PALM BEACH, Florida, July 2, 2019 /PRNewswire/ -- As more jurisdictions have approved medicinal uses of cannabis, many of them have followed with approval of consumer recreational uses… and more food & other consumer CBD infused products are increasingly on the rise as well. This formula should continue the rise in both the projections and in the cannabis markets overall revenues for years to come. A report from Mordor Intelligence, forecasts that: "The cannabis market was valued at USD 14.5 billion in 2018, and it is projected to reach 89.1 billion by 2024, with a CAGR of 37% during the forecast period. The drivers identified in the market are medicinal properties of cannabis, increasing legalization of cannabis, and increasing advances in genetic development and intellectual property of cannabis. Medicinal cannabis accounts for the majority share of the cannabis market, when segmented on the basis of usage. Many countries have legalized the usage of cannabis for medicinal purposes. Many countries, where cannabis has been legalized, have a large adult population aged 50 and above. This increases the demand for medicinal cannabis, as the affinity of getting sick with chronic diseases increases after 50 years. "The growth rate can be attributed to the fact that various countries are now legalizing the usage of cannabis for medical purposes and various states in the US are legalizing the usage of cannabis for recreational purposes as well. North America accounts for more than 95% of the cannabis market, with the US alone making up more than 90% share of the North American market. In the cannabis market, companies are very active and are constantly involved in acquiring shares and developing new products to attract a larger portion of consumers toward their products. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. MCOA, Medical Marijuana, Inc. MJNA, Kona Gold Solutions, Inc. KGKG, HEXO Corp. HEXO HEXO, Terra Tech Corp. TRTC.
Another report from Grand View added: "Legalization of medical marijuana and decriminalization in some countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medical as well as recreational use. Moreover, government earnings through taxation is further viewed as an opportunity for countries to earn high revenues. For instance, in the state of Chicago, U.S., the total USD 52.7 million was collected in tax from medical marijuana in 2018. Revenue generated from these taxes encourages the local governments to fund several development programs for education and infrastructure.
Marijuana Company of America, Inc. MCOA BREAKING NEWS: Marijuana Company of America, an innovative hemp and cannabis corporation, today announced that the Company's manufacturing and distribution facility for its Viva Buds cannabis delivery service is expected to be completed and fully functional by August 2019.
MCOA announced in April that it had acquired a 20% ownership interest in Natural Plant Extract of California ("NPE") to establish a joint venture to create Viva Buds Inc., a unique cannabis delivery service based in Los Angeles, California.
"We are making tremendous progress through our partnership with NPE and the rollout of our licensed cannabis manufacturing facility," said Mr. Edward Manolos, Board Member of MCOA. "Our commitment to compliance will put Viva Buds ahead of the competition in California at a time when many license holders are still awaiting permits. Such permits are difficult to attain for manufacturers currently using volatile extraction methodologies, due to stringent regulations on California's Manufactured Cannabis Safety."
"Our joint venture partnership with NPE will allow us to become more competitive within the bourgeoning cannabis industry in Southern California," said Mr. Don Steinberg, CEO of MCOA. "Once completed and launched, Viva Buds will offer consumers a line of high-quality products at low prices along with the ability to build their own personal cannabis business.". Read this and more news for MCOA at: https://www.financialnewsmedia.com/news-mcoa/
In the industry developments and happenings in the market this week include:
Medical Marijuana, Inc. MJNA recently announced that products from the Company's major investment company AXIM Biotechnologies, Inc ("AXIM® Biotech," "AXIM"), a world leader in cannabinoid research and development, were included in registration for clinical trials through the Australian and New Zealand Clinical Trial Registry. The products will be used during the trial are part of AXIM's patented oral care line and include its cannabinoid-based mouthwash and toothpaste.
"There is no doubt that the CBD industry, as with any scientific field, could benefit greatly from additional research. We are proud to take part in this clinical trial with AXIM's patented oral care products to further prove the efficacy of the company's products," said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
HEXO Corp. HEXO HEXO recently announced that its affiliate, HEXO MED S.A. ("HEXO MED") has received a medical cannabis installation license. The license, issued by the Greek government, will allow HEXO MED to establish cultivation, processing and manufacturing facilities in the region of Thessaly, Greece. With HEXO Corp's experience in the industry, HEXO MED is poised to become a leader in the European cannabis landscape.
"This is a major step for HEXO as we continue to execute towards becoming a top three global cannabis company," said Sebastien St-Louis, HEXO Corp CEO and co-founder.
Terra Tech Corp. TRTC, a vertically integrated cannabis-focused agriculture company, recently announced that all of its currently operating California facilities have been issued a provisional license from the State of California, which is valid for one year and requires METRC compliance. The issuance of these licenses ensures that operations will continue in a lawful and uninterrupted manner for the next year.
Licenses are issued only after an exhaustive review of operational and corporate documents that provide assurance to the State of California that lawful and transparent operations are being conducted and verify transparency of financial and ownership information. Terra Tech is migrating its entire existing inventory into the Marijuana Enforcement Tracking Reporting Compliance (METRC) system, bringing all licensed activities into compliant operations.
Kona Gold Solutions, Inc. KGKG recently announced that it has signed a distribution agreement with H & M Wagner & Sons Foodservice. H & M Wagner & Sons Foodservice is a family owned Broadline Foodservice distributor for over 58 years. Located in the heart of Glen Burnie, Maryland, their Customer Centric attitude gives them a unique bond to build lasting relationships with their customers and employees in the Mid-Atlantic region.
As the leader in Foodservice beverage, offering bag-in-box, Passion Bay Daiquiris, Soda & Juice, Slush Puppie and 7202 Coffee & Tea, H & M Wagner & Sons Foodservice prides themselves on providing their customers with the services they need to succeed. They offer nationally recognized brands to locally sourced products and stock over 10,000+ items in their warehouse and continue to grow.
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