- Global cannabis market to hit $31 billion by 2021
- Diverse portfolio positioned along the cannabis and hemp value chains
- Completed financing for 30,000 sq. ft. greenhouse cultivation facility
- Wholly-owned subsidiary hempSMART™ currently has CBD-based wellness products available for sale
A new report from market analyst the Brightfield Group, featured in Forbes (http://cnw.fm/ii9FL), estimates that global sales of cannabis will climb to $31.4 billion by 2021. The U.S., which “currently drives 90 percent of global cannabis sales,” will dominate this international business. In turn, a large share of the U.S. cannabis market will undoubtedly go to one of the six biggest economies in the world, the state of California. Marijuana Company of America, Inc. (OTC: MCOA) is a publicly traded company that was established in 2015 in California by Don Steinberg and Charles Larsen to execute their vision of creating an umbrella over a diverse portfolio of cannabis- and hemp-based companies. MCOA has already established a commanding presence at various points in the cannabis and industrial hemp cannabidiol (CBD) markets, as well as related services supply chains.
In September 2017, MCOA entered into a joint venture agreement with Global Hemp Group Inc. (OTC: GBHPF) (CSE: GHG), a Canadian public company, focused on conducting an industrial hemp pilot program in New Brunswick, Canada (http://cnw.fm/T8khj). MCOA will be collaborating with Global Hemp Group to assist in the eventual development of a commercial industrial hemp cultivation project. Currently, the companies are conducting the first phase of hemp cultivation trials, the results of which will be used to establish commercial cultivation in 2018. In the first year of the joint venture, MCOA will share the costs of the ongoing hemp trial, provide its expertise in developing hemp cultivation, and be granted a right of first refusal for Global Hemp’s output. The project is also receiving research support from Collège Communautaire du Nouveau Brunswick (CCNB), located in Bathurst, New Brunswick, along with cultivation consulting from Space Cowboys, Inc.
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