A report published by New Frontier Data estimates that the legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025 with compound annual growth rate of 16 percent.
NEW YORK, March 22, 2018 /PRNewswire/ -- A report published by New Frontier Data estimates that the legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025 with compound annual growth rate of 16 percent. By segment, the medical cannabis market was worth $4.7 billion in 2016 and is expected to grow to $13.3 billion by 2025. Sales of recreational cannabis during the same time period are expected to grow at a 21 percent CAGR, from $1.9 billion to $10.9 billion. The constant approval of cannabis products for both medical and recreational use is a key factor contributing to the development made in this industry. On November 8th, 2016, California has passed California Proposition, allowing individuals in California to use and grow cannabis for personal use. Snipp Interactive Inc. (OTC: SNIPF), American Cannabis Company, Inc. (OTC: AMMJ), mCig, Inc. (OTC: MCIG), GB Sciences, Inc. (OTC: GBLX), Medical Marijuana, Inc. (OTC: MJNA)
Last week Forbes reported that a bipartisan pair of California lawmakers have announced a bill which would drop the state excise tax on cannabis to from 15% to 11% for a period of three years. Beau Whitney, a senior economist at data analytics for New Frontier Data, which conducted an analysis of the bill, explained to Leafly that, "by lowering the excise tax and postponing the cultivation tax, it will lower the overall price for consumers at the register, which will also reduce the differential between illicit and legal prices... Reducing this gap is critical to making the legal market more competitive against the illicit market and more attractive for consumers."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Just announced BREAKING NEWS that, "it has received broad interest in the Company's solutions and its recently launched Cannabis Marketing Resource Center ("CMRC"), from Avana Canada Inc. ("Avana"). As a late-stage applicant to produce, process and market cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR), Avana has had the opportunity to meet and learn from industry trailblazers around the globe. With this valuable know-how, they have developed processes for growing premium, consistent, pesticide-free product. To learn more visit http://www.avana.ca .
Marketed and sold under the Avana brand, their premium cannabis flowers and oils will be produced in a 27,000 sq. ft. facility in St. Thomas, Ontario (on target for construction completion in March), with a 720,000 sq. ft. expansion facility scheduled to begin construction this summer. Encompassing over 200 acres of land, up to 90,000 kg of cannabis will be grown and available to both local and international markets. Avana is one of only four companies awarded a license to operate recreational cannabis retail outlets in the province of Manitoba. Avana in partnership with Fisher River Cree Nation of Manitoba, Chippewas of the Thames of Ontario, MediPharm Labs of Ontario, and US-based retailer Native Roots Dispensary was awarded this conditional license to operate retail cannabis locations pursuant to a robust RFP process by the province. More details here http://news.gov.mb.ca/news/index.html?item=43132&posted=2018-02-16
"With our investments from seed to sale, it is important for us to have access not only to resources such as those that are being provided through Snipp's Cannabis Marketing Resource Center, but also to have access to the capabilities of future partners, like Snipp that can advise on and implement tried and tested solutions that will be critical for driving competitive advantage. This will allow us to focus on our core business strengths and enable faster scalability," said Zubin Jasavala, President and CEO of Avana.
"We are energized by the interest received in our CMRC. Clearly there is a need that is currently unmet in the cannabis industry for marketing solutions that can be leveraged across the industry ecosystem and we hope to be the go-to resource that fills that need. Avana is a great example of a privately owned forward looking company that intends to run a vertically integrated business that is already thinking through the finer points of their future business and operating model. With the successes they have already had I am sure that our relationship is only just beginning today and will evolve along with their business needs," said Atul Sabharwal, CEO of Snipp.
The goal of the CMRC is to help Cannabis marketers hit the ground running by leveraging our deep expertise and the flexible technology platforms we have engineered for highly-regulated industries, which have unique requirements compared to other consumer-oriented segments. This resource center is designed to help cannabis-related companies launch sophisticated solutions that are also legally-compliant, a very important aspect for all firms in the space. Interested cannabis companies can sign up and qualify via a simple application process that can be accessed at http://www.snipp.com/CMRC .
Earlier this week Snipp Interactive Inc. also announced that, "it has received a strategic investment from WeedMD Inc. ("WeedMD"), a publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario and is awaiting its second-site cultivation license for its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, Ontario. WeedMD is focused on providing medical cannabis to the seniors' market in Canada through its proprietary program.
WeedMD and Snipp are entering into an agreement where WeedMD will use Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other initiatives. WeedMD has also signed up for the Company's recently launched Cannabis Resource Marketing Centre ("CMRC"), which leverages Snipp's experience in similar regulated industries like Alcohol, Pharmaceuticals and Tobacco. For interested companies, a free and simple application process can be accessed at http://www.snipp.com/CMRC .
"Snipp provides companies with a complete technology suite to manage their promotions and implement cross channel loyalty programs. When we were looking for technology vendors to enhance our marketing and sales programs, no one understood our goals and objectives more than the team at Snipp," said Bruce Dawson-Sully, CEO of WeedMD. "Given their deep experience in regulated industries, we're looking forward to working with them to help launch sophisticated, compliant and responsible campaigns to increase market awareness along with acquisition and retention of medical patients, and eventually for both retailers and consumers as the adult use market emerges."
