Cannabis sales in the North American market are expected to skyrocket as consumers spend more every year on as it becomes increasingly legal cannabis.

According to a new report from Arcview Market Research, people in America and Canada spent a combined $56.4 billion USD ($73.8 billion CAD) on cannabis in 2016, while about $6.9 billion came from the legal recreational and medical cannabis market, a 34 percent increase from 2015.

The accelerating pace of cannabis legalization in the United States continues to drive the growth in the market. SinglePoint, Inc. (OTC: SING), ChineseInvestors.com Inc. (OTC: CIIX), Researchers at PharmaCyte Biotech Inc. (OTC: PMCB), Eco Science Solutions Inc. (OTC: ESSI), MCig Inc. (OTC: MCIG) Colorado, the first state in the United States to legalize cannabis for recreational use, witnessed impressive growth in the cannabis market.

According to the Colorado Department of Revenue tax data released last week, Colorado’s dispensaries sold $1.3 billion of legal cannabis in 2016, while $875 million came from recreational sales and $438 million from medial cannabis. Colorado’s first licensed recreational dispensaries opened in January 2014.

Those shops generated $699.2 million revenue by selling recreational and medical cannabis during their first year operation, and the number reached $996 million in 2015.

On January 31st, SinglePoint (OTC: SING) announced that it, “is entering an exciting niche of the cannabis industry through a Letter of Intent (“LOI”) to acquire an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry. Convectium is the creator of the world’s first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries. The company’s 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind. Convectium operates a B2B equipment division in addition to its legacy B2C products. The proprietary equipment is solely distributed by EquipCanna.com, the Convectium B2B brand. Based on its market position and increasing demand for its products and services, Convectium forecasts revenues for 2017 at $3.5 million, an increase of 150% compared to revenue of $1.4 million for 2016. Convectium ships its consumer brands to over 52 countries. The company’s line of B2C brands include BlackoutX as well as HazeSticks, inspired by the Jimi Hendrix Cannabis Collection.” “To say we are excited about this opportunity is an understatement,” states SinglePoint CEO, Greg Lambrecht. “Convectium’s 710Shark and 710Seal system is incredible, and its capabilities are unmatched. After looking at hundreds of cannabis companies, finding an acquisition opportunity like we have found in Convecitum adds a new dynamic to our endeavors and the cannabis industry as a whole.” Premier financial information website for Chinese-speaking investors in both the U.S. and China, ChineseInvestors.com Inc. (OTCQB: CIIX) announced earlier today that, “its management team will be presenting at the 2017 Disruptive Growth & Healthcare Conference in New York City, February 15th and 16th. ChineseInvestors.com at the beginning of the month also announced, “the launch of its new website for its new subsidiary ChineseCBDoil.com.

The website went live on January 31st under the URL: http://www.ChineseCBDoil.com. The Company is expanding into the medical marijuana industry with the launch of its website and plans to retail hemp oil and related products, which are legal to sell and distribute within China and in the United States in all fifty states (hemp oil is not marijuana, but indeed a separate and distinct plant made from hemp). CBD oil, derived from hemp is a product with medicinal qualities that are primarily used for anti-inflammatory and other common ailments.”

Warren Wang, the chairman of ChineseInvestors.com stated: “I am very pleased to see the investor reaction to our announced plans which we began to disclose over a month ago… Our core business, the online distribution of news to the Chinese speaking population about financial markets and stocks has been a very solid and consistently robust business for our shareholders. Now as we expand into online retailing and distribution of CBD oils to the Chinese speaking population with a focus on hemp and medicinal needs via consumer products. This will create a much needed and growing niche for us to enter. Indeed, we believe we are the first public company to enter this market in China.”

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