PALM BEACH, Florida, November 2, 2017 /PRNewswire/ --
Market research analysts are projecting the global CBD oil market to grow at a projected CAGR of 39.19% over the next four years, according to HTF Market Intelligence. There are an estimated 15 states that allow CBD based products only as compared to the 28 states plus DC that have legalized medical marijuana but the industry however is pointing to CBD Products are growing a rapid pace and becoming more and more popular with consumers. Hemp-derived cannabidiol (CBD) is projected to be a billion-dollar market in just three years, according to a new report by Brightfield Group. This high growth market continues to result in increased revenue levels, as well as the increasing variety of product offerings and innovation for the Marijuana/Cannabis industry and companies such as: PotNetwork Holding Inc. (OTC: POTN), SugarMade Inc. (OTC: SGMD), Vitality Biopharma Inc. (OTC: VBIO), Rocky Mountain High Brands Inc. (OTC: RMHB), Aphria Inc. (TSX: APH) (OTC: APHQF).
PotNetwork Holding Inc. (OTC: POTN) announced today that its wholly owned subsidiary, Diamond CBD, Inc., reported third quarter revenues of nearly $4.5 Million Dollars for the third quarter of fiscal 2017, realizing a net increase of 29% when compared to the second quarter's income of $3,183,161.00. Read this and more news for POTN at: http://www.marketnewsupdates.com/news/potn.html
"We are very pleased with this quarter's results and forge ahead into the fourth quarter with strengthened anticipation once again," excitedly stated Chief Executive Officer, Dr. Richard Goulding, MD.
PotNetwork recently announced that the Company had retained the auditing services of East West Accounting Services, LLC, a Public Company Accounting Oversight Board (PCAOB) registered CPA firm, to provide a methodical review and analysis for the audited verification of the Company's recent monthly reported revenues.
In other industry developments and market performances of note:
SugarMade Inc. (OTC: SGMD) closed up 100% on Wednesday with over 8.2 million shares traded by the market close. The company recently announced a realignment of its business direction and outlines negotiations currently underway to significantly expand its business operations within the fast growing cannabis sector. The Company had entered into late stage negotiations with two companies regarding possible acquisition or merger and has entered into other discussions with potential financing sources to facilitate these transactions. "We are especially excited because the cannabis-related acquisition will be highly accretive to share value for current holders of Sugarmade. With California legalization of cannabis only about 60 days away, we are very pleased to be expanding our operations in several different ways," commented Jimmy Chan, CEO of Sugarmade. "The successful completion of this acquisition will make Sugarmade one of the largest, if not the largest, publically traded supplier to the hype-growth cannabis sector. We have already begun to make an impact on the sector through the pending introduction of BudLife™, the world's first patented storage containers for long-term cannabis storage."
Vitality Biopharma Inc. (OTC: VBIO) closed up over 4% on Wednesday at $2.15 with over 300,000 shares traded by the market close. The company also announced completion of pivotal manufacturing agreements that enable the production of clinical-grade cannabinoid pharmaceuticals at its R&D facilities in California. In early 2017, after receiving approval from the U.S. DEA for its cannabinoid pharmaceutical research, Vitality contracted with a research services provider to obtain new software and protocols to support its internal manufacturing team and to ensure GMP manufacturing compliance. The Company has implemented these protocols for initial production of cannabosides, the company's cannabinoid prodrugs that are designed to target the gastrointestinal tract and thereby avoid the intoxicating side effects of THC.
Rocky Mountain High Brands Inc. (OTC: RMHB) closed Wednesday up over 2% with over 2 million shares traded on the day. Earlier in the week, the company announced John Blackington has joined the Company as its Chief Commercialization Officer. In this role, Blackington will direct the Company's product development, marketing, sales, and customer service to drive business growth and market share. Mr. Blackington has over thirty years of experience, both as the owner of his own company and as a senior executive for several leading food and beverage companies, including The Coca-Cola Company. He has jumpstarted a number of successful new brands in critical areas ranging from building sales and distribution systems, expanding retail availability, developing equity strategies and sourcing capital.
Aphria Inc. (TSX: APH.TO) (OTC: APHQF) closed up Wednesday at $7.80 on the TSX exchange trading over 4.1 Millions shares by the market close and closed up at $6.06 on the OTC markets. Last week, the company announced it completed its first shipment of cannabis oil to Australian medical life science company, Medlab Clinical Limited (ASX:MDC). The shipment is part of the previously announced agreement between Aphria and Medlab, in which Aphria will produce and supply high-yield cannabis extracts for Medlab to be used in its forthcoming human trial to test management of intractable pain in oncology patients - the first trial of its kind globally. The product formulation and permits have been approved by Health Canada and the Australian Therapeutic Goods Administration ("TGA"). "The first shipment of medical cannabis to Medlab is part of our global expansion strategy to take the Aphria story to other regulated countries like Australia and create additional revenue streams," says Vic Neufeld, Chief Executive Officer of Aphria.
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