"We are extremely excited to announce our first client in the cannabis space. Companies like WeedMD that make the initial investments today in the infrastructure and programs required to succeed in an increasingly competitive market are better positioned to gain and retain market share," said Atul Sabharwal, CEO of Snipp. "The cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. As we did in the alcohol and pharma space, we are positioning ourselves to be the leading technology solutions provider for this emerging market. We believe our solutions are industry-leading given their proven security, scalability and flexibility to adapt not only to the myriad regulatory frameworks in place, but for future regulations that will affect the industry as it matures. Given our rich history and experience with multiple clients in the alcohol and pharma industries, we have no doubt that we are best positioned to help advance and accelerate the unique marketing objectives for any company in the cannabis space from seed to sale and beyond."
"We also welcome WeedMD to our CMRC. Since the launch of the CMRC we have been receiving interest from leading Cannabis companies and we look forward to sharing more about our solutions and services." Visit the Snipp website at http://www.snipp.com for Snipp's full suite of solutions and examples of Snipp programs.
Snipp Interactive Inc. also recently announced, "a Successful Initial Launch of the Cannabis Marketing Resource Center as Industry Leaders Like Aphria Inc., WeedMd and Others Become Members". The breaking news announced that the company, "has received broad interest from a variety of Cannabis companies from across the spectrum of the industry including industry leaders like Aphria Inc., WeedMD and others. Over 10 companies have signed up for the center since launching just last week.
The Company recently launched the Cannabis Resource Marketing Centre ("CMRC"), which brings together all of the accumulated knowledge that Snipp has acquired in designing and launching marketing programs in regulated industries, namely:
1) Alcohol - Beer, Wine, Spirits
2) Pharmaceuticals - Over the Counter (OTC) and Prescription Dru
3) Tobacco - Cigars, Cigarettes, Tobacco
4) Arms & Ammunition - Small Arms, Guns, Bullets
5) 3-Tier Tax Systems - Manufacturer to Distributor to Retailer
The goal of the CMRC is to also help Cannabis marketers hit the ground running and take advantage of the deep expertise and flexible technology platforms engineered by Snipp for these regulated industries, thereby enabling cannabis-related companies to more easily launch sophisticated solutions that are legally-compliant. To sign up and qualify the company has made available a simple application process that can be accessed at http://www.snipp.com/CMRC .
"We are extremely excited to see so many quality companies like Aphria Inc. sign up to our CMRC and learn the tactics that their counterparts in the Alcohol, Tobacco and Pharma companies have used for decades to drive awareness, trial, market share and retention. To succeed in what is going to be a highly competitive future, it is vital for companies in the Cannabis space to adopt and build on these best practices and not re-invent the wheel, " said Atul Sabharwal, CEO of Snipp. "Given our rich history in and knowledge acquired supporting multiple leading companies in such historically regulated industries like Alcohol and Pharma, I am sure companies signing up for the CMRC will see immediate value in their membership and begin exploring deeper relationships with Snipp to enable their marketing objectives. Today we service multiple leaders including many Fortune 500 brands in Alcohol, Tobacco and Pharma because of our secure, flexible and scalable technology platform that enables a multitude of program types to solve a diverse set of problems for these clients. We welcome qualified companies to join and explore our resource center and engage with us in a deeper conversation to help drive their business objectives."
American Cannabis Company, Inc. (OTCQB: AMMJ) offers end-to-end solutions to existing and aspiring participants in the cannabis industry. On January 17, 2018, the company announced that it has secured a consulting contract with Cloud 9 Apothecary in the state of California. In conjunction with the consulting agreement, ACC will acquire an equity stake in Cloud 9's project that is currently non-operational and in the development stage. This project, to be built-out and completed in Desert Springs, California, will comprise a closed-loop greenhouse containing a 22,000 square foot canopy of premium cannabis cultivars. With the construction of this facility, Cloud 9 Apothecary's plans focus on wholesale cultivation and product manufacturing. Plans to shift into a fully integrated business model, complete with dispensing solutions, will be made in the near future as Cloud 9 plans to scale up operations organically.
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to industry leading large scale, a full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market. On March 1, 2018, the company announced that its Grow Contractors (GC) division has secured an exclusive extraction management contract with a client in Palm Springs, CA. This facility is eight thousand square feet and will primarily focus on subcritical ethanol extraction. The new state of the art facilities function will be the standard process of distillate extraction used in most disposable vape pen varieties. Further refinement will be done by the fractionation process to produce a substance with a much higher cannabinoid purity.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. On February 27, 2018, the company announced a new agreement with the Colorado Hemp Project to develop and cultivate boutique genetics and new strains of hemp which will provide the key ingredient in proprietary CBD formulations. The mission statement of the Colorado Hemp Project is: an organic hemp farm consulting agency that works with local farmers and municipalities across the globe to bring hemp cultivars and resources to the communities that need it the most, with the sole intention of healing the planet by accelerating the establishment of local, sustainable hemp farms and companies everywhere. GB Sciences believes that hemp will provide an important palette upon which important compounds can be created, and believes that, ultimately, hemp will provide a relatively inexpensive source of important and beneficial cannabinoids. GB Sciences will breed CBD into the genetics of the hemp plants and then analyze and optimize results.
Medical Marijuana, Inc. (OTC: MJNA) recently announced that its subsidiary HempMeds(R) Brazil, which was the first company authorized by Anvisa to import a cannabidiol-based product to Brazil, is partnering with the National Association of Cannabidiol Users (ANUC) to host the Cannabidiol (CBD) Symposium from March 19-23 in Rio Grande do Sul, in the cities of Canoas, Passo Fundo and Porto Alegre. "We want to encourage a discussion of the benefits of cannabis and expand access to CBD in Brazil," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "Our relationship with Brazilian health professionals is growing daily and we hope to continue to be a helpful resource for them."
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
