Consumer Support Ignites Cannabis Sales Projections – Markets Insider
NEW YORK, August 11, 2017 /PRNewswire/ —
According to a report by Arcview Market Research, growth of legal cannabis products will reaccelerate starting 2018. Cannabis sales for recreational purposes increase in Canada, California, and Massachusetts, as well as medical cannabis sales in Florida. As a result, the cannabis market will grow from the $6.7-billion market in 2016 at a robust 27% CAGR to $22.6 billion in 2021. The 20+% annual growth rate is likely to continue for many years past 2021 as more states and countries legalize cannabis. The report states, “Cannabis is now legally sold in state-of-the-art retail dispensaries with computer-based inventory and sales tracking, fully regulated and taxed by their state governments just like any other product category. Entrepreneurs are modernizing the product just as quickly. Many successful brands have launched extracts, edibles, topicals, and other types of products.” Global Payout, Inc. (OTC: GOHE), Marijuana Company of America, Inc. (OTC: MCOA), Hemp, Inc. (OTC: HEMP), Cannabis Science, Inc. (OTC: CBIS), OWC Pharmaceutical Research Corp. (OTC: OWCP).
According to Arcview, data via polls indicate that 80% of Americans approve of legal access to medical cannabis and 60% approve of full adult use. “That level of agreement is rare on any policy issue and it’s allowing elected officials across the political spectrum to start to move past the stigma previously associated with this issue,” Arcview states.
Global Payout, Inc. (OTC: GOHE) announced on August 9th that its majority owned subsidiary, MoneyTrac Technology, Inc. (‘MTRAC’), has completed an agreement with H Smart Inc. a division of Marijuana Company of America, Inc. (OTC: MCOA), a developer and distributor of innovative wellness and cannabidiol (‘CBD’) products, for the use of MTRAC’s financial technology platform. The technology available in MTRAC’s platform, via software developed and provided by Virtu Network Solutions, will be utilized by H Smart for payment