The Cannabis Market is Projected to Rise Due to Medical Advancements
FinancialBuzz.com News Commentary
Editor’s Note: Draw your own investment conclusions.
According to a research by Oristep 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. Numerous scientific studies of the cannabinoid chemical have led to the development of FDA-approved medications in pill form. The two main variations of cannabinoids derived from the cannabis plant are THC and CBD, which are used for medical purposes as treatments for various conditions such as increased appetite, reduce nausea, decreasing pain, muscle control problems and more. The report also specifies that North America leads the market, holding about half of the market share in 2016. Medical Cannabis Payment Solutions (OTC: REFG), mCig, Inc. (OTC: MCIG), Future Farm Technologies Inc. (OTC: FFRMF), Kaya holdings, Inc. (OTC: KAYS), Mountain High Acquisitions Corp. (OTC: MYHI)
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.”
Medical Cannabis Payment Solutions (OTC: REFG) just yesterday after the market close the company announced breaking news that, “it has acquired 40 acres of agricultural land to cultivate hemp as part of Utah’s recently passed law, H.B. 302. The company will seek a license to grow hemp as part of the state’s Department of Agriculture and Food licensing program.
In 2014, Utah passed H.B. 105, which allowed legal possession and use of CBD oil by registered patients with a doctor’s recommendation and intractable epilepsy. The legislation, however, did not provide a mechanism for patients to acquire the oil. This year, Utah’s legislature passed S.B. 130, the Cannabidiol Product Act, which authorized the cultivation, production, and possession of hemp and the sale and use of cannabidiol products.
“We have already purchased 40 acres in anticipation of acquiring a license to grow hemp as part of Utah’s state-sanctioned system,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “With the acquisition of SpeedyGrow, we have now also entered the cultivation and extraction space. This will be the company’s second license and facility.”
mCig, Inc. (OTC: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. On April 30, 2018, the company announced that it has officially been awarded three licenses from California City, California, for recreational cannabis cultivation, statewide distribution, and manufacturing. The extremely competitive licensing procedure of California City took in over 300 applications, awarding only 16 licenses at this time, 3 of which belong to MCIG. The property will be developed into a state-of-the-art 30,000 square foot “Smart Greenhouse” cultivation facility by the company’s construction subsidiary, Grow Contractors, Inc. In addition, it has been planned out to have a 2,000 square foot manufacturing facility to create extracts, and a small distribution center that will be used to move products to retailers.
Future Farm Technologies Inc. (OTCQX: FFRMF) is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. Recently, the company provided an update with respect to its planned Florida application to cultivate cannabis at its 10-acre operating greenhouse in Apopka. Future Farm has retained the services of two strategic consultants, Michael Minardi and Brett Puffenbarger, to assist with its application to the Florida Department of Health. The goal is to submit the application after the newly released application form is made final. The Florida Department of Public Health has not stated when that will occur. There is a public hearing on the proposed new form scheduled for May 24, 2018.
Kaya holdings, Inc. (OTCQB: KAYS), through subsidiaries, produces, distributes or sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods. On April 30, 2018, the company announced that it has joined a committee organized by Oregon State Agency officials which includes opioids crisis experts, academics, licensed marijuana industry experts and leading industry participants to explore ways to implement a Cannabis-Opioid Relief Program in Oregon. KAYS, which is participating under the Kaya Cares banner announced last November, is pleased to be part of the Oregon based program that, if successfully implemented, could be a national model for alleviating the opioids crisis. The Kaya Cares program has received tremendous public support, which the Company appreciates and hopes continues to drive a conversation on the use of cannabis as a safe and effective opioid substitute.
Mountain High Acquisitions Corp. (OTCQB: MYHI) is a holding company focused on the acquisition and development of businesses and other assets within the cannabis sector. Earlier this year, the company announced that its most recent milestones in its plan to provide turnkey infrastructure solutions to licensed cannabis growers and producers in highly promising cannabis markets such as California, Washington, Oregon and Arizona. On January 18, 2018 MYHI entered into an Advisory Agreement with Mr. Dirk Nansen of Bellingham, Washington, with effect from January 1, 2018. Pursuant to the Agreement, Mr. Nansen is required to identify opportunities in Washington, Oregon, and California through which MYHI can evaluate technologies and pursue the build out of infrastructure assets to be utilized for cannabis cultivation, extraction, or consumer product manufacturing. In Arizona MYHI is currently leasing two intermodal cultivation containers to D9 Manufacturing, Inc. (D9), which is managing the company’s pilot program aimed at developing Standard Operating Procedures for growers.
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