CORAL SPRINGS, FL, Nov. 9, 2016 /CNW/ – The legal marijuana sector remains hot while continuing to ride the wave of this week’s election results, and companies continue leveraging the current climate to expand operations as well as create new and innovative products such as various forms of extraction and more. Marijuana/Cannabis Companies with current developments in the market of note included: Agritek Holdings, Inc. (OTC: AGTK), Puration, Inc. (OTC: PURA), Arcturus Growthstar Technologies Inc. (OTC: AGSTF) (CSE: AGS.CN), Cannabis Science, Inc. (OTC: CBIS) and SinglePoint, Inc. (OTC: SING).
Puration, Inc. (OTC: PURA) and North American Cannabis Holdings, Inc. (USMJ) announced a new office today opened in California near Los Angeles. The announcement comes in conjunction with California passing Proposition 64 and legalizing recreational marijuana. USMJ and PURA have announced restaurant and edible contracts in Colorado where recreational marijuana is already legal. The two Companies work closely together and have been working specifically of late to open a joint business development office in California in anticipation of Proposition 64 passing. California Legal Marijuana Market Projected To Grow From $2 Billion To $8 Billion.
A recent Forbes feature includes an estimate that the California marijuana market may grow to over $8 billion from its current $2 billion with the legalization of recreational marijuana. A New York Times article includes an estimate that the overall legal marijuana market in North America may grow from the $7 billion it is today to $22 billion in the next four years as a result of yesterday’s legalization votes. USMJ Revenue Growth and PURA New Contracts – USMJ has carved out a base annual revenue of $500k since entering the cannabis sector in 2013. USMJ also developed and spun off the cannabis extraction business that is now the primary operation of Puration (PURA). PURA has recently announced its first two contracts and indicated a third is pending.
In other sector related developments and news in the markets this week:
Agritek Holdings, Inc. (OTC Pink: AGTK), a leader in compassionate care technology and agricultural solutions for the recreational cannabis industry, this week announced that the Company has executed a Letter of Intent and Agreement for the acquisition of one hundred per cent (100%) of the stock and ownership of “Sterling Classic Compassion,” a two (2) year old tax reporting non-profit qualifying for the sale of medical marijuana within the state of California. The Company believes that Sterling can qualify for a recreational license within the state of California if Prop 64 were to pass in the general election Tuesday November 8th. Agritek Holdings based on state guidelines to be determined, could participate in the ownership and sale of wellness products within the state similar to rules set up and approved for public companies in Washington State, Nevada and Oregon.
Arcturus Growthstar Technologies Inc. (OTCQB: AGSTF) (AGS.CN) announced this week that it has signed a Letter of Intent (“LOI”) to acquire a 10-acre operating greenhouse in Florida, which is in a designated zone to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida’s stringent criteria for agricultural farmers looking to manufacture Cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied. “This is a major milestone for Arcturus and positions us for tremendous growth for years to come,” says Mr. William Gildea, Arcturus Growthstar Technologies, Inc.’s CEO and Chairman.
Cannabis Science, Inc. (OTC Pink: CBIS), a U.S. company specializing in the development of cannabis-based medicines, announces that its President, Chief Executive Officer, and Co-Founder, Mr. Raymond C. Dabney, is preparing Company presentation briefing materials, drug development initiatives and accomplishments for corporate initiatives briefing exclusively for Harvard Medical School researchers later this Month. Mr. Dabney will speak at the Dana Farber/Harvard Cancer Center (DF/HCC), one of the largest cancer research centers in the world with more than 1,100 cancer researchers and over $600 million in cancer research funding.
SinglePoint, Inc. (OTC Pink: SING) this week provides additional insight into the intention of its SingleSeed subsidiary to provide credit card processing solutions for the cannabis industry. As five new states prepare to vote on ballot initiatives to legalize cannabis for recreational and/or medicinal purposes, SingleSeed is already positioned to become one of the industry’s first merchant processors. The market for both medical and recreational marijuana is projected to grow from $7 billion this year to roughly $22 billion by 2020, according to Arcview Research; analysts from financial services firm Cowen and Co. project a $50 billion legal cannabis market in the United States by 2026, with such progression based on federal legislation.
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