- Global cannabis market to hit $31 billion by 2021
- Diverse portfolio positioned along the cannabis and hemp value chains
- Completed financing for 30,000 sq. ft. greenhouse cultivation facility
- Wholly-owned subsidiary, HempSMART™, currently has CBD-based wellness products available for sale
A new report from market analyst the Brightfield Group, featured in Forbes (http://cnw.fm/XV6oq), estimates that global sales of cannabis will climb to $31.4 billion by 2021. The U.S., which “currently drives 90 percent of global cannabis sales,” will dominate this international business. In turn, a large share of the U.S. cannabis market will undoubtedly go to one of the six biggest economies in the world, the state of California. Marijuana Company of America, Inc. (OTC: MCOA) is a publicly traded company that was established in 2015 in California by Don Steinberg and Charles Larsen to execute their vision of creating an umbrella over a diverse portfolio of cannabis- and hemp-based companies. MCOA has already established a commanding presence at various points in the cannabis and industrial hemp cannabidiol (CBD) markets, as well as the related services supply chain.
In September 2017, MCOA entered into a joint venture with Global Hemp Group Inc. (OTC: GBHPF) (CSE: GHG), a Canadian public company, focused on conducting an industrial hemp pilot program in New Brunswick, Canada (http://cnw.fm/5RPvx). MCOA will be collaborating with Global Hemp Group to assist in the eventual development of a commercial industrial hemp cultivation project. Currently, the companies are conducting the first phase of hemp cultivation trials, the results of which will be used to establish commercial cultivation in 2018. In the first year of the joint venture, MCOA has shared the costs of the ongoing hemp trial, provided its expertise in developing hemp cultivation and granted a right of first refusal for Global Hemp’s output. The project is also receiving research support from Collège Communautaire du Nouveau Brunswick (CCNB) located in Bathurst, New Brunswick, and cultivation consulting from Space Cowboys, Inc.
MCOA recently announced, earlier this month, that it has completed the financing of $800,000 in cash and 15 million shares of the company’s common stock in full satisfaction of the amended terms of its joint venture agreement with Bougainville Ventures, Inc. (http://cnw.fm/RG3zw), which calls for an equal split of equity and profits. Under the agreement, BV will contribute its expertise in the construction and management of a 30,000 sq. ft. greenhouse facility to accommodate a Tier-3 production and processing I-502 tenant that has decades of experience and a proven track record of consistency and quality. Initiative 502, passed in 2012, allowed for the cultivation, sale and adult use of cannabis in Washington State.
Also under the MCOA umbrella is wholly-owned subsidiary hempSMART™, Inc., which is committed to bringing high quality CBD-based products to market through its affiliate marketing program. HempSmart Brain, formulated with clinically studied nootropic and adaptogenic ingredients, and hempSMART Full Spectrum Drops, formulated as a sublingual product with enhanced bioavailability, are currently available for shipping across the United States at www.hempSMART.com. Meanwhile, MCOA’s supply chain partners are already established, with inventory purchase contracts in place and customer support centers trained and ready to assist customers.
For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com
More from CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
For more information please visit https://www.CannabisNewsWire.com