NEW YORK, June 21, 2018 /PRNewswire/ --

According to a report by Ameri Research Inc., the global legal cannabis market was valued at USD 14.3 Billion in 2016 and is expected to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of USD 63.5 Billion by 2024. The cannabis market is currently at a stage of strong growth, as legalization and decriminalization of cannabis products across North America are spreading. The report also indicates that legalization trends are moving beyond the U.S. region. Data by Arcview Market Research shows that growth of the legal cannabis industry is expected to re-accelerate in 2018, as adult-use sales ramp up in Canada, California, and Massachusetts along with first-time medical sales in Florida. High Hampton Hldgs Corp. HHPHF, Marijuana Company of America Inc. MCOA, InMed Pharmaceuticals Inc. IMLFF, Surna Inc. SRNA, Vitality Biopharma VBIO

In the U.S., the potential financial benefits from legalization are important economically as well as politically. In a report by Benzinga, Viridian Capital President Scott Greiper explained that the cannabis market received USD 1.23 Billion in investments in the first five weeks of 2018, up from USD 178 Million a year earlier. Viridian Capital Advisors' Vice President Harrison Phillips said, "Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion."

High Hampton Hldgs Corp. HHPHF is also listed on the Canadian Securities Exchange under the Ticker HC. Earlier today the company announced that, "it is further expanding its cannabis distribution network in California with the successful close of the acquisition of all the membership interests of 420 Realty, LLC (the "Acquisition"). 420 Realty, LLC ("420") has applied for multiple permits to vertically integrate in the City of Cudahy, CA (Greater Los Angeles Area), for a development agreement (DA) including cannabis cultivation, nursery, manufacturing, delivery, and distribution licenses on a single parcel location.

The City of Cudahy has created specific zones of the city to allow operation for these license types, and 420 will manufacture, deliver, and distribute various flower strains and cannabis concentrates in a variety of CBD-to-THC ratios and terpene profiles.

Christian Scovenna, High Hampton's Sr. VP Corporate Finance, commented: "This transaction further expands High Hampton's strategic cannabis distribution network in California and will ultimately allow us to bring more products and quality brands online as we advance this and our other assets. With the previously announced acquisitions of CaliGold (see press release April 18, 2018) and Bravo Distro (see press release May 2, 2018) expected to close soon, High Hampton will be well positioned with distribution hubs, product and cultivation opportunities across California."

All membership interests of 420 were purchased for a total of USD$6,550,000 (the "Purchase Price"). The Purchase Price was satisfied by a cash payment of USD$500,000 and the issuance of 8,047,099 common shares of the Company (the "Payment Shares") at a deemed price of CAD$1.00 per Payment Share.

One insider of the Company acquired 3,428,066 Payment Shares, which constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to the insider is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 as the fair market value of the Payment Shares issued to or the consideration paid by such person did not exceed 25% of the Company's market capitalization.

All Payment Shares issued in connection with the Acquisition are subject to a voluntary escrow period expiring December 21, 2018, except for the Payment Shares issued to the insider which are subject to a voluntary escrow period expiring on December 21, 2018 and June 21, 2019.

None of the securities issued in connection with the Acquisition will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful."

Marijuana Company of America Inc. MCOA an innovative hemp and cannabis corporation, recently announced that the hempSMART™ brand has launched its revolutionary new cosmetic product hempSMART™ Face. Each bottle of hempSMART™ Face is formulated with 150mg of full spectrum, non-psychoactive, Cannabidiol oil derived from the industrial hemp plant. The innovative new formula is rich in Omega 3, 6, 7 and 9, along with naturally occurring ceramides and contains synergistic ingredients such as Organic Aloe, Sabi Inchi Oil, Argan Kernel Oil, among many more. MCOA's CEO Donald Steinberg commented, "Our team is excited to announce the expansion of the hempSMART™ brand into the world of cosmetic products. HempSMART™ will continue to build upon our already established and unique formulations to provide our customers and affiliates with the tools needed to succeed in the wellness industry."

InMed Pharmaceuticals Inc. IMLFF is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. The Company recently announced it had filed a Patent Cooperation Treaty application for INM-085 as a cannabinoid-based topical therapy for glaucoma, which includes protection of its technology in about 150 different countries including the United States. InMed is developing a stimulus-responsive, nanoparticle-laden vehicle for controlled delivery of ophthalmic drugs into the aqueous humor of the eye. INM-085 is intended for application as a once-per-day eye drop administered immediately prior to the patient's bedtime, intending to assist in reducing the high rate of non-adherence with current glaucoma therapies. Additionally, this novel, proprietary delivery system for ophthalmic drugs may also play an important role in enabling other companies' proprietary ophthalmic drug candidates or re-invigorating the commercial potential of off-patent products that would benefit from a once-a-day dosing regimen.

Surna Inc. 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. Surna recently announced that it completed a private placement offering of investment units, at a price of USD 0.16 per unit, with certain accredited investors. The Company issued a total of 7,562,500 units for aggregate proceeds of USD 1,210,000. "This raise will allow Surna to continue to implement its growth plan, with expanded engineering services and scope, investments in new product development, continuing improvements in the experience and breadth of knowledge of our staff, and a broadening of our sales coverage," stated Chris Bechtel, the Company's Chief Executive Officer.

Vitality Biopharma VBIO is a cure development company, dedicated to unlocking the power of cannabinoid "prodrugs" as a means to treat serious neurological and inflammatory disorders. The Company announced that it has received approval from both the U.S. Drug Enforcement Administration and the State of California Research Advisory Panel, which permits the Company to continue development of its novel cannabinoid pharmaceutical prodrugs. Vitality initially worked with the DEA to ensure adequate on-site measures are in place to prevent diversion of Schedule I controlled substances, the most regulated tier of controlled substances in the US. In addition, the California Research Advisory Panel, a part of the California Attorney General's Office, also approved Vitality's cannabinoid pharmaceutical development activities. "Our biocatalysis and drug manufacturing capabilities have advanced rapidly over the past 18 months, and we're excited to continue this work with oversight from DEA, the State of California, and also the FDA," said Dr. Brandon Zipp, Director of R&D, and Scientific Co-founder of Vitality Biopharma.

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