According to a report published by Hemp Business Journal, the total value of hemp products sold in the U.S. was $688 million in 2016 and the market is growing at a compound rate of 22 percent. Rapid growth in hemp CBD products continues to boost the market. Sales of CBD products are growing at a 53 percent AGR and reached $130 million in 2016. The report indicated that the Hemp CBD category was led by channel sales in natural and specialty products, smoke shops, and online verticals. Growing adoption of cannabis-based products by individual consumers is another factor that drives the growth of the market.
Cannabis use medically is now legal in 29 states. ChineseInvestors.com, Inc. (OTC: CIIX), SinglePoint, Inc. (OTC: SING), Terra Tech Corp. (OTC: TRTC), Medical Marijuana, Inc. (OTC: MJNA), CV Sciences, Inc. (OTC: CVSI).
Sean Murphy, the Founder and Publisher of Hemp Business Journal, said: "Hemp Business Journal estimates the total retail value of all hemp products sold in the U.S. to be at least $688 million for 2016. We estimate the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care, and CBD-based products. The data demonstrates the hemp industry is growing quickly at 22% five year CAGR and being led by food and body care products, with Hemp CBD products showing a 53% AGR."
ChineseInvestors.com, Inc. (OTCQB: CIIX) earlier this morning announced that, "Its wholly-owned subsidiary, ChineseHempOil.com, Inc., has established a Hemp Education Center in San Gabriel, California. The Company's club-style Hemp Education Center is at the center of San Gabriel's lively and growing Chinese-speaking community. Through its education center, ChineseHempOil.com, Inc. aims to provide valuable information to those that want to learn more about the potential health benefits of non-industrial hemp and hemp-derived CBD, while also increasing general awareness about non-industrial hemp which has roots in ancient Chinese medicine."
"I am delighted about the possibilities of our new Hemp Education Center," says Warren Wang, Founder and CEO of CIIX. "In recognition of the unprecedented opportunities in the legal non-industrial hemp industry, CIIX expanded its business to capitalize on the growing demand for hemp health products. Our new club-style Hemp Education Center will build awareness of the hemp industry and our brand while laying the groundwork for ChineseHempOil.com to be recognized as the premiere name in hemp products within the Chinese-speaking market.
Events and activities offered at the Hemp Education Center will work in conjunction with CIIX's local advertising presence as part of its broader strategy to solidify brand recognition and help spread the word about the Company's hemp products and hemp-derived CBD products.
We expect that community-centered education and outreach about the potential benefits of hemp and hemp-derived CBD will successfully drive demand for our products and raise the visibility of our unique services and products, especially among the Chinese-speaking population," concludes Wang.
SinglePoint, Inc. (OTC: SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. SinglePoint, Inc. announced on June 27th, that its recently acquired DIGS Hydro subsidiary has received a major purchase order from Premier Biomedical. DIGS Hydro has received the initial payment with final payment due on delivery. Based on recent discussions between the parties, Premier Biomedical plans to continue to order its supplies from DIGS Hydro, a provider of a variety of supplies and services specifically to the cannabis industry.
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada. The company announced on July 20th, that it is ramping up its marketing campaign for its subsidiary, Edible Garden®, a provider of fresh, locally grown herbs and leafy greens nationwide. As part of the Company's new marketing campaign, Edible Garden has secured a feature slot for its nutritionally-enhanced SUPERLEAF™ salad on the television show 'Plant Based by Nafsika', on A&E's FYI Channel at 7:30 am ET on July 26th, 2017.
Medical Marijuana, Inc. (OTC: MJNA) has a mission to be the premier cannabis and hemp industry innovators, leveraging their team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. On July 27th, Medical Marijuana, Inc. announced that its major investment AXIM Biotechnologies, Inc. has entered into a Services Agreement with an Israel-based contract research organization to begin a clinical proof of concept study (POC) with its cannabidiol and Gabapentin chewing gum product to treat restless leg syndrome in patients.
CV Sciences, Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors. On July 20th, CV Sciences, Inc. highlighted a recent clinical study using pharmaceutical grade cannabidiol which suggests that CBD may be effective in blunting the rise in blood pressure associated with stress. A June 2017 report published in the Journal of Clinical Investigation Insight stated, "A single dose of cannabidiol reduces blood pressure in healthy volunteers in a randomized crossover study."
-FinancialBuzz.com News Commentary
