Friday, 03 December 2021 01:48 GMT

Consumer Support Ignites Cannabis Sales Projections

(MENAFNEditorial) iCrowdNewswire - Aug 15, 2017


According to a report by Arcview Market Research, growth of legal cannabis products will reaccelerate starting 2018. Cannabis sales for recreational purposes increase inCanada,California, andMassachusetts, as well as medical cannabis sales inFlorida. As a result, the cannabis market will grow from the$6.7-billionmarket in 2016 at a robust 27% CAGR to$22.6 billionin 2021. The 20+% annual growth rate is likely to continue for many years past 2021 as more states and countries legalize cannabis. The report states, "Cannabis is now legally sold in state-of-the-art retail dispensaries with computer-based inventory and sales tracking, fully regulated and taxed by their state governments just like any other product category. Entrepreneurs are modernizing the product just as quickly. Many successful brands have launched extracts, edibles, topicals, and other types of products." Global Payout, Inc.(OTC: GOHE), Marijuana Company of America, Inc. (OTC: MCOA), Hemp, Inc.(OTC: HEMP), Cannabis Science, Inc. (OTC: CBIS), OWC Pharmaceutical Research Corp. (OTC: OWCP).

According to Arcview, data via polls indicate that 80% of Americans approve of legal access to medical cannabis and 60% approve of full adult use. "That level of agreement is rare on any policy issue and it's allowing elected officials across the political spectrum to start to move past the stigma previously associated with this issue," Arcview states.

Global Payout, Inc.(OTC: GOHE)announced onAugust 9ththat its majority owned subsidiary, MoneyTrac Technology, Inc. (‘MTRAC'), has completed an agreement with H Smart Inc. a division ofMarijuana Company of America, Inc.(OTC: MCOA), a developer and distributor of innovative wellness and cannabidiol (‘CBD') products, for the use of MTRAC's financial technology platform. The technology available in MTRAC's platform, via software developed and provided by Virtu Network Solutions, will be utilized by H Smart for payment of commissions to H Smart's affiliates. GOHE projects that these load payments and bank account transfers will generate substantial revenue to MTRAC that will be realized this fiscal quarter.

H Smart will provide MTRAC with a pivotal opportunity to enter into the emerging CBD market, which according to information provided by the Hemp Business Journal, is estimated to grow to a$2.1 billionmarket in consumer sales by 2020, representing a 700% increase from 2016. MoneyTrac COO,Vanessa Lunasays, "This agreement with H Smart is another example of MoneyTrac's ongoing commitment of identifying businesses in alternative market sectors that can benefit immensely from the financial technology solutions our platform is equipped with. We are very excited to be given the opportunity to integrate our technologies into this rapidly-growing CBD market, and look forward to becoming a valuable resource to H Smart as they work to expand their market reach within the wellness industry."

Robert Hymers, CEO of H Smart says, "H Smart's core mission is to provide educated consumers with access to the highest quality CBD technologies and products. The financial technology solutions that MoneyTrac will deliver will help create the most efficient transaction process for our affiliates who will be at the forefront of marketing our innovative wellness and CBD products to consumers."

Hemp, Inc.(OTC: HEMP) updated shareholders earlier this year, that its wholly-owned subsidiary,Industrial Hemp Manufacturing, LLC, inSpring Hope, NC, has signed a Letter of Intent with Mullen View Farms and one with John Finch Farms inNorth Carolina. According to the signed LOI with Mullen View Farms, IHM will purchase 1,000 acres of raw hemp that is to be harvested at various locations throughout easternNorth Carolina, this year. The signed LOI with John Finch Farms stipulates IHM shall purchase 500 acres of raw hemp stock from John Finch Farms.

Cannabis Science, Inc.(OTC: CBIS) specializes in the development of cannabinoid-based medicines. OnJuly 17th, the company announced it has found aCaliforniafacility ideal for its large-scale manufacturing and product distribution center as it ramps up its efforts to supply cannabinoid medications in high-demand by self-medicating patients. AsNevada'sGovernor issues a Statement of Emergency due to the potential of limited cannabis availability, Cannabis Science is actively looking for a similar facility inNevada.

OWC Pharmaceutical Research Corp.(OTCQB: OWCP), through its wholly-owned Israeli subsidiary, One World 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.OnMay 31st, the company announced an agreement with Mediq Innovation Partners for the introduction of OWC Pharmaceutical's active cannabinoid-based topical psoriasis cream to the German market.Jan Wende, Managing Director of Mediq stated, "We're looking forward to initiating our efforts on behalf of OWCP inEurope, starting in our home market ofGermany."

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