Legal Cannabis and CBD Products are Projected to Grow
13 Sep 2017 - ACQUIREMEDIA
NEW YORK, September 13, 2017 /PRNewswire/ --
According to a report by New Frontier Data, medical cannabis sales in 2017 are forecast to grow to $5.3 billion, which is 67% of total cannabis sales. The report projects that by 2025, medical sales in current legal states are forecast to grow to $13.2 billion, which will account for 55% of total cannabis sales. Adult use sales in 2017 are forecast to reach $2.6 billion, or rising to $10.9 billion by 2025.
Greengro Technologies, Inc. (OTC: GRNH), one of the fastest growing companies in the emerging indoor agriculture technology industry, on July 10th, announced that its majority-owned subsidiary Biodynamics, LLC, Akron, Ohio, has been awarded a contract to sell a branded photovoltaic (PV) solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, LLC, an Ohio-based greenhouse company. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational cannabis sectors.
mCig, Inc. (OTCQB: MCIG) a diversified holdings company servicing the legal Cannabis, Hemp, and CBD markets, is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. Recently, the company released a summary of its unaudited financial results for the first quarter that ended July 31, 2017. The total recognized sales for the quarter ending July 31, 2017 was $3.1 million. Net sales for the quarter were $400K, representing an increase in revenue of 1,249% and net sales approximately 6 times greater than the same period last year. MCIG continues to see profitability from each operating segment, while it continues to develop its 420Cloud social network and platform, and its financial services.
MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. On August 24, 2017, the company announced the acquisition of CannaRegs, Inc., a leading technology platform that tracks changes in cannabis regulations and taxation at the municipal, state, and federal levels. Founded by former Federal Reserve regulator Amanda Ostrowitz in 2014, CannaRegs will be critical in helping the California adult-use market stay compliant. As one of the premier technology companies in the cannabis industry, CannaRegs is recognized for leading the movement with majority female leadership at its helm.
