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NEW YORK, August 9, 2017 /PRNewswire/ --
According to a research report published by New Frontier Data, medical cannabis sales are forecast to grow to $5.3 billion in 2017, or accounting for 67% of total cannabis sales. By 2025, medical sales in currently legal states are forecast to grow to $13.2 billion and at which point medical sales will account for 55% of all sales. In comparison, sales of cannabis products for recreational purposes in 2017 are forecast to reach $2.6 billion or rising to $10.9 billion by 2025. The state of California by itself is projected to encompass a major portion of the entire market. The report indicates that the state's legal industry is forecast to grow from $2.8 billion in 2017, to $5.6 billion in 2020. Global Payout, Inc. (OTC: GOHE), Marijuana Company of America, Inc. (OTC: MCOA), CV Sciences, Inc. (OTC: CVSI), MassRoots Inc. (OTC: MSRT), mCig, Inc. (OTC: MCIG).
"Cannabis stocks significantly outperformed major indexes in 2016, fueled by speculative investment based on anticipated expansion of new legal markets. In the run up to the election, stocks increased by 207.8% and continued to rise, even with an uncertain future under the new administration. While recent comments by the Trump administration did have an initial dampening effect on the market, we have seen continued growth relative to Q4 2016 whereby cannabis stocks are still outperforming other sectors," said Giadha Aguirre De Carcer, CEO of New Frontier Data.
Global Payout, Inc. (OTC: GOHE) announced on July 27th that Marijuana Company of America, Inc. (OTC: MCOA) has completed an investment of $250,000 into MoneyTrac Technology, Inc. ("MTT"), a subsidiary of Global Payout, Inc., in exchange for a 15% ownership interest.
MCOA made this investment to help establish and market MTT as an alternative banking solution for the cannabis industry. MoneyTrac's software has the ability to integrate and streamline electronic payment processing, such as E-Wallet and mobile applications, as well as manage and process prepaid cards, debit cards, and credit card payments.
As part of the terms of the investment, Donald Steinberg, CEO and President of MCOA, was appointed to the board of MTT this year where he is lending the invaluable experience he has acquired throughout his career in building alternative financial solution companies to the MTT executive management team.
"We are excited to help guide MTT through its developmental stages and are optimistic about the potential of MCOA's investment into this new project. This is another example of MCOA's strong strategic partnerships with emerging companies in our industry," Donald Steinberg said.
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. Earlier in June the company announced that, it held its pre-IND meeting with the U.S. Food and Drug Administration (FDA) on June 15, 2017, to review its drug development plan for CVSI-007, the Company's patent-pending product for smokeless tobacco addiction therapy consisting of nicotine-polacrilex chewing gum in combination with synthetic cannabidiol (CBD). CV Sciences President and CEO Michael J. Mona, Jr. commented, "Our pre-IND meeting with the FDA was very constructive and provided the Company with a favorable development roadmap for this important combination drug candidate. We have immediately commenced preparation of our Investigational New Drug application (IND) to initiate human trials. Our New Drug Application will be under the 505(b)2 pathway using nicotine-polacrilex gum, an FDA-approved nicotine replacement therapy, as our referenced listed drug."
MassRoots Inc. (OTCQB: MSRT) on August 3rd announced that the point-of-sale and compliance software platform it is acquiring and is expected to fully close on August 5, 2017, previously known as Odava, has been re-branded as MassRoots Retail. MassRoots is now prioritizing resources towards its software solutions for licensed dispensaries and connecting its community of over 1,000,000 of the world's top cannabis enthusiasts with the best products and strains in regulated markets. "We believe Facebook is the undisputed leader in social networking and rather than trying to compete, we are focusing our efforts on better connecting our users with the best licensed dispensaries and products. Soon, users will also be able to login to MassRoots with their Facebook accounts," stated MassRoots CEO Isaac Dietrich.
mCig, Inc. (OTCQB: MCIG) a diversified company servicing the legal cannabis markets with innovative products, technologies, and services. Earlier in July mCig provided an update, revealing that the company looks to make an acquisition of existing cultivation, production and distribution licenses in California, Nevada, and other recreational states. In addition, the company has interest in acquiring proprietary cannabis oil extraction technologies and established leading brands that can help accelerate growth and expand the company's reach. The acquisition strategy is intended to strengthen the company's intellectual property and national presence, while further building the mCig portfolio and driving financial and shareholder value.
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