The Legal Cannabis Market Continues to Expand

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Apr 05, 2017, 09:00 ET

NEW YORK, April 5, 2017 /PRNewswire/ --

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A new report from a business intelligence firm, New Frontier Data, projects the creation of more than a quarter of a million jobs related to cannabis growing and sales for American workers across the U.S. by 2020. According to the report, the legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual rate of 17%. Medical cannabis sales alone are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020. Adult recreational sales are estimated to jump from $2.6 billion in 2016 to $11.2 billion by 2020. Marijuana Company of America, Inc. (OTC: MCOA), Greengro Technologies (OTC: GRNH), Terra Tech Corporation (OTC: TRTC), CV Sciences Inc. (OTC: CVSI), MCig Inc. (OTC: MCIG).

"These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy," said Giadha Aguirre De Carcer, Founder and CEO of New Frontier Data. "While we see a potential drop in total number of U.S. jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry's growth to be slowed down to some degree in the next three to five years, however with projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the U.S."

Marijuana Company of America, Inc. (OTC: MCOA) is a cannabis and hemp marketing and distribution company. On April 4th the company announced that it has finalized the joint venture agreement with Bougainville Ventures, Inc. ("BV") in Washington State.

MCOA will invest $1 million in cash in a newly formed entity. Bougainville Ventures, Inc. will contribute its expertise in the construction and management of a 30,000 sq. ft. greenhouse facility, which will accommodate a tier-3 production and processing I-502 tenant that has decades of experience and a proven track record of consistency and quality. MCOA and BV will split equity and profits equally, 50/50. As turnkey landlords, MCOA and BV will provide our I-502 tenant with a state-of-the-art facility that creates an ideal cultivation environment that they can move into and be fully operational on day one. This enables the tenants to focus on what they do best, producing top quality products and not worrying about maintaining their infrastructure.

Donald Steinberg, MCOA President and CEO said, "This project will help to expand our operations as an ancillary business into the Washington State market. Achieving this milestone of closing this deal, as well as completing our PCAOB audit at the end of the first quarter are two more pillars of the strong foundation we are building for our shareholders."

Greengro Technologies (OTC: 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. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small-l and large-scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors. Greengro's Glass Greenhouse Franchise Model is designed for businesses in the CEA field, specifically commercial hydroponic vertical farms that use precision control systems to protect crops from environmental elements and enable year-round production of high quality, locally grown produce.

Vertically integrated cannabis-focused agriculture company, Terra Tech Corporation (OTCQX: TRTC), that operates through two segments: Hydroponic Produce and Cannabis Products. The company's GrowOp Technology specializes in the design and manufacture of advanced horticultural equipment and software for the automation and intelligent control of cultivation systems. GrowOp's systems offer the benefits of proven technical experience in the construction of environmentally-friendly facilities capable of producing only the safest, high-grades of cannabis-free of contaminants and harmful residues. The company's cultivation technologies have been implemented into hundreds of state-of-the-art facilities worldwide. GrowOp has been prominently featured by major media and news outlets including CNN, National Geographic, MSNBC, Bloomberg and more.

Life science company, CV Sciences Inc. (OTCQB: CVSI), operates two distinct divisions: Pharmaceuticals and Consumer Products. Both divisions are supported by their medical and scientific advisory board, and state-of-the-art production facilities. Its Pharmaceuticals division is developing synthetically-formulated cannabidiol-based medicine, pursuing the approval of the FDA for drugs with specific indications utilizing cannabidiol as the active pharmaceutical ingredient. CV Sciences has achieved promising preclinical results in the development of cannabinoid medicines for treatment of a range of medical conditions. Its Consumer Products Division delivers botanical-based cannabidiol products that enhance quality of life. Currently distributed nationally in health food stores, health care provider's offices and online, each consumer products brand is backed by a formal safety review, growing body of case reports, and physician's recommendations.

MCig Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has expanded from originally a vaporizer manufacturer, to an industry leading, large scale, full service cannabis cultivation construction company currently operating in the rapidly expanding Nevada market, and a hemp based CBD market supplier. The company looks to further broaden its expansion in multiple different fields within the cannabis industry through organic growth and strategic partnerships.

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