the Company's portfolio of IVXX™ branded premium cannabis products, which includes flowers, concentrates, custom-rolled joints and edibles. As with all IVXX products, the rolling papers will be free of toxic pesticides, harmful molds and chemical residues.

OWC Pharmaceutical Research Corp. (OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World Cannabis Ltd., is conducting medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids and cannabis-based products for the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks.

CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. The company recently announced that its industry dominating brand of finished products,PlusCBD Oil™will be exhibiting at Natural Products Expo East onSeptember 14-16, in Baltimore, Maryland. Produced byNew Hope Network,Natural Products Expo Eastis the leading trade show in the natural, organic and healthy products industry held on the East Coast, attracting over 28,000 industry professionals and 1400 exhibits to the Baltimore Convention Center.

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