NEW YORK, December 29, 2017 /PRNewswire/ --
According to a report by Arcview Market Research, consumer spending on legal cannabis in North
America is outpacing previous estimates. The report indicates that retail cannabis sales will grow 33% from 2016 to nearly
$10 billion this year. By 2021 the legal market is expected to reach $24.5
billion, at a 28% compound annual growth rate (CAGR). Arcview also reported that according to BDS Analytics' GreenEdge
point-of-sale tracking service, the medical market in California is already as big as the total
markets in Colorado, Washington, and Oregon combined. Sugarmade, Inc. (OTC: SGMD), mCig, Inc. (OTC: MCIG), GB Sciences, Inc. (OTC: GBLX), United
Cannabis Corporation (OTC: CNAB), Surna Inc. (OTC: SRNA)
Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics
explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe… The passage of the 2016 ballot initiatives and continued maturation of
the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can
expect in 2018 and beyond from Nevada's tourism, and California
and Canada planning to launch Adult-Use sales in 2018."
Sugarmade, Inc. (OTC: SGMD) outlined yesterday, "the steps being taken to modify its corporate operations as it becomes
one of the world's largest publicly traded suppliers to the growing cannabis industry.
Mr. Jimmy Chan, CEO of Sugarmade, commented, "We are taking decisive action to modify our
operations in order to prepare for the huge increase in business we are expecting. Growing a business infrastructure capable of
expanding by more than 500% during 2018 is certainly a challenge, but we have already begun the process. We will be providing
detailed revenue guidance for the full year 2018 over the next few weeks. All of us at Sugarmade are looking forward to growing
with the industry over the coming years. Below are the steps we are implementing in order to prepare to meet this grow
challenge."
- Personnel Expansion: Sugarmade's top priority is to recruit highly experienced accounting and financial personnel. To this
end, last week, the Company made an offer for employment to a highly skilled individual who would become Sugarmade's Chief
Financial Officer. Other staff positions have already been enhanced and several new mid-level accounting and financial
specialists are being actively recruited.
- Office Space: Sugarmade plans to move its headquarters location to a more suitable building with enough space to house all
staff members. The Company plans to remain in the greater Los Angeles area to accommodate its
current staff, all of which are being retained, and the many business partners located near the current City of Industry
location.
- Warehouse Consolidation: The Company plan to begin the process of warehouse consolidation to improve the logistical process
and to further reduce associated costs. It is likely much of the new warehouse space will be located in close proximity to new
office space that will be utilized.
Sugarmade recently announced to its investors, and to the growing cannabis marketplace, the creation of the largest emerging
publicly traded cannabis and hydroponics supply company. Sugarmade has completed a master market agreement with industry
leader BizRight Hydroponics, Inc., a leading marketer and manufacturer of cannabis and hydroponic growth supplies, which offers a
range of hydroponics-related products including: HPS grow lights, electronic ballasts, HPS bulbs, nutrient mixes, environmental
control products, pH measurement and calibration solutions and other cannabis-related grow and storage products. BizRight
operates the ZenHydro.com website and other e-commerce properties, and sells various products to distributors and retailers.
BizRight is expected to produce in excess of $30 million in revenues during 2017, with substantial
growth expected for 2018."
mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle
brands. Recently, the company announced that it's Cannabis Supply division signed an agreement with one of the largest cannabis
brand valued at $1 million. MCIG's California packaging division
has shown rapid growth in the last few months. Working closely with its partner, one of the largest packaging manufactures in the
world, the division has been able to expand and assist co-packers and brand manufacturers in preparation for the future of
recreational cannabis markets in California.
GB Sciences, Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods;
as well as biopharmaceutical research and development. On October, 30, 2017, the company and Cura Cannabis Solutions (Cura) have
executed a production agreement to produce high quality cannabis oils and related products utilizing the GB Sciences production
license operated by the GB Sciences' Cultivation Labs™. Cura projects oil production and sales in Nevada to be approximately 250,000 grams of oil per month at the outset, growing to approximately 500,000
grams per month over the near term.
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic
based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. Recently, the company
announced that it has secured an industrial building in Colorado where the Company will
construct a state-of-the-art industrial hemp processing plant (the "Facility") to provide contract manufacturing to farmers
working under the 2014 Federal Farm Bill and Colorado's Department of Agriculture's Industrial
Hemp Program. The multi-function Facility will include extraction, purification, testing and processing equipment, as well as
packaging, fulfillment, and secure storage capabilities. Services offered by the Company will enable farmers to convert harvested
industrial hemp plants into a range of products, from simple extracts to capsules to sublingual drops, and have them packaged for
resale. The processing plant will also have the capability to process raw hemp seed through cold press extraction. Valuable
fibrous bi-products generated through the processing will also be collected for sale to a wide range of consumer product
industries.
Surna Inc. (OTCQB: SRNA) develops innovative technologies and products that monitor, control and or address the energy and
resource intensive nature of indoor cannabis cultivation. On November 14, 2017, the company
announced operating and financial results for the three and nine months ended September 30, 2017.
Revenue for the three months ended September 30, 2017 was $1,566,000
compared to $1,171,000 for the three months ended September 30, 2016,
an increase of $395,000, or 34%. Recent and anticipated regulatory changes involving medicinal
and/or recreational cannabis use in various jurisdictions, such as California, tends to be a
leading indicator for the granting of licenses for new facility construction. As more new cultivation facilities become licensed,
the company has an expanded set of opportunities and customers to whom it can potentially sell its systems.
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