Consumer Spending on Legal Cannabis Products are Outpacing Estimates – iCrowdNewswire
 
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Apr 16, 2018 7:45 AM ET

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Consumer Spending on Legal Cannabis Products are Outpacing Estimates

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iCrowdNewswire - Apr 16, 2018

NEW YORK —

 

A report by Arcview Market Research indicates that consumer spending on legal cannabis in North America is outpacing previous estimates. The report estimates that retail cannabis sales will grow 33% from 2016, to about $10 billion this year. The data published projects that by 2021, the legal cannabis market will reach a value of $24.5 billionand at a 28% compound annual growth rate (CAGR). Arcview also stated that according to BDS Analytics’ GreenEdge point-of-sale tracking service, the medical industry in California is already as big as the total markets in ColoradoWashington, and Oregon combined. Starting January 1stCalifornia has started legal sales of cannabis products for recreational use. SinglePoint, Inc. (OTC: SING), MassRoots, Inc. (OTC: MSRT), AppSwarm, Inc. (OTC: SWRM), NightFood Holdings, Inc. (OTC: NGTF), Golden Leaf Holdings Ltd. (OTC: GLDFF)

According to Benzinga, Viridian Capital President Scott Greiper explained that the cannabis industry received $1.23 billion investments in the first five weeks of 2018, up from $178 million a year earlier. Viridian Capital Advisors’ Vice President Harrison Phillips said: “Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion.”

SinglePoint, Inc. (OTC: SING) yesterday announced breaking news that the, “company’s delivery application has been approved for beta in Apple and Google application stores. The application has been jointly developed in collaboration with AppSwarm (OTC: SWRM). The two companies plan to have multiple different interested parties test the application in the coming weeks and provide feedback, followed by a full production version launch of LastMile. The application aims to meet compliance of state delivery laws as they are rolled out to ensure delivery businesses are able to easily stay in compliance.”

“We are very excited for the launch of LastMile. There have already been multiple cannabis businesses expressing interest in the platform. There is a real opportunity to provide the industry’s first, true delivery platform that will give these businesses the insight and ability to easily track a delivery order through the completion of payment and drop off to a customer, all while knowing exactly where their driver and product is,” states Wil Ralston President of SinglePoint.

Strengthening the company’s outlook on providing cannabis services is the fact former Republican House Speaker John Boehner joined the advisory board of a U.S. based cannabis company. Vahan Ajamian, analyst at Beacon Securities Ltd, recently stated in a note, “should send shockwaves throughout the industry and act as a positive catalyst for the sector as a whole,” and went on to say U.S. cannabis businesses “represent the next wave of outsized returns for investors…” according to a recent Bloomberg article.

In addition to serving cannabis businesses the companies believe there is a lot of opportunity in the market to provide LastMile to small businesses of any sort. The application specifically focuses on the delivery operations of a business, providing efficiencies in dispatching, record keeping, customer satisfaction and more. LastMile has been developed with that in mind and plans to roll out to many industries in order to gain market penetration.

Lastly, SinglePoint subsidiary SingleSeed launched their new cbd focused ecommerce site SingleSeed.com. SingleSeed has already been receiving orders organically and plans to ramp up marketing in the coming weeks. The first of many campaigns is going through a Seattle based publication The Stranger, which has an online and print publication.”

MassRoots, Inc. (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. In March, the company announced it has launched revamped mobile applications in the iOS App Store and Google Play. These mobile applications are expected to serve as a solid foundation for an updated dispensary finder and blockchain-powered utilities to incentivize user-growth and product reviews. These new features, in addition to an updated business portal, are expected to be launched in the coming weeks. MassRoots has made significant investments in developing blockchain-powered features within its business portal, specifically around product and strain reviews and tracking, as well as blockchain-based features to incentivize user-growth and strain reviews. Additionally, MassRoots is expected to introduce its revamped business portal and dispensary finder in the near future.

AppSwarm, Inc. (OTC: SWRM) is a technology company specializing in the accelerated development and publishing of mobile apps. Last year, the company has completed development plans with SinglePoint to conduct a shared roll-out of mobile applications specifically geared to solve issues in the cannabis space using the Blockchain technology and Bitcoin payment options. Recently, SinglePoint announced LastMile Delivery, a platform giving small businesses and cannabis delivery companies a solution to efficiently manage deliveries. This is the first app launched under SinglePoint’s joint venture with AppSwarm. The two companies have closely worked together to define and launch a scalable service geared toward providing an agnostic platform for delivery businesses to accept orders, locate drivers and keep records of each delivery every step of the way, from initial manifest to completion of delivery product. The current status quo in the cannabis delivery space is to simply keep hand and electronic records of delivery manifests. LastMile aims to automate this for delivery services and provide a way to simply keep track of and verify all delivery activities. SinglePoint and AppSwarm believe that LastMile will increase the efficiency of delivery services as well as sales for cannabis businesses through use of order-ahead capabilities and enabling customers to locate the service nearest to them.

NightFood Holdings, Inc. (OTC: NGTF) operates both NightFood, Inc. and MJ Munchies, Inc. In March, MJ Munchies, Inc., a wholly owned subsidiary of NightFood, provided an update on the development of its Half-Baked line of cannabis-related snacks. In November, on an investor conference call, CEO Sean Folkson first introduced that the Company was investigating the scientific possibilities of a unique snack idea in the marijuana-related space. He identified that project as “Project X”. After further research, the Company decided to move forward with Project X in January. One of the leading nutraceutical consulting firms in the United States has been engaged to drive product development and formulation under the guidance of NightFood’s Peter Leighton. In addition to the development of these unique products, which it plans to launch under the Half-Baked trademark, MJ Munchies is also currently in discussions with manufacturers regarding the launch of THC infused recreational snacks in WashingtonColorado, and Nevada.

Golden Leaf Holdings Ltd. (OTCQB: GLDFF), a Canadian company with operations in multiple jurisdictions including OregonNevada and Canada, is one of the largest cannabis oil and solution providers in North America, and a leading cannabis products company built around recognized brands. On March 27, 2018, the company announced that it has signed a letter of intent with BlackShire Capital Corp., a Canadian Private Equity firm focused on the cannabis sector, to launch the Chalice Farms franchise model. This would be one of the first franchising deals of its kind in the cannabis space. Golden Leaf is presently working with BlackShire to complete the franchising documentation necessary to launch its cannabis retail franchising opportunity under the “Chalice Farms” brand in the U.S., Canada and international markets. Golden Leaf and BlackShire are also in final discussions to form a jointly owned management company which, as the franchisee, would manage and own the Chalice Farms cannabis retail franchises. The implementation of this potential partnership with BlackShire would be the first step in Golden Leaf’s franchise program rollout. 

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