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String of Legal Victories Puts CBD and Cannabis into International Spotlights
NEW YORK, April 8, 2019 /CNW/ -- Over the past couple of years, cannabis has become a major topic in many countries' agendas due to its therapeutic benefits. Regulators worldwide are now exploring opportunities within the cannabis market as it can be used as an alternative to certain traditional medical treatments. In particular, the U.S. marketplace is expected to be one of the most explosive markets. Despite cannabis still being federally illegal within the U.S., certain states, such as California and Colorado, which have legalized recreational cannabis contribute billions of dollars in revenue annually. Moreover, cannabidiol or CBD-based products have become increasingly common across the U.S. In late 2018, U.S. President Donald Trump signed the U.S. Farm Bill into effect, allowing the production of hemp. Shortly after, convenience stores and pharmacies began carrying hemp-derived CBD products. Even major pharmaceutical chains have begun to carry CBD products, promoting their healthcare benefits such as treating medical conditions and pain relieving properties. The U.S. Food and Drug Administration also approved the first cannabis-derived drug, Epidiolex, which is already being used to treat epilepsy in children. Overall, the combination of all of these recent events has exponentially accelerated the CBD marketplace. Moving forward, the CBD market is expected to continually grow as more countries began to adopt cannabis legalizations. According to data compiled by Brightfield Group, the U.S. CBD market is expected to reach USD 22 Billion by 2022. SinglePoint Inc. (OTC: SING), PotNetwork Holdings, Inc. (OTC: POTN), MassRoots, Inc. (OTC: MSRT) mCig, Inc. (OTC: MCIG), Medical Marijuana, Inc. (OTC: MJNA)
CBD is primarily being advertised as a medical supplement, however, some companies have taken the opportunity to integrate CBD into other products. Consumers can now find CBD in products such as beauty products, beverages, and even pet treats. Consumers can also take CBD purely for recreational purposes, to relax, as well as use it for medical applications. The wide range use of CBD creates a versatile market and expands outwards to many consumers. "A few years ago almost no one knew what hemp-derived CBD was, it was sold by mostly small brands of tinctures online and through head shops. All of a sudden, CBD is everywhere - it is both a trendy, new ingredient in drinks, face creams and pet treats and an answer to the prayers of so many people suffering from medical conditions ranging from epilepsy to anxiety and chronic pain. It rides the waves of so many global food and health trends, as a substitute for opioids, towards more natural health alternatives and functional ingredients," said Bethany Gomez, Managing Director at Brightfield Group.
SinglePoint Inc. (OTCQB: SING) today announced, "the filing with the SEC of the Company's first annual report as a fully reporting issuer. SinglePoint ended 2018 with total sales of $1,154,671 an increase of 344% compared to the previous year. The increase is largely due to the success of SinglePoint executing on its acquisition strategy. Over the last year the Company has solidified its' financial position as well as become a fully reporting, audited issuer.
SinglePoint plans to continue its momentous growth with its latest Asset Purchase Agreement with Direct Solar. Direct Solar has seen tremendous growth over the past few months. SinglePoints' auditing firm is currently reviewing the financial statements and upon completion will finalize the acquisition.
"We have spent a lot of time and effort to put the Company in a position to turn a profit in the very near future. With the anticipated acquisition of Direct Solar and the explosive growth we are seeing that goal could become a reality. We are excited about the future of SinglePoint and are in a stronger position now than we have ever been," states Greg Lambrecht CEO.
About SinglePoint Inc: SinglePoint Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The Company portfolio includes mobile payments, ancillary cannabis services and renewable energy solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base."
PotNetwork Holdings, Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its principal subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD products. Diamond CBD Inc., wholly owned subsidiary of PotNetwork Holdings, Inc. recently announced that it is presenting its popular line of Diamond CBD oils, edibles, and creams to several large pharmacy chains. Recently passed federal legislation that legalizes industrial hemp production in the United States has generated increased mainstream acceptance of CBD-based products and drawn interest from retailers looking to capitalize on the public's desire for products that reduce stress and anxiety. "Our array of CBD products already play an active role in the wellness routine of thousands of Americans," said Kevin Hagen, Chief Executive Officer of Diamond CBD parent company PotNetwork Holdings, Inc. "That's why we are happy to present the benefits of CBD and our popular oils, edibles and beauty products to several large pharmacy chains in the days ahead."
MassRoots, Inc. (OTCQB: MSRT) is a leading technology platform for the regulated cannabis industry. Marijuana Company of America recently announced that the Company's wholly-owned subsidiary hempSMART™ has entered into a strategic marketing agreement with MassRoots, Inc. to promote its hemp CBD formulated product line. Under the terms of the agreement, MassRoots agreed to participate as an associate in the Company's associate marketing platform, to help promote and sell hempSMART™ products on www.massroots.com, as well as MassRoots' app and other social media outlets. "We're excited to begin educating MassRoots' community of over a million cannabis consumers about hempSMART's™ innovative line of CBD products," stated MassRoots' Chief Executive Officer Isaac Dietrich. "We look forward to driving our audience to a company that focuses on providing consumers with the highest-quality of ingredients and products, which is ultimately why we're partnering with MCOA."
mCig, Inc. (OTCQB: MCIG), headquartered in Jacksonville, Florida, is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. recently announced that its wholly-owned subsidiary, CBJ Distributing, is expanding its sales reach by introducing to its clients in Nevada and California a new in-house developed product line of hemp pre-rolled cigarettes and CBD vape pens with a proprietary terpene rich formula. CBJ Distributing saw its sales increase dramatically during the last year. The company distributes its line of cannabis supply items, such as: labels, jars, childproof envelopes, vape pens, to almost all dispensaries in Nevada, while enlarging its market share in southern and central California. After carefully analyzing the CBD market, CBJ Distributing decided to expand its product line by joining this huge opportunity of selling hemp products to smoke shops and dispensaries around the Country. "We have a strong team of professionals with boots to the ground, following the trends, growth, and needs of the market through client-based communication and customer service. Since its acquisition in May 2018, CBJ Distributing has consistently been the strongest division of MCIG, with a constant and continued growth in sales and profits. Our management team at CBJ Distributing gets results!" said Paul Rosenberg, Chief Executive Officer of MCIG. Mr. Rosenberg went on to say, "During the past month, the MCIG officers and Board of Directors have had multiple meetings in our Las Vegas office with the CBJ management team where we have identified the direction MCIG must take in order to be a top cannabis company going forward."
Medical Marijuana, Inc. (OTC: MJNA) mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. Medical Marijuana, Inc. recently announced that its subsidiaries Kannaway®, HempMeds® and Dixie Botanicals all received Certification Seals from the U.S. Hemp Authority. To receive this seal, companies must have met several stringent industry standards laid out for quality and safety. The certification is intended to educate hemp farmers and producers about Food and Drug Administration Current Good Manufacturing Practices (cGMP) and Good Agricultural Practices (GAP) to guarantee that consistent quality is achieved. The U.S. Hemp Authority Certification Program is administered by experienced quality assurance and verification professionals from industry-leading food and agricultural companies. "We are honored to have received these Certification Seals for several of our subsidiaries," said Medical Marijuana, Inc. Chief Executive Officer Dr. Stuart Titus. "Our customers' safety is our priority and we are proud to have our high-quality manufacturing processes confirmed so that consumers understand that buying from us means that they have access to safe and accurately labeled hemp-derived products, including fiber, seed and extracts, such as cannabidiol (CBD)."
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