Legal Cannabis And CBD Products Continues To Grow

A market report indicates that the global legal cannabis market was valued at $14.3 billion

A market report by Ameri Research Inc. indicates that the global legal cannabis market was valued at $14.3 billion in 2016 and is projected to grow at a CAGR of 21.1% from 2017 to 2024. During the forecast period, the projected demand of cannabis will continue to rise for both recreational and medical use with estimated global sales value to reach $63.5 billion. The legal cannabis market is witnessing robust growth thanks to successful legalization and decriminalization campaigns across North America and Europe. Ameri Research also explained that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not yet realized., Inc. (OTC: CIIX), Hemp Inc. (OTC: HEMP), American Cannabis Company, Inc. (OTC: AMMJ), Terra Tech Corp. (OTC: TRTC), Medical Marijuana, Inc. (OTC: MJNA).

A major component of the legal cannabis industry is the CBD market. Matt Karnes of Greenwave Advisors has commented about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only – this is in addition to the 28 states plus DC that have legalized medical marijuana,” Forbes reported. Outco, the largest licensed cultivator in Southern California learned that 38% of users and non-users said they wanted to learn more about CBD oil. Forbes indicated that Outco also believes the market is poised for growth., Inc. (OTCQB: CIIX) earlier today announced, “It has appointed Keevin Gillespie acting President of its wholly owned subsidiary,, Inc., effective immediately. Mr. Gillespie will report directly to CIIX CEO, Warren Wang, and will be responsible for overseeing new business development, marketing and company operations throughout the North American market. Mr. Gillespie’s initial focus will be on promotion and branding of the Company’s newly launched health product line, ‘OptHemp’, which will be marketed through multiple sales channels, including online sales, retail sales, and third party distribution relationships with other health product retailers including acupuncturists, spas, chiropractic centers, etc.  Mr. Gillespie is also spearheading the development of the Company’s network marketing division which is in early stage development.

“I’m honored to serve as the President of, Inc.,” says Mr. Gillespie. “As the many potential health benefits of hemp continue to be revealed through scientific research and development, I believe the Chinese community will embrace this rediscovered ancient remedy. I look forward to creating brand awareness and exposure for the Company’s ‘OptHemp’ product line, developing the Company’s network marketing division and generating significant new revenue streams for the Company in the coming year.”

“We are excited to name Keevin Gillespie as the President of, Inc.,” says Wang. “I have known Mr. Gillespie for over 20 years. Early on, he worked as Vice President of sales for the Company and was integral in helping me to build CIIX into what it is today. I’ve known Mr. Gillespie to demonstrate remarkable influence and motivation in his management style, which is why I hand-picked him for this leadership position with, Inc. Mr. Gillespie is also strong recruiter with extensive sales management experience, and an aptitude for business development. Most importantly, Mr. Gillespie is passionate about our ‘OptHemp’ product line and about the development of a network marketing division. I am confident in his ability to oversee the operations of With the appointment of Mr. Yun and Mr. Gillespie, I can dedicate my attention to the Company’s core financial services/media business…”

Hemp Inc. (OTC: HEMP) updated shareholders that its wholly-owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM), in Spring Hope, NC, has signed a Letter of Intent (LOI) with Mullen View Farms and one with John Finch Farms in North Carolina. According to the signed LOI with Mullen View Farms, IHM will purchase 1,000 acres of raw hemp that is to be harvested at various locations throughout eastern North Carolina, this year. The signed LOI with John Finch Farms stipulates IHM shall purchase 500 acres of raw hemp stock from John Finch Farms.

American Cannabis Company, Inc. (OTCQB: AMMJ), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, announced on August 2nd that it has secured its third client in the state of Arkansas. This client has initially retained ACC to provide pre-licensing solutions for their project. ACC will work with the client on robust financial pro-forma modeling, the creation of a custom business plan, facility conceptual design work, and with the completion of the state application. ACC expects to leverage this contract to secure additional revenues through long-term consulting agreements and potential future sales of ancillary products.

Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, announced on May 24th that it has launched a new ‘Craft Cultivation’ model to expand its cultivation capabilities, signing its first ‘Craft Cultivator’ in Northern California. This farm, which is approved for up to one full acre of cannabis cultivation and uses 22,000 square feet of engineered greenhouse space, estimated to yield approximately one metric ton of the Company’s proprietary high grade “IVXX” cannabis on an annual basis.

Medical Marijuana, Inc. (OTC: MJNA) announced on June 20th that its subsidiary Kannaway revealed its newest product on June 17th in New Orleans with the launch of Kannaway® Premium Hemp Oil Liquid at the company’s successful regional Red Carpet event.  The regional Red Carpet event is an opportunity for the company’s Brand Ambassadors to join together for a day of networking, education, and celebration. According to the company’s press release, leading off the New Orleans Red Carpet Event, Kannaway CEO Blake Schroeder, “highlighted the company’s extraordinary growth over the past year, leading the company to reach its first million dollar month ever and seeing an unprecedented number of active Brand Ambassadors distributing Kannaway’s popular CBD hemp oil products. Blake also highlighted his recent trip to Europe and Kannaway’s efforts to expand internationally, opening new markets to the benefits of CBD hemp oil.”


Link – Business Insider

Stay up-to-date!

Get all the news and info straight into your inbox that you need to help grow your business.

Click to comment

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Marijuana Retail Report, is a national daily online trade publication serving retailers of marijuana products and accessories. News and information are geared strictly to select retail channels, with distribution limited to licensed collectives, recreational retailers, accessories retailers, and wholesalers.


Stay informed with the most up-to-date industry news to help you grow your business: subscribe to our newsletter below!

To Top