Sales of Cannabis for Both Medical and Recreational Use Are Set to Grow
NEW YORK, April 30, 2018
NEW YORK, April 30, 2018 /PRNewswire/ --
According to a report by Energias Market Research, the global medical cannabis market is anticipated 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. Among the many factors driving the advances of the medical cannabis market are increasing recognition of medical benefits, stronger demand for cannabis in the treatment of various diseases, and rising number of research and development activities. In addition to medical products, sales of cannabis products for recreational use are also expected to increase, as California's new adult-use laws went into effect on January 1st, 2018. Snipp Interactive Inc. (OTC: SNIPF), InMed Pharmaceuticals Inc. (OTC: IMLFF), Surna Inc. (OTC: SRNA), CV Sciences, Inc. (OTC: CVSI), Leafbuyer Technologies, Inc. (OTC: LBUY).
The legalization of adult-use sales in California is expected to have substantial economic impact. Arcview Group analysis estimates that it will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered. Troy Dayton, CEO of The Arcview Group explained, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers."
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Earlier last week the company announced breaking news that, "a new service for Cannabis companies to help them leverage Snipp's deep experience in setting up co-branded partnerships, where two or more synergetic brands create a program together. Co-branding opportunities in the Cannabis industry can be created between growers, product manufacturers and accessory brands as well as through sponsorship and reward associations with industries like music labels and motor sport teams. Snipp has already signed a number of companies in these industries on its recently launched Cannabis Marketing Resource Center and has direct license agreements with all major music labels in North America. In addition, Snipp has created and run successful co-branding marketing programs for brands in related industries like Pharma and Alcohol and is in a position to offer brands highly effective legally compliant co-branding opportunities to help create value for all parties - including the consumer.
To find out how these kinds of programs can drastically increase marketing success we encourage interested parties to download our white paper here - http://go.snipp.com/Partnering-Up-With-CoBranded-Promotions.html
For those interested in partnering with Cannabis companies we also encourage you to signup for the Snipp Cannabis Marketing Resource Center ("CMRC") http://www.snipp.com/CMRC to enable us to match you with opportunities in the Cannabis space. The CMRC has about 50 participants already enrolled and we continue to attract new sign ups weekly.
"We believe we are the first player in the Cannabis industry to systematically think of leveraging co-branding opportunities for the Cannabis space. As we have done in related regulated industries, we can bring together brands from diverse products and services within the Cannabis space and beyond to accelerate the effectiveness of their marketing programs. An example of one of our most effective programs is for a leading Alcohol company where consumers who buy a qualifying brand product get a $5 ride-share coupon to get home safely.", said Atul Sabharwal, Founder and CEO. "Snipp already has a robust portfolio of both incentive partners and clients of our platform. This will allow for Cannabis companies to focus on their core business while we bring our clients/ incentive partners to the table to accelerate fundamental metrics such as customer acquisition, shelf space, revenue, cost of customer acquisition, brand equity and loyalty.
"I would also like to take the opportunity to congratulate WeedMD (TSX-V:WMD, OTC:WDDMF, FSE:4WE) and Hiku CNSX: HIKU on their planned merger. This is a classic example of a co-branding partnership within the Cannabis space - a leading producer and a leading consumer oriented brand." Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs."
InMed Pharmaceuticals Inc. (OTCQB: IMLFF) is a fully integrated biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. On March 6, 2018, the company announced the publication of a peer-reviewed article in Drug Delivery and Translational Research. In October, 2017, InMed originally announced completion of this study. These proprietary data support what the Company believes to be a first-in-class nanoparticle-hydrogel formulation for cannabinoid delivery to the eye, resulting in enhanced drug uptake via the cornea and lens. The patent family for this discovery is currently at the provisional stage and will be converted to a PCT filing during 2018.
Surna Inc. (OTC: SRNA) designs, engineers and manufactures application-specific environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities in the U.S. and Canada. Earlier this month, the company announced operating and financial results for the three and twelve months ended December 31, 2017. Revenue for the year ended December 31, 2017 was $7,210,000 compared to $7,580,000for the year ended December 31, 2016, a decrease of $370,000, or 5%. Recent and anticipated regulatory changes involving medicinal and/or recreational cannabis use in various jurisdictions, such as California and Canada, tend to be a leading indicator for the granting of licenses for new facility construction. As more new cultivation facilities become licensed, the company in turn has an expanded set of potential customers that might buy our climate control systems. For 2018, the company intends to pursue customers seeking to build indoor cannabis cultivation facilities in all regulated markets, with special focus in California and Canada.
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. Last month, the company announced its financial results for the fourth quarter and year ended December 31, 2017. Sales for Q4 2017 were $7.2 million and $20.7 million for the full year 2017 demonstrating the Company's continued organic expansion into all sales channels including the natural product retail, wholesale and direct-to-consumer channels. The Company's natural product retail channel now includes more than 1,500 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.
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a leading online resource for cannabis deals and specials. Recently, the company announced the launch of Leafbuyer TV. The new television arm of Leafbuyer Technologies, Inc., Leafbuyer TV will include television news style segments to complement and enhance the Leafbuyer.com News and Blog section of their website, as well as the company's social media platforms. The new TV service will be free to the public. The stories produced by Leafbuyer TV are intended to inform, educate and entertain viewers with cannabis-related content. The goal is to build the Leafbuyer.com brand and offer cannabis consumers "news you can use." Videos include short and long-form cannabis-related feature stories, consumer news, live events, strain videos, expert interviews, dispensary tours, and the latest political and legal cannabis news.
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