PALM BEACH, Florida, August 1, 2017 /PRNewswire/ --
As cannabidiol, marijuana and Hemp products and uses continue to diversify; the quickly expanding market for alternative marijuana demand outside of recreational and traditional medicinal usage continues to grow at an exponential rate. Hemp Business Journal estimates the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care and CBD-based products. New partnerships, products and areas of specialization continue for companies such as: PotNetwork Holding Inc. (OTC: POTN), SinglePoint Inc. (OTC: SING), Medical Marijuana Inc. (OTC: MJNA), UbiquiTECH Software Corp. (OTC: UBQU) and Amfil Technologies Inc. (OTC: AMFE).
PotNetwork Holding, Inc. (OTC: POTN) News: Diamond CBD, a subsidiary of PotNetwork Holding, Inc., to launch a CBD product line with Tommy Chong under the brand name, 'Chong's Choice CBD ' - POTN proudly announces that Tommy Chong, counter-culture legend, marijuana legalization advocate and half of the incomparable creative team of Cheech & Chong, has selected its subsidiary, Diamond CBD, Inc., as his partner to introduce a proprietary brand of hemp derived CBD oil products, under the brand name, Chong's Choice CBD. Tommy's brand will include CBD-infused edibles, concentrated solvent-free vaping additives and hemp oil tincture drops. Production of the new line is expected to begin within a month, with immediate online availability. Read this and more news for POTN at: http://www.marketnewsupdates.com/news/potn.html
For more information about the POTN collaboration, go to: https://youtu.be/0o7oQ_5EQA0
As Tommy's partner, Diamond CBD will offer the new brand to its distribution channels and assist in overall marketing. Tommy Chong stated, "I use Diamond CBD products and love them. They help me relax and often soothe the occasional pain of an old stoner." He continued, "I want to be part of this 21st century CBD revolution which promises unprecedented health benefits to millions of people and Diamond CBD has a premier line of products, many of which I am pleased to bring to the market under my brand." Gary Blum, Chief Executive Officer, PotNetwork Holding, added, "We are honored to get to work closely with Tommy, and anticipate this partnership will further solidify Diamond CBD as the category leader it is in beneficial CBD products."
About Tommy Chong: Throughout his life and career Tommy Chong has been an advocate for legalizing cannabis and hemp both medically and recreationally. His movies, live performances and many other appearances all speak to that advocacy in one form or another. Tommy Chong was a pioneer in educating the public about the positive side of both hemp and cannabis and still pursues this goal passionately. He has appeared on all the major networks and most of the large cable franchises discussing the subject of legalization and recounting his own personal use of medical cannabis in both his bouts with cancer and is now pleased to report that he is 'cancer free'. Tommy Chong supports many advocacy groups nationwide who are trying to bring legislation into their states to legalize the medical and the recreational use of cannabis along with supporting groups that seek federal legislation. On a personal level, Tommy donates a great deal of his time, personage and public influence to help many such organizations reach their goals.
In other industry market performances and developments of note:
SinglePoint Inc. (OTC: SING) closed up 34.29% on Monday with over 55.2 million shares traded on the day. SinglePoint, Inc. recently hired a cryptocurrency expert to spear head the company's initiatives to develop a payments solution for high-risk customers and the cannabis market. The company is aiming to bring a solution to test within 60 days. The company's joint venture with First Bitcoin Capital Corp will help drive this timeline and bring the solution full circle from customer to dispensary. SinglePoint and First Bitcoin Capital will work together to drive a consumer first approach. By enabling the consumer to acquire the currency first it will make for an easier transaction once at the point of sale. SinglePoint has also hired Turner, Stone and Company to finalize the company's 2016 financial audit to continue its progress toward up-listing to the OTC QB Markets.
Medical Marijuana Inc. (OTC: MJNA) finished Monday up 4.14% with a volume north of 5.7 million shares traded throughout the day. The company recently announced that it supports the decision of the Senate Appropriations Committee to approve renewal of the Rohrabacher-Farr amendment, which prohibits the Justice Department from spending funds to interfere with the implementation of state medical cannabis laws. The amendment was enacted in 2014 and has been renewed each year since then. As America took its latest step in protecting its state-sanctioned medical cannabis programs, just south of the border a group of renowned doctors met to discuss the therapeutic benefits of cannabis. During the LX Annual Meeting and National Congress of the Mexican Chapter of the International League Against Epilepsy in Tijuana, Mexico, Medical Marijuana Inc. subsidiary HempMeds® Mexico provided information about cannabinoid products for the treatment of neurodegenerative conditions, such as epilepsy. The event shared results obtained by Mexican doctors using the first cannabis based treatment approved in Mexico that is the Company's Real Scientific Hemp Oil-X™ (RSHO-X™).
UbiquiTECH Software Corp. (OTC: UBQU) closed up over 16% on Monday with over 9.2 million shares traded by close. The company recently announced it has acquired additional warehouse/office space in order to better serve its successful Free-Trial offer of CannazALL™ CBD GelCaps. The Company signed to lease up to 500 square feet of additional warehouse/office space and will be hiring up to six (6) additional employees in order to fulfill the demand for its Free-Trial offer. The lease on this additional space starts August 1st, 2017. Read more here: https://finance.yahoo.com/news/hemplife-today-acquires-additional-space-110000928.html
Amfil Technologies Inc. (OTC: AMFE) closed up over 9% on Monday with over 7.6 million shares traded by the market close. The company recently announced it posted revenues of $6,630,973 for the FYE 2017 up 2376% from Fiscal Year 2016 which posted $279,045 in total revenue. The company saw a gross profit of $3,678,780 and a net income of $248,679. The company as at year end of June 30th 2017 had $267,257 in cash, $4,691,097 in inventory and $6,599,844 in total assets. Read the full release here: https://finance.yahoo.com/news/amfil-technologies-inc-announces-2017-120000543.html
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