NEW YORK, November 13, 2018 /PRNewswire/ --
According to data compiled by Ameri Research Inc., the global legal cannabis market was valued at USD 14.3 Billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024. By 2024, total global sales are expected to reach USD 63.5 Billion The surge in the recreational cannabis industry can be attributed to the increasing legalization and decriminalization of marijuana across the world. Despite the complex regulatory structure at state and federal levels, the rising demand of recreational cannabis in the United States and North America, which accounts for over 49% of the market, is a key factor driving growth in the industry. Global Payout, Inc. GOHE, Golden Leaf Holdings Ltd. GLDFF, Sugarmade, Inc. SGMD, GreenGro Technologies, Inc. GRNH, Mountain High Acquisitions Corp. MYHI
As of November 2018, ten states and the District of Columbia have legalized the recreational use of cannabis. The growing tax revenues of legal cannabis, stemming from product sales and tourism activities, are now comparable with other commodities such as draft beer and e-cigarettes, with the actual demand for recreational marijuana being worth more than USD 40 Billion. As more states continue to end the prohibition of cannabis for recreational use, the legal market can only expand even further. According to a statement in Forbes by Steve Hawkins, Executive Director of the Marijuana Policy Project, "The victory in Michigan highlights just how widespread support is for marijuana policy reform. This issue does not only enjoy strong support on the coasts, but also in the Midwest and all throughout the country. Marijuana has now been legalized for adult use in one out of every five states and medical use in three out of every five, so it is safe to say federal law is in need of an update."
Global Payout, Inc. GOHE yesterday announced breaking news that, "their payments platform has gone live in Colorado, which represents its third active state in pursuit of its nationwide expansion plans, and boarded its newest San Diego client, which is one of the largest dispensaries in the county and represents MTrac's fourth client in its home town.
MTrac's first Colorado client is a company with two dispensaries, one in Denver and one in Boulder. The company is well-established and holds state licenses that comprise the full vertical from cultivation and manufacturing to retail. As with most cannabis businesses, cash heavy operations pose many challenges, and this Colorado company was in need of a secure, compliant, and customer-friendly cashless solution to streamline its business expenditures processes.
"The launch in Colorado offers shareholders a firm example of MTrac following up on its promise to expand," said Global Payout COO, David Flores. "We are now live in 3 states and we expect that number to grow as we continue to streamline our onboarding processes. Colorado was the first to offer recreational cannabis, and many companies have attempted to solve the cash problem for those businesses. To date, many have tried but none have fully succeeded, and I believe MTrac to be the solution that this market has been waiting for."
MTrac also went live this week with its newest San Diego client, which is one of the largest dispensaries in the county, where (7) processing terminals were deployed, and MTrac experienced its largest revenue numbers since its relaunch at the beginning of October. The MTrac team anticipates having another two San Diego locations live before month's end. Because of its San Diego origin and executive headquarters, the MTrac team is committed to making San Diego the safest, most compliant, cannabis community in the nation. MTrac's executive team recently sat down with the San Diego Mayor's office to introduce the platform and the many government oversight benefits of ledger technology to facilitate regulatory compliance. MTrac aims to make San Diego the first cashless and compliant cannabis city as a model for others to follow.
"Now let's consider the true potential of this company," said Global Payout CEO, Vanessa Luna. "Many of our shareholders have been wondering what this all means, and how we plan to increase shareholder value and clean up the company's stock to showcase what I consider to be a hidden gem in the OTC market. With our technology partners and MTrac's exclusive software licensing rights within the industry, our goal is focused on mass market adoption. We have an extensive pipeline of dispensary, CBD, other high-risk, and low risk sector accounts coming on board and would estimate our existing pipeline at around 50 merchants looking to be fully transacting before the end of the year. Our transactional revenue is steadily increasing with each new merchant that goes live on the system and takes advantage of the increased sales that accompany the ability to offer their customers secure and compliant card payments at the register. After several months of hard work and dedication, MTrac has arrived at a point where we are creating value for our clients and, in my opinion, positioned perfectly to continue crushing revenue expectations over the coming months. To the loyal shareholders who have stuck with us throughout this entire process, we thank you and we offer you our continued assurance that we remain diligent in our intent of taking MTrac nationwide and turning this into a truly remarkable success story for you and for everyone who has contributed to our journey along the way. I expect to have a lot of exciting announcements in the near future as we continue to execute our business objectives and cultivate larger relationships. I am always saying, 'this is only the beginning' and by that, I mean there is no stopping our drive to successfully offer our service in the highest caliber possible. Stay tuned!"
In addition to MTrac's ongoing expansion within the industry, the Company is also pleased to announce that it remains on track in its intention of completing and filing the Form-10 in the next few weeks and looks forward to the opportunity it will provide the Company to transparently showcase its growth and financial progress.
