Legal Cannabis Businesses Growing in New York

Legal Cannabis Businesses Growing in New York

Forbes reports that just one part of the overall cannabis industry will experience growth staggering growth, becoming, in just three years’ time, a billion dollar industry. That piece of the overall cannabis market is CBD, which stands for cannabidiol, a hemp-derived product also present in cannabis that has performed remarkably in medical research on cannabis constituents over recent years. A marketing analysis agency, Brightfield Group, issued the predictions released in Forbes that include an estimated 55 percent compounded annual growth rate in the CBD market in the five years following the report’s October, 2017, release.

According to Brightfield’s research, 64.5 percent of all the revenue in the CBD market comes from online sales, with 17.8 percent of total market revenue coming from smoke shops. Cannabis dispensaries contributed to 9 percent of the total hemp-derived CBD market in the United States. Hemp CBD can be purchased legally in all 50 states.

In the Forbes article on the report, the group’s Director of Research said the team was surprised to discover how many businesses and of how many different kinds were operating in the hemp CBD space. Also surprising was, given that, how small the revenue from CBD sales was that each of these businesses typically generated/

Many of the leading companies manufacturing hemp-derived CBD products for sale in these markets are publicly-traded companies, including:

* AXIM Biotechnologies, Inc.
* Global Payout, Inc.
* Marijuana Company of America
* MassRoots, Inc.
* SinglePoint

One of these companies, Global Payout, announced on October 27, 2017, that, through a subsidiary, MoneyTrac Technology, Inc., of which it owns a majority share, it was about to increase sales and marketing efforts throughout Los Angeles County for the brand, PotSaver, that it recently acquired.

PotSaver is a community periodical as well as an online advertising platform that produces revenue by providing listings on cannabis products that can be purchased from area dispensaries and smoke shops at a discount. PotSaver has established a particularly solid presence already in San Diego County. The company plans to coincide the January 1 release of its premier PotSaver publication in Los Angeles with the legalization of recreational cannabis use in California, the country’s most populous state. After MoneyTrac Technology (MTRAC) acquired PotSaver in September of 2017 from its founder, Aaron Adler, it has received great community support in launching a successful campaign to extend its brand throughout Orange County, California as well. MTRAC management has been actively working to build its team for a successful Los Angeles launch. The team will be supervised by Adler himself, increasing PotSaver subscriptions through partnership with many of the area’s leading dispensaries and product and service providers.

The U.S. makes up 35 percent of the overall world pharmaceutical marketplace which, itself, is the largest single market on the globe. Understandably, that makes the pharmaceutical marketplace a key driver of the country’s economy. As the legal marijuana market only grows and spreads, the pharmaceutical market will be one of the first and hardest impacted. Already, Brightfield Group reports, use of certain major prescription drugs has decreased by 11 percent in states where medical cannabis use is legal. The CEO and Founder of New Frontier Data, another research firm, concurs, suggesting that at the current rate, medical cannabis products will become more and more prevalent as a patient’s preferred complement or substitute to traditional pharmaceuticals.

Hemp CBD has been found an effective form of treatment and relief from a wide range of illnesses and conditions. In fact, much of the medical value attributed to cannabis in general is actually attributable to the CBD content in the cannabis. Among the conditions and illnesses for which hemp CBD has already been found an effective form of treatment and relief are:

* anxiety disorders
* chronic pain
* nerve pain
* post-traumatic stress disorder (PTSD)
* sleep disorders

Leave a Reply

Your email address will not be published. Required fields are marked *