Cannabis Legalization on Ballots This Week
NEW YORK, November 7, 2016 /PRNewswire/ --
The legal issues surrounding cannabis may be less prominent after this week as November 8th, will answer questions of whether cannabis should be legal is a major theme on the ballots this year. California, Arizona, Maine, Massachusetts, and Nevada are voting on measures that would make the drug legal to use for recreational purposes in small amounts for people over 21. Additional four states: Arkansas, Florida, Montana, and North Dakota will be voting to legalize medical marijuana. Arcturus Growthstar Technologies Inc. (AGS.CN), Organigram Holdings Inc. (OGI.V), THC Biomed Intl Ltd. (THC.CN), Supreme Pharmaceuticals Inc. (SL.CN), Mettrum Health Corp. (MT.V)
If the use of cannabis for recreational purposes is voted in favor in the states mentioned, the legal cannabis market could surge to $11 billion by 2018 and $22 billion by 2020, according to the State of Legal Marijuana Markets report, published by ArcView Market Research. According to the report the market could go through a 30 percent annual growth rate.
Arcturus Growthstar Technologies Inc. (AGS.CN) is indoor plant growth technology company that is engaged in the business of developing and distributing Agri-Tech Systems and light-emitting diode (LED)-based lighting solutions for both commercial and residential applications. The company provides scalable, indoor Controlled Environment Agriculture (CEA) systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment.
Arcturus Growthstar Technologies Inc. announces that it has signed a Letter of Intent ("LOI") to acquire a 10-acre operating greenhouse in Florida, in a County that is designated to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida's stringent criteria for agricultural farmers looking to manufacture Cannabis.
Mr. William Gildea, CEO of Arcturus Growthstar Technologies Inc. stated, "This is a major milestone for Arcturus and positions us for tremendous growth for years to come… With this acquisition, Arcturus is potentially positioned as one of the public sectors first movers into Florida's cannabis market." Mr. Gildea continues, "This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location."
Organigram Holdings Inc. (TSX-V: OGI) is a licensed producer of medical marijuana in Canada. OrganiGram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Earlier in September the company announced that it has successfully amended its Health Canada licensed sales capacity of dried marijuana to 1,200kg per annum. Additionally, Health Canada also increased OrganiGram's licensed production and sales capacity for cannabis oils to 500kg per annum.
THC Biomed Intl Ltd. (THC.CN) recently announced it has entered into an exclusive agreement with Clone Shipper for the distribution rights for all of Canada. The two companies will continue to work toward an agreement for THC to purchase Clone Shipper, a U.S.-based company, specializing in packaging products used to transport live plants. The distribution agreement is for a period of two years and THC paid Clone Shipper $75,000 for the rights.
Supreme Pharmaceuticals Inc. (SL.CN) is a development company focusing on medical marijuana industry. Earlier in June, the company announced that it has completed its first sale of cannabis genetics to another Canadian Licensed Producer. In accordance with the transaction, Supreme Pharmaceuticals provided six strains for production and future sale to registered clients. The sale represents Supreme's first MMPR (marijuana for medical purposes regulations) revenue.
Mettrum Health Corp. (TSX-V: MT) a vertically integrated provider of cannabis products, recently announced the renewals of its sales and production licenses at its two Bowmanville facilities. Following these license renewals, Mettrum's Company-wide total licensed sales and production capacity stands at 5,600 kilograms per annum.
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