PALM BEACH, Florida, August 28, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The Worldwide market for cannabis is projected to hit $31.4 billion by 2021, according to a report from the Brightfield Group, a cannabis market research firm. Currently, the global market is estimated to be worth $7.7 billion and will see a compound annual growth rate of 60 percent as other countries liberalize their marijuana laws. Many of the major players in the cannabis space have seen double-digit gains this month as rumors of other impending corporate investments in the space have ignited a surge of investor optimism. According to "Fast Money" trader Tim Seymour, the group has much more room to grow. The growth could also be further assisted by political, economic and social catalysts. Active Companies from around the market with current developments this week include: Sugarmade, Inc. (OTC: SGMD), Hemp, Inc. (OTC: HEMP), Kush Bottles, Inc. (OTC: KSHB), mCig, Inc. (OTC: MCIG), Player's Network, Inc. (OTC: PNTV).
Sugarmade, Inc. (OTCPK: SGMD) BREAKING NEWS: Sugarmade, one of the largest publicly traded hydroponics supply companies, today announces the filing of a disclosure statement with the Securities & Exchange Commission concerning possible acquisitions by the Company. Sugarmade has begun formal acquisition negotiations with two companies that provide online and retail hydroponic and other agricultural cultivation supplies.
Mr. Jimmy Chan, CEO of Sugarmade commented, "The hydroponic supply sector is still highly fragmented with many of the larger players not likely to reach public company liquidity events for the original entrepreneurial teams. We have entered into talks with at least two of these companies for acquisition, which we believe will be highly accretive for common Sugarmade shareholders and additive to our already robust top line growth rate. We wanted to publicly disclose these discussions to ensure that all shareholders have equal access to our direction, thus our recent public filing."
On August 21, 2018, the Company filed Schedule 14-A with the Commission calling for a special shareholder meeting at 750 Royal Oaks Drive, Monrovia, CA 91016, on October 10, 2018 at 8:00 a.m., Pacific Time. The purpose of the meeting is to: 1. To approve an amendment to the Articles of Incorporation to increase our authorized capital 300,000,000 common shares to 2,000,000,000 common shares 2.To approve the adjournment of the Special Meeting, if necessary or appropriate, to solicit additional proxies; an 3.To transact such other business as may properly come before the meeting, or any postponement or adjournment thereof. Management of the Company believes this shareholder vote is important as a vote in favor of the increase will allow the Company to facilitate the possible transactions outlined above. Read this and more news for Sugarmade at http://www.marketnewsupdates.com/news/sgmd.html
In the industry developments and happenings in the market this week include:
Hemp, Inc. (OTCPK: HEMP), a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, announced yesterday that the company's CEO Bruce Perlowin will be featured as a speaker at the Southeast Region Industrial Hemp Expo & Festival (Carolina Hemp Festival) event on Aug. 30- Sept. 1, 2018 at Raleigh Marriott Crabtree Valley event center in Raleigh, North Carolina. Perlowin is scheduled to speak at 2 p.m. on Saturday, Sept. 1, during the Hemp Festival taking place from 1 to 5 p.m. Click here to view the three-day event schedule. Perlowin is expected to discuss Hemp, Inc.'s mission and offerings with industrial hemp farmers, professionals, innovators, enthusiasts and advocates from the Southeast Region.
Kush Bottles, Inc. (OTCQB: KSHB), a leading provider of packaging, supplies, vaporizers, hydrocarbon gases, solvents, accessories and branding services for the regulated cannabis industry, today announced the opening of two new hazmat operating facilities strategically located in the Portland, OR and Seattle, WA metropolitan areas, operating under Kush Energy, a division of Kush Bottles. These facilities will focus on supplying customers in these regions with tested, high quality solvents and hydrocarbons which are essential in the cannabis extraction process for the production of items including oils, edibles and waxes. The facilities, located in Salem, OR and Tukwila, WA, are strategically positioned to service the needs of customers in both states in their entirety.
mCig, Inc. (OTCPK: MCIG), a diversified company servicing the legal cannabis markets, recently announced that it will begin harvesting its first crop of organic hemp from NYAcres in two to three weeks time. To oversee the harvest and curing process, MCIG brought on Chadd McKeen, co-author of Idiots Guide: Growing Marijuana and founding partner at Canna Mana Trading Company. With over 12 years of experience in cannabis cultivation, Mr. McKeen will be onsite to jump-start the post-grow process, from the actual mechanics of the harvest to extraction and buyer relationships. The NYAcres project began in June 2018 as a joint project with FarmOn!Foundation. After harvested and dried, cannabidiol (CBD) will be extracted from the plant source material. The particular strains of hemp grown at NYAcres, Cherry Wine and Berry Blue sourced from the Colorado Hemp Project are known for their high concentrations of CBD. Once extracted, CBD distillate can be used as a component for a diverse range of end user products, from CBD capsules to CBD vape.
Player's Network, Inc. (OTCQB: PNTV), a rapidly growing company in the recreational and medical marijuana industry with licensed grow operations in 2 states, announced yesterday they have achieved record sales of over $2.1 million since the recent acquisition of Green Leaf Farms Salinas Valley. They are hosting a live online webinar to discuss the Company's revenue and acquisition strategy at 4:20 p.m. PDT (7:20 P.M. Eastern) on Wednesday, August 29th, 2018. Online attendees are limited to the first 100 people who RSVP. The purpose of this announcement is to provide an update to the Company's Shareholders and the investment community with regards to their recent and substantial increase in sales (unaudited).
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