Marijuana-based Companies Valuations Continue to Climb as the Industry Heats Up
Written By: Jen Neville
August 30, 2018
The shifting legal landscape in the legal cannabis market continues to provide incredible opportunities for a growing number public companies in the marijuana industry across North America. Anticipation and general overall excitement is definitely building around Canada's upcoming special day coming up in October for recreational marijuana to be completely legal. According to cannabis research firm ArcView, legal weed sales in North America catapulted higher by 33% in 2017, and they're on track to grow by an average of 28% per year through 2021, leading to nearly $25 billion in annual sales.
Lately, cannabis stocks have been increasing at impressive rates since the maker of Corona beer boosted its investment in Canadian cannabis company Canopy Growth by $4 billion. The market has proven to be consistently successful over the past few months to years and as new legislation continues the public sentiment on cannabis is definitely changing to the positive, pointing to the idea the future of cannabis could be even more lucrative as more positive developments take place.
Active cannabis companies in the markets this week include:
Player's Network, Inc., a rapidly growing company in the recreational and medical marijuana industry with licensed grow operations in 2 states, announced they have achieved record sales of over $2.1 million since the recent acquisition of Green Leaf Farms Salinas Valley.
Other recent developments in the legal marijuana industry include:
Medical Marijuana, Inc., the first publicly traded cannabis company in the United States, announced that its subsidiary HempMeds(R) Brasil will host the Third Meeting of Former Residents of Neurology. "We are looking forward to having a discussion on the benefits of cannabis and expanded access to CBD in Brazil," stated Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We want to support CBD access around the world and further develop our ongoing relationship with Brazilian healthcare professionals."
PotNetwork Holdings, Inc. announced that the Company's six month operating results have been posted on OTCMarkets.com in the form of unaudited financial statement and a supplemental disclosure. With revenues of $12,044,028, the Company has demonstrated the result of its continuously strengthening momentum. The year-to-date results are more than twice its 6-month revenues in 2017 of $5,077,625, an increase of 137% year-over-year. These six-month results will be included in the forthcoming audit and certification of the Company's financial statements by the Company's new PCAOB-member audit firm, Manohar, Chowdhry & Associates, which audited financial statements will be included in the Company's refiling of its Form 10 Registration Statement with the Securities and Exchange Commission ("SEC"). Completion of the Company's newly updated audit and resubmission of its Form 10 is anticipated before the end of this month.
Sugarmade, Inc., one of the largest publicly traded hydroponics supply companies, recently announced its application for the OTCQB Venture Marketplace for the trading of Sugarmade common shares. The Company had previously announced, in error, its return to the OTCQB Venture Market. Management had thought the return to the OTCQB would be automatic once fully reporting status was restored, this assumption was incorrect and thus Sugarmade has reapplied. Mr. Jimmy Chan, CEO of Sugarmade commented, "The OTCQB enables Sugarmade to build our visibility and expand liquidity for our shareholders without the rigid procedures and requirements that go along with an exchange listing. For these reasons, we have applied to the OTCQB and our application is under review. We believe we meet all the requirements and that the trading venue is optimal for Sugarmade."