NEW YORK, Oct. 8, 2019 /PRNewswire/ -- Earlier in July, New York state decriminalized the recreational use of marijuana. Instead of jail time, offenders will now be punished with a fine. New York Governor Andrew Cuomo has been pushing to legalize marijuana for quite some time now but has fallen short each time. Nonetheless, despite the numerous attempts, Cuomo is still actively pushing to legalize the recreational use of cannabis. If New York were to legalize cannabis, it would become the 12th U.S. state to pass legislation for recreational use, following Illinois' recent legalization. While cannabis is only legal for medicinal purposes in the state of New York, many companies have established operations in anticipation of recreational legalization. In New York City, there are already over a dozen legal medical dispensaries. Notably, several of these dispensaries even operate recreational channels in legal markets. Moreover, there are also several hemp farms operating in upstate New York. And despite New York's legalization status, the state already has cannabis companies fluidly operating to serve thousands of consumers. Several other states are witnessing similar patterns to New York. For instance, states such as Arizona, Florida, and New Jersey were reporting over tens of millions of dollars in annual sales in 2018 despite having only legalized medical cannabis. Notably, these states were among the most likely candidates to legalize recreational use in the shortcoming years, according to industry experts. Overall, the legal cannabis market is permeating throughout the U.S. states and is creating a multi-billion dollar industry. Additionally, ongoing legalization efforts in the U.S. are beginning to further influence other nations as they explore opportunities within the legal market. And while medical cannabis still dominates that broad cannabis marketplace, increasing awareness and legalization efforts are expected to further propel the industry. As a result, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research. Global Payout, Inc. (OTC: GOHE), KushCo Holdings, Inc. (OTC: KSHB), iAnthus Capital Holdings, Inc. (OTC: ITHUF) (CSE: IAN), Liberty Health Sciences Inc. (OTC: LHSIF) (CSE: LHS), Medmen Enterprises Inc. (OTC: MMNFF) (CSE: MMEN)
Medical cannabis can already be found in many regions around the world such as parts of the U.S., Australia, Canada, France, Germany, Thailand, and South Korea. Yet, due to the lack of research and the plant's potential for abuse, government regulators have explicitly outlined the requirements patients must meet in order to be eligible for medical use. Germany's parliament allows patients to use medical cannabis for multiple sclerosis and chronic pain, but it heavily depends on the severity of their condition. The U.S. began adopting medical cannabis back in the 1990s when California became the first state to legalize medical use. Canada legalized medical cannabis use back in 2001, but only allowed it for two specific uses. Moreover, consumer preferences have changed and consumers are beginning to demand more premium and higher quality products. Specifically, in the U.S. and Canada, "craft cannabis" has become an emerging product that is quickly gaining popularity. Cultivators engaging in craft cannabis cultivation carefully nurture each individual plant to ensure its high quality and potency. Notably, craft cultivators also grow their cannabis organically, meaning they avoid the use of artificial products that may damage the strain and cannabinoid content. Overall, the meticulous care and distinct growing techniques create an eccentric strain that stands out from traditional products. "More and more consumers desire a tangible connection with the cannabis flower and care about small farm values such as sustainability, craftsmanship, organic principles and hands-on cultivation techniques," said Rose Mattio, Founder of Rosie Mattio Public Relations.
Global Payout, Inc. (OTC: GOHE) announced today that it, "has entered into a financing arrangement with a long-term private investor for ongoing financial support at a valuation of ten times the current share price. This investment group has already provided over $2,200,000 in investment capital to the company over the past two years and has committed to additional financing of more than $3,000,000 at a 10x valuation for a total investment of over $5,000,000. The Company anticipates using a large portion of these proceeds to retire a substantial percentage of the Company's outstanding convertible debt, which will have tremendous value to the stock and its shareholders.