As a reminder, the MTrac Tech team will be represented in full-force at this week's MJBizCon in Las Vegas. Those who are able to make the trip to the convention are encouraged to visit the MTrac Tech team at booth #1754 where the MTrac payment platform will be displayed proudly for all attendees."
Golden Leaf Holdings Ltd. GLDFF is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, with cultivation, production and retail operations built around recognized brands. Terra Tech Corp. recently announced that on November 2nd, 2018 it signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd., a cannabis company with cultivation, production and retail operations built around recognized brands. Under the terms of the letter of intent, a wholly owned subsidiary of Terra Tech will amalgamate with Golden Leaf, with the resulting amalgamated corporation being a wholly owned subsidiary of Terra Tech. Consummation of the transaction is subject to a number of conditions, including entering into a mutually agreed definitive arrangement agreement, completion of due diligence, the waiting period for the Hart-Scott-Rodino Act, state and local regulatory approvals, approval by the Ontario courts, Terra Tech board approval, Golden Leaf receiving a positive fairness opinion, Canadian Securities Exchange approval and Golden Leaf shareholder and board approval. William Simpson, Chief Executive Officer of Golden Leaf, commented, "Golden Leaf is dedicated to building shareholder value and we are pleased to have this opportunity to combine forces with Terra Tech, an established, vertically integrated cannabis operator with a presence in multiple states and, most importantly, a proven reputation and loyal customer base. We are excited at the prospect of significantly expanding our size and reach through this merger and believe that the combined company will improve our growth trajectory and enable us to benefit from several operational synergies that will improve the running of our business."
Sugarmade, Inc. SGMD is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade, Inc. recently announced a new corporate initiative in the booming hemp market. Sugarmade is committing up to USD 1,0000,000 in capital over the next twelve months to invest in Hempistry, Inc. a privately held Nevada corporation, which has begun planting an ultra-high cannabidiol (CBD) industrial hemp strain in the U.S. State of Kentucky. Additionally, Sugarmade expects to sign an agreement with Hempistry for hemp cultivation supplies. Hempistry has already begun planting and has signed an agreement reserving up to 23,000 acres of prime Kentucky farmland for its exclusive use for hemp cultivation. Additionally, Sugarmade's Chief Executive Officer, Jimmy Chan, announced he has become an advisor to and a shareholder in Hempistry, Inc. Chan commented, "Demand for industrial hemp and products derived from hemp is soaring with no let up in sight. We expect our direct investment into Hempistry to be accretive to common shareholders and our supply agreement to be lucrative. All of us at Sugarmade see a tremendous opportunity to become a supplier to this fast growing sector, thus we are today launching our first in a series of activities within the hemp markets. We plan to provide additional details relative to these hemp initiatives over the coming weeks."
GreenGro Technologies, Inc. GRNH is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. GreenGro Technologies, Inc. recently announced the launch of its newly formed CBD Subsidiary, EMS Meds, Inc., which will focus on the research and development of a full line of premium CBD products that will be distributed directly to doctors' offices, medical facilities and specialty retailers. The announcement is a result of the Greengro's formation of EMS Meds, Inc. to develop new and innovative medicines and treatments that are derived from CBD, the non-psychoactive component in cannabis that is known for its health and wellness benefits. As part of the strategic alliance, Dr. Mark Wagner, Founder and Chief Executive Officer of EMS Meds, Inc. has been appointed to the Board of Directors of GreenGro Technologies. "The CBD market is growing everyday as more and more consumers are learning how powerful CBD can be as an all-natural alternative to opioids, and can be a natural remedy for such ailments as asthma, insomnia, anxiety, depression, arthritis, among others," said James Haas, Chairman and Chief Executive Officer of GreenGro Technologies, Inc. "Our entry into this significant market was a natural next step for our company as we strive to add new revenue streams to our business model and focus on enhancing shareholder value."
Mountain High Acquisitions Corp. MYHI is a holding company focused on the acquisition and development of businesses and other assets within the cannabis sector. Mountain High Acquisitions Corp. recently announced that it has closed on the acquisition of One Lab Co., a Nevada-based company that provides extraction equipment to the cannabis industry. The acquisition brings with it a five-year lease of its modular extraction lab to Workforce Labor Solutions, LLC, which provides turnkey labor and extraction services to licensed cannabis producers in Washington state. "The abundance of cannabis currently being cultivated by licensed growers has created increased demand for access to extraction facilities," said Mountain High Acquisitions Corp. Chief Executive Officer Alan Smith. "We're meeting this growing need in the cannabis space, which stems from an increasing number of consumers interested in cannabis, but who don't want to smoke it. As a result, demand for edibles and other end products is growing-but to make these products, cannabis product makers require a variety of quality cannabis extractions. Thus, providing access to highly efficient, state-of-the-art extraction equipment is part of our strategy to drive revenue and we intend to pursue this niche aggressively in the coming year."
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