Legal Cannabis Sales Expected to Grow this Year| MENAFN.COM

Sunday, 23 January 2022 04:01 GMT

Legal Cannabis Sales Expected to Grow this Year

(MENAFNEditorial) iCrowdNewswire - Feb 16, 2018


According to a report by Ameri Research Inc., the global legal cannabis market was valued at$14.3 billionin 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024 or culminating to$63.5 billionby 2024. The market is at a period of robust growth, which is attributed to increasing legalization and decriminalization of cannabis products acrossNorth AmericaandEurope. The research also explains that because of the complex regulatory structure at state and federal level, the full potential of the market is not yet clear. Data by Arcview Market Research clarifies that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales ramp up inCanada,California, andMassachusettsalong with medical sales inFlorida. Global Payout, Inc. (OTC: GOHE), OWC Pharmaceutical Research Corp. (OTC: OWCP), GreenGro Technologies, Inc. (OTC: GRNH), mCig, Inc. (OTC: MCIG), NightFood Holdings, Inc. (OTC: NGTF)

In a recent report by CNBC, the CEO of the Canadian Securities Exchange (CSE)Richard Carleton, explained the situation cannabis companies that want to go public, "To get on NYSE and Nasdaq you have to be huge… InCanadayou continue to be able to develop public companies in the public space. We know how to do smaller deals for smaller companies on the stock exchange… I have a strong pipeline of Canadian and U.S. companies that have applied to list on the exchange… That tells me that there is a lot of room to grow in terms of build-out of the legal cannabis structure in the U.S."

Global Payout, Inc.(OTC: GOHE) onFebruary 13thannounced breaking news according to which, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company"), has expanded the sales team for its PotSaver brand to extend its reach beyond theSan Diegomarket and into surrounding metro areas includingLos Angeles.

Following the official start of legal recreational cannabis inCalifornia, several municipalities have been slow to issue recreational licenses to dispensaries. InLos Angeles, for example, this has been a significant challenge as local leaders and regulators have been working diligently to bring the vast array of dispensaries throughout the area into the legal fold. The PotSaver brand prides itself on working only with fully regulated and compliant cannabis companies and as such has watched carefully while these issues have been worked through by local regulators. And as several dispensaries acrossLos Angeleshave begun to receive their licenses, PotSaver has proactively moved forward by adding additional members to its LA-based salesforce to ramp-up efforts for the release of its premier LA publication, which is expected to hit markets in the early part of Q2 2018.

Additionally, PotSaver has added significantly to itsSan Diegopublication by expanding its base of advertisers to businesses outside of cannabis, such as some of the local restaurants and businesses that make up the unique and lively community that isSan Diego. These developments are in lock step with the recent agreement signed with EyeChronic.TV to incorporate their digital media platforms into the expanding suite of expanding services offered by MTRAC and PotSaver.

MTRAC CEOVanessa Lunasaid "With the recent agreement with EyeChronic, and the newly licensed dispensaries in LA, PotSaver is really in a very unique position to offer advertising services to the dispensaries not available from other companies. In addition to the compliance services offered by MTRAC, and the imminence of an electronic payments solution, MTRAC will be in a very strong position to capitalize on this multibillion dollar market sector."

MTRAC and PotSaver continue to work diligently within the legal recreational market to expand the advertising opportunities and compliance services available to the cannabis industry and are excited to expand into newly formed recreational markets inCalifornia."

OWC Pharmaceutical Research Corp.(OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One Word Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OnDecember 21, 2017, the company announced it received a new permit from the Israel Medical Cannabis Agency [MCA] to proceed with the safety study of their oral disintegrating tablet. The study protocol will be submitted to the Institutional Review Board [IRB] at a leading Israeli academic hospital in the coming weeks. The study is scheduled to start in Q2 2018. In October of 2016 OWC announced that it had completed the development of a proprietary cannabinoid-enriched sublingual tablet for the administration of medical cannabis. The Tablet constitutes a smoke-free alternative for patients using medical cannabis.

GreenGro Technologies, Inc.(OTC: GRNH) is a national leader in both indoor and outdoor aquaponic and hydroponic systems and grow rooms, with specific domain expertise in agricultural science systems serving both the consumer and commercial farming markets. The company brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors. Recently, the company announced that it expects the latest legislative initiatives relating to the legalization of cannabis, particularly inCalifornia, have set a favorable climate for companies such as GreenGro Technologies to expand its operations at a record pace.

mCig, Inc.(OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets. The company is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. OnJanuary 29, 2018, the company announced plans to launch an innovatively advanced hemp CBD-based formula for pets. The decision to expand into the pet products industry was based on extensive research conducted on customer and supplier inquiries. mCig's full spectrum of hemp CBD skin products will contain optimal concentrations of CBD combined with natural synthetically conjugated components that significantly enhance transdermal absorption and delivery. This transdermal CBD delivery system allows optimal administration of effective doses making the gentle formula acceptable for cats and small breeds of dogs. mCig's innovative CBD transdermal technology will support healthy skin, coat, hips, and joints.

NightFood Holdings, Inc.(OTC: NGTF), is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. Recently, the company announced that MJ Munchies, an NGTF wholly owned subsidiary, has completed acquisition of The Company intends to use the domain for online sales and marketing of its marijuana-related snack and edible lines, to be marketed under the trademarked brand name, Half-Baked. Half-Baked snack products are currently in development, under the guidance and oversight of NGTF'sPeter Leighton. Leighton is an accomplished veteran with 30 years' experience in consumer products, nutrition, and functional foods. Over the last two decades, Leighton has led innovation and product strategies for brands such as Natrol, Weider Nutrition, Cascadian Farm, Tiger's Milk, and National Beverage Corp. The Company plans to distribute Half-Baked branded snacks both online and in dispensaries throughout the country.

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