'It gives me great pleasure to announce financing at such a high valuation,' said Global Payout, CEO Vanessa Luna. 'As I have said many times, I believe strongly that this company is on a path to becoming the go-to Fintech solution for the cannabis market, but it feels great to have that affirmed by such a strong investment. It reaffirms to me, as CEO, that the growth initiatives and overall trajectory of the business are moving in the right direction; and should signal to shareholders that we mean serious business. We are aware that there is still a long way to go to get this company in a truly competitive position, which will involve a hard look at all aspects of both the public and privately held Company, MTrac Tech Corp., but this arrangement certainly offers us the ability to continue to make progress on all fronts as we strive optimize shareholder value.'
About Global Payout, Inc. (OTC Pink:GOHE): Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global's current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors."
KushCo Holdings, Inc. (OTCQX: KSHB) is the premier producer of ancillary products and services to the cannabis and hemp industries. KushCo Holdings, Inc. recently announced that it had entered an exclusive distribution agreement with De La Rue, a global leader in anti-counterfeiting and authentication solutions. In accordance with the agreement, KushCo will offer the growing cannabis industry standard and custom branded anti-counterfeit security labels. The solution will also provide unique IDs to support product serialization and a digital verification system to enable authentication throughout the regulated cannabis supply chain. The regulated cannabis industry is being actively targeted by counterfeiters aiming to benefit from the industry's explosive growth. The KushCo proposition will provide companies with enhanced packaging, with the most secure visual authentication technology using 3D photopolymer images, unique serialization, e-verification, label tracking, and data capturing capabilities. "It is our responsibility as a leader in the space to build consumer trust in addition to empowering governments and brands. Counterfeit products undermine the legitimate cannabis industry by hurting sales, cheating governments out of tax revenue, and eroding consumer confidence while putting their health at risk. KushCo wants to provide the tools for our clients to have greater transparency and accountability," said Nick Kovacevich, KushCo's Chief Executive Officer.
iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) (CSE: IAN) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus Capital Holdings, Inc. recently announced that it had received approval from the Florida Office of Medical Marijuana Use to open dispensaries in Lakeland and Gainesville, Florida, as well as the previously announced dispensary in North Miami. This will bring the Company's total number of dispensaries in the state to eight. Hadley Ford, Chief Executive Officer of iAnthus said, "We're excited by the progress the business is making in Florida. We received OMMU approval and opened our flagship Miami store yesterday and expect the Lakeland and Gainesville locations to open next week. We will continue our retail expansion in this robust and growing market through early 2020. We look forward to serving medical marijuana patients in these Florida communities with high-quality, trusted and dependable products and services."
Liberty Health Sciences Inc. (OTCQX: LHSIF) (CSE: LHS) is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. Liberty Health Sciences Inc. recently opened its 17th dispensary in Panama City, Florida on September 3rd, 2019, subject to approval from the Florida Department of Health. This is Liberty's first dispensary to open in Bay County. "We are delighted to inaugurate our 17th dispensary in this beautiful and historic Panama City location," said Victor Mancebo, Interim Chief Executive Officer of Liberty. "Local officials have welcomed Liberty with open arms, and we are truly proud to assist in the economic recovery of one of Florida's uniquely historic cities, following the aftermath of Hurricane Michael. Our patients in the panhandle will now have an additional location where they can source their medicinal products as we continue our strong pursuit in scaling our Florida operations and extending our dispensary count. We are also on track to open three additional dispensaries in September, subject to Florida Department of Health approval."
Medmen Enterprises Inc. (OTCQX: MMNFF) (CSE: MMEN) a leading cannabis retailer with operations across the U.S., announced recently the opening of three new locations in the state of Florida: St. Petersburg, Key West and Pensacola. The Company now has four operational stores in Florida, with eight additional store openings in the state planned for the remainder of the calendar year. The Company is licensed for 35 retail locations in the state. Florida is the third most populous state in the U.S. with a robust medical cannabis program serving over 260,000 qualified patients as of August 30, 20191. In June, MedMen opened a location in West Palm Beach, its first in the state, where it has seen over 6,000 visits to date. "MedMen is proud to expand its retail footprint in Florida," said Adam Bierman, MedMen Co-Founder and CEO. "We look forward to getting to know our neighbors in St. Petersburg, Key West and Pensacola and are thrilled to offer MedMen's unparalleled quality in product and experience to these communities."
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