Cannabis Market Projected to Increase in Value With Medical and Recreational Sales
FinancialBuzz.com News Commentary
NEW YORK, May 4, 2018
NEW YORK, May 4, 2018 /PRNewswire/ --
According to a research by Oristep Consulting, the global medical cannabis market in 2016 was USD 12.67 billion and will reach USD 33.41 billion by 2022 at a CAGR of 17.53% during the forecasted period. Various scientific studies of the cannabinoid chemical have resulted in FDA-approved medications in pill form. The two main cannabinoids from the cannabis plant are THC and CBD, which are used for medical purposes as treatments for various conditions such as increasing appetite, reduce nausea, decreasing pain, inflammation (swelling and redness), and muscle control problems. The report also specifies that North America leads the market, holding about half of the market share in 2016. Marijuana Company of America, Inc. (OTC: MCOA), Surna Inc. (OTC: SRNA), CV Sciences, Inc. (OTC: CVSI), Terra Tech Corp. (OTC: TRTC), GB Sciences, Inc. (OTC: GBLX)
Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."
Marijuana Company of America, Inc. (OTC: MCOA) earlier today announced breaking news that, "its hempSMART™ brand and wholly owned subsidiary has engaged Kim Castle to manage a direct response television (DRTV) ad campaign to promote the hempSMART product line. The Company anticipates that the recently announced EPCO direct sales marketing campaign, this upcoming DRTV marketing campaign, and the ongoing network marketing campaign, should result in an improvement in hempSMART product sales in Q3 and Q4 2018. The budget for the DRTV program is approximately $100,000.
hempSMART is working with Kim Castle and her experienced marketing team to develop a television commercial for the hempSMART Pet Drops that will air on major networks in select regions nationally this summer. The entire hempSMART product line will also be actively promoted online on the official eCommerce site of a well-known DRTV production company and have a featured placement of the hempSMART commercial spot. The hempSMART product line will also be broadly promoted on integrated social media outlets and benefit from well-established consumer engagement strategies. This commercial will be an important part of the comprehensive direct to consumer marketing service that Eddy Pham & Company was recently engaged to provide.
Kim Castle has over 25 years of experience being on-camera and has been involved in many variations of media development including TV commercials, industrial and digital marketing to lifestyle development companies, being a brand spokesperson, writer, producer, co-host, news anchor, host and interviewer. She has more than 13 years of experience as a speaker, lecturer and in sales. Kim pocesses a rare blend of quick-witted on-air talent, brand strategy savvy, marketing prowess, and audience engagement. She was the creator and host of the show Foresight, and was the cohost of a regional entertainment news program, as well as, has experience conducting celebrity interviews. Ms. Castle's experience in front of and behind the camera is invaluable to the hempSMART marketing campaign.
In addition to her vast relevant experience related to managing this TV campaign, Kim has personally been a staunch advocate of CBD as an alternative to traditional products currently on the market. "[insert quote from Kim]," said Kim Castle"
Donald Steinberg, CEO of MCOA, stated, "Kim's experience gives us an excellent opportunity to greatly expand the marketing strategy for the hempSMART brand and product line. We are honored that the hempSMART product line will be managed by Kim and her excellent marketing tea. We look forward to when the new TV commercial airs this summer."”
Surna Inc. (OTCQB: 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. On April 2, 2018, 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 $7,580,000 for the year ended December 31, 2016, a decrease of $370,000, or 5%. 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. In Canada medicinal use of cannabis is federally legal, and the Canadian federal government has indicated its intention to legalize recreational use by July 2018, although passage of recreational use federal legislation in Canada is not certain.
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. On March 29, 2018, 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.
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. On March 12, 2018, the company provided a business update for 2018. In Oakland, Terra Tech is constructing a 13,000-square-foot cultivation facility which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational by mid-2018. The Company has also operated its Blüm, Oakland dispensary since March 2016. In Nevada, the company has completed construction of a new 30,000 square foot cannabis cultivation facility in Sparks, NV and a 15,000 square foot cannabis extraction facility in Reno, NV, through a joint venture with NuLeaf. The Company is awaiting final State approval to begin IVXX production at the Reno facility.
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 April 10, 2018, the company announced it is planning to file an Exploratory IND and perform a Phase 0 Clinical Trial to gather valuable First-In-Human data on its proprietary cannabis-based therapies for the treatment of early to moderate Parkinson's disease ("PD"). The GB Sciences' Exploratory IND program is designed to allow the company to make informed, data-driven choices in selecting and prioritizing the development of multiple, related drug compositions and formulations. An Exploratory IND requires less pre-clinical data and offers a more flexible way to get essential information about potential drug development candidates than a more conventional early phase development program.
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