NEW YORK, June 13, 2017 /PRNewswire/ --
According to a report by Arcview Market Research, the legal cannabis industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, up 34% from 2015. The report forecasts that growth will reaccelerate in beginning of 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. These developments are projected to further push the market and helping it to grow at a robust 27% CAGR to $22.6 billion in 2021. Robust growth through 2021 and beyond in the United States is predicted even if the US Justice Department opposes the cannabis industry. Polls show that 80% of Americans approve of legal access to medical cannabis and 60% approve of full adult-use legalization. SinglePoint, Inc. (OTC: SING), mCig Inc., (OTC: MCIG), 22nd Century Group Inc. (NYSE: XXII), American Cannabis Company, Inc. (OTC: AMMJ), Terra Tech Corp. (OTC: TRTC)
The report also indicates that, Retail sales taxes in state-sanctioned cannabis markets totaled more than $500 million in 2016 in Colorado, Washington, and Oregon alone, and $836 million since adult-use sales began in 2014. Nearly 1.9 million North Americans are legally using cannabis to manage conditions as severe as polymorphic seizures and as common as chronic pain, while millions more are consuming it legally in adult-use states with little or no negative impact.
SinglePoint, Inc. (OTC: SING) on June 6th announced that, its initiative to develop a Bitcoin payments solution in partnership with First Bitcoin Capital Corp. (OTC: BITCF). The two companies signed a Joint Venture agreement to develop and distribute a viable payments solution using block chain technology. First Bitcoin Capital is an industry leading Bitcoin and blockchain technology provider and SinglePoint has a deep history in distribution. The two companies believe this partnership will enable each company to focus on their core strengths to build and supply the best Bitcoin solution available.
With the massive and widespread adoption of Bitcoin worldwide, the two companies will pursue opportunities to leverage their payment technology background and develop a proprietary solution specifically for high-risk payment verticals including the cannabis industry.
SinglePoints' representation at Mobile World Congress in Barcelona this year saw many solutions being utilized in other countries based on Bitcoin and other crypto currencies such as Ethereum. SinglePoint and First Bitcoin Capital believe they have found a way for the customer experience to go unchanged at the point of sale when paying with a credit or debit card at medical and recreational cannabis dispensaries.
mCig Inc., (OTCQB: MCIG) announced recently the Phase 1 completion of Green Leaf Farms Holdings, facility in North Las Vegas. Green Leaf Holdings, LLC (Green Leaf Farms) produces medical and recreational cannabis products. Green Leaf Farms, contracted mCig to develop and buildout their 27,000 sq. ft. facility in North Las Vegas. mCig completed the first Phase of development which included two vegetation and flower rooms, an extraction lab and all the needed infrastructure to support the facility. In addition, mCig worked with the City of North Las Vegas and the State of Nevada to ensure Green Leaf was 100% compliant. mCig has already completed the design, structural engineering and technical specifications for the remaining build out of the full 27,000 sq. ft. facility.
22nd Cetury Group Inc. (NYSE: XXII) announced last week that, research collaboration with North Carolina State University has yielded several new Very Low Nicotine (VLN) tobacco varieties that contain no foreign DNA and no trace of genetic modification. The new Very Low Nicotine varieties are ideally suited for use in the Company's X-22 smoking cessation product in development and will also form the basis of other unique 22nd Century VLN products.