Cannabis Tech PR

Cannabis Tech Trends and Industry News

According to data provided by Energias Market Research, the global medical cannabis market is expected to grow significantly from USD 8.28 billion in 2017 to USD 28.07 billion in 2024, at a CAGR of 19.1% from 2018 to 2024. There several crucial factors that drive the growth of the medical cannabis market, including growing recognition of medical benefits, increasing demand for cannabis in the treatment of various diseases, and growing number of research and development activities. In the U.S, there are 28 states which have approved the use of cannabis for medical purposes. In major markets like Colorado, California, Alaska, Massachusetts and Nevada, cannabis is also legal for recreational use.

In the U.S., the potential financial benefits from legalization are important economically and politically. Fortune reported that, “in order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country’s largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts.”

Medical Cannabis Payment Solutions (OTC: REFG) yesterday announced breaking news that it has acquired SpeedyGrow, a Wyoming corporation with licenses to grow and process hemp in the state of Colorado. The company extracts full spectrum CBD. Along with the acquisition, Medical Cannabis Payment Solutions also acquired SpeedyVeg (speedyveg.com), a proprietary, organic soil nutrient with specific benefit to growing healthy plants and maximizing yield.

“We weren’t initially anticipating entering this space,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “But after careful consideration, the opportunity to expand our footprint in the state-sanctioned cannabis space was too good of an opportunity for our shareholders to pass up.”

“We are excited to come into the Medical Cannabis Payment Solutions family,” said David Schenk, SpeedyGrow’s President. “We have had a remarkable experience working with Jeremy and his team. We believe the future is bright for our combined company.”

“We continue to focus on our core competency, which is providing best-in-class payment processing and banking services,” said Mr. Roberts. “This acquisition is yet another revenue stream for our investors.”

Freedom Leaf Inc. (OTCQB: FRLF) is a group of diversified, international, vertically-integrated hemp businesses and cannabis media companies. On April 17, 2018, the company consummated its previously-announced acquisition of the Irie CBD Product Line, including virtually all: assets, trademarks, formulating equipment, formulas and products. Irie is a California-based CBD, “Cannabidiol”, product line that, and has been operating since 2015, it formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country. Irie boasts a large inventory of more than 25 different products and recorded approximately $1.5 million of revenue in 2017and net profits in excess of $200,000. Irie also leases a full manufacturing and processing facility in Oakland, California.

MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. On April 17, 2018, the company issued 2018 annual shareholder letter. The company plans to introduce a digital instrument to be issued by MassRoots Blockchain Technologies, Inc., a wholly-owned subsidiary of the Company, aimed at encouraging key behaviors within the MassRoots’ platform, such as high-quality reviews of cannabis strains. Management believes this digital instrument will incentivize user growth and stimulate the platform’s overall activity. In addition, management believes that the digital instrument may also one day be used by businesses within the cannabis industry to, among other things, develop customer loyalty programs to award our digital instruments to consumers for purchasing certain products or reaching certain spending/order levels.

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 focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. Recently, the company announced its financial results for the first quarter ended March 31, 2018. Sales for Q1 2018 were $8.1 million demonstrating the Company’s continued organic expansion into all sales channels including the natural product retail, wholesale and direct-to-consumer channels. This is an 11% sequential quarterly increase from $7.2 million reported for Q4 2017. The Company’s natural product retail channel now includes 1,771 locations nationwide. CV Sciences plans to continue developing new sales channels and is encouraged by the strength of its branded products as evidenced by SPINS® Scan data, which positions the Company as the #l selling hemp product line in the natural products industry.

Golden Leaf Holdings Ltd. (OTCQB: GLDFF), a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, is one of the largest cannabis oil and solution providers in North America, and a leading cannabis products company built around recognized brands. Recently, the company announced that it has signed a letter of intent to acquire two large cannabis cultivation facilities and their associated cultivation licenses, one in Northern Nevada and another in Northern California, that are owned by the same operators. The Nevada facility is currently operational and generating positive cash flow, and the California facility is provisionally licensed for cultivation. Under the terms of the LOI, Golden Leaf would pay US$8.5 million in cash at closing, plus an as of yet undetermined number of shares that equals 25% of the total issued and outstanding shares of common stock of GLH on the closing date.