Global Cannabis Industry Opportunities Skyrocket as Demand Could Eventually Outpace Supply
PALM BEACH, Florida, October 9, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
The global cannabis industry remains one of the more difficult industries to accurately forecast because its growth is so drastic and explosive that experts are constantly being forced to reevaluate and increase their projections for the space. The overall industry is well on its way to being a consistent multi-billion dollar sector of the economy and this growth is leading to rising levels of investment, both privately and publicly. Leaders in the industry are expanding operations in order to keep up with the rising levels of demand. Examples of expansion include companies investing in additional land to expand production facilities, as well as pioneers expanding operations into new markets in order to capitalize on new opportunities. Canada remains one of the hottest markets for activity as it relates to cannabis as the country is set to legalize the substance within the next two weeks. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC:MCOA), Medical Marijuana Inc. (OTC:MJNA), HEMP Inc. (OTC:HEMP), GreenGro Technologies Inc. (OTC:GRNH), Terra Tech Corp. (OTC:TRTC).
Marijuana Company of America, Inc. (OTCPK:MCOA) BREAKING NEWS: Marijuana Company of America, an innovative hemp and cannabis corporation, is pleased to announce that the Company has appointed Ian Harvey as the Global Sales Director of its wholly-owned UK subsidiary hempSMART™, Ltd. in preparation for the Company's January 2019 product launch in Europe.
Under the guidance of Ian Harvey, hempSMART is preparing to launch its successful Network Marketing program and industrial hemp derived Cannabidiol (CBD) product line in Europe in January 2019, starting with the United Kingdom. Pre-registration for the UK is available by visiting http://www.hempsmart.co.uk.
Ian Harvey has been involved in the direct sales industry for over 35 years. Mr. Harvey has worked for and helped to develop several successful Blue Chip corporations in countries around the world including Japan, South Africa, the United States, and numerous European countries. He has several years of experience launching new product brands, training programs, and implementing strategic approaches designed to capture large networks of loyal customers on an international level.
Donald Steinberg, MCOA CEO, commented, "We are very excited to add Ian Harvey to our hempSMART team. Throughout my career I have successfully launched several companies internationally, and with Mr. Harvey's experience and hempSMART's incredible product formulations, I see a unique opportunity to establish and grow our brand to become a household name in Europe and eventually worldwide."
Ian Harvey commented, "I am extremely excited to be appointed as the Global Sales Director for hempSMART. My goal is to make hempSMART a brand name recognized in households worldwide. It is a great feeling to know many lives will be transformed as we rollout out our expansion plans. Our new Regional support center based in the UK is gearing up to get ready for what is expected to be a massive success story in Europe. Read this and more news for MCOA at: http://www.financialnewsmedia.com/news-mcoa/
In the industry developments and happenings in the market this week include:
Medical Marijuana Inc. (OTCPK:MJNA) recently announced that its subsidiary, Kannaway, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, has released a new line of Sample Packs. Kannaway® Sample Packs serve as an incredible new tool for sharing the company's CBD products. Each Sample Pack includes five 50 mg samples and a single travel salve. The samples available in these packs are Kannaway® Pure CBD and Kannaway® Pure Gold. "We are thrilled to release our new line of easy-to-use Sample Packs," said Kannaway® Chief Executive Officer Blake Schroeder. "This new product is perfect for those who want to try CBD for the first time, or those who are looking for a portable product to match their active lifestyle."
HEMP Inc. (OTCPK:HEMP) last week announced it is expanding its operational footprint nationwide. The hemp-derived CBD market is expected to hit $591 million this year, and it may grow 40 times this size-to $22 billion by 2022, according to the report. As a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, Hemp, Inc. (HEMP) has a solid infrastructure to support the industry's rapid growth. According to the Brightfield Group, CBD has "been flying under the radar but is set to explode." The growth rate of distribution channels for these products is expected to soar in the next few years. Right now, hemp-derived CBD products are the primary sales driver in the market. "We are thrilled to be at the forefront of the hemp-derived CBD market that has already demonstrated record-breaking growth positioning us towards the very top of this multi-billion dollar industry," said Hemp, Inc. CEO Bruce Perlowin.
GreenGro Technologies Inc. (OTCPK:GRNH) was recently in the headlines regarding a strategic alliance with Gala Pharmaceuticals Inc. (OTC: GLPH) to boost initial demand for Gala Pharmaceutical's cannabis testing facilities. Under the terms of the agreements, over the next several months, the three companies will collaborate to develop a joint sales, marketing and distribution strategy that will collectively take them one step closer towards becoming a true vertically integrated solution provider for the cannabis industry. "Our partnerships with GreenGro Technologies and igot420 distribution will enable Gala Pharmaceutical to further develop and leverage our marketing and sales efforts to strengthen our position in the emerging market for cannabis testing facilities," said Dr. Rehman, Chief Executive Officer of Gala Pharmaceutical, Inc. "These alliances will allow us to gain access to their deep-rooted and extensive client relationships across the cannabis industry, which will rapidly boost demand for our cannabis testing facilities as the state continues to phase in new cannabis testing regulations throughout the year," concluded Dr. Rehman.
Terra Tech Corp. (OTCQX:TRTC) recently announced that the City of Santa Ana has granted its East Dyer Road, East Carnegie Avenue and South Tech Center Drive locations vertically-integrated Phase I permits. These permits allow the Company to commence development of cultivation, manufacturing and distribution capabilities at these locations. Moreover, upon completion of the build-out of each location's facilities, they also confer upon the Company the right to apply for Phase II permits which are needed to commence commercial activities. The Company is expanding its presence in Southern California as the state's cannabis market continues its transformation from a black market economy into a multibillion-dollar, regulated market. By opening several locations across Santa Ana, each of which will benefit from vertical integration and will house the Company's recognizable 'Blüm' dispensary brand, the Company is positioning itself as a major supplier of medical and adult-use cannabis to all the surrounding cities, such as Irvine, Laguna Beach and Newport Beach, all of which currently suffer from a scarcity of existing cannabis dispensaries. When completed, the Company's expanded cultivation and extraction capabilities will allow it to ramp production of its proprietary IVXX™ cannabis products, which are grown and harvested under the safest and most beneficial conditions. All IVXX products are thoughtfully produced, rigorously tested and certified to the highest standards of potency and purity for sale at the Company's proprietary Blüm dispensaries as well as at third party dispensaries.
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