The number of states in which the medical and recreational use of marijuana is legal continues to grow. Medical marijuana is now permitted in 28 states and Washington D.C. Last year, the North American legal marijuana industry grew to $6.7 billion, a 34 percent increase in just one year, according to Arcview Market Research. With the black market included, sales topped $56 billion. Public support is increasing as well – 57 percent of Americans supported the legalization of marijuana in 2016, up from 52 percent in 2014 (1). With the market expanding and public support increasing, there are more opportunities to invest than ever before. SinglePoint, Inc. (SING) (SING Profile), The Scotts Miracle-Gro Company (SMG), General Cannabis Corp. (CANN), Terra Tech Corp. (TRTC) and Kush Bottles, Inc. (KSHB) are just a few companies with major investments in the growing legal marijuana industry.
Focused on the acquisition of small- to medium-sized technology companies, SinglePoint (SING) has an acquisition portfolio with roots in the cannabis industry. Most recently, the company acquired a stake in Convectium, the developer of a unique oil filling and packaging system for cartridges and vape pens. The 710Shark oil filling machine and 710Seal system increase cartridge and vape device output by more than 100x. Eliminating hand filling, the system can fill 100 cartridges in less than 20 seconds, allowing for up to 300 cartridges or disposable pens to be filled every minute. A dual injection system is heated up to 125°C, making the machine capable of handling the thickest of oils. With a growing market presence and consumer demand, Convectium expects its revenue will increase 150 percent in 2017 compared to the year prior.
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Marijuana Industry Growth Fueled by Investments and Public Support for Legalization
