The Cannabis Industry Turns to Innovative Technologies to Preserve Growth

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Last month, Illinois became the 11th state to legalize the recreational use of cannabis within the United States. The state’s decision marks another high point in the movement that continues to sweep through the U.S. Specifically, Colorado, Washington and Oregon account for 42% of the total U.S. cannabis sales. Meanwhile, smaller markets such as Illinois, Massachusetts, Michigan, New Jersey, and New York only make up 11% of the total U.S. market, according to the Chicago Tribune. However, analysts from Brightfield believe that by 2023, the market share will flip, with eastern states accounting for 34% of the market, while western states drop by 20%. However, the market is still progressively maturing across the whole country, and even abroad. Furthermore, similar to other prominent global industries, the need for adaptation is prevalent within the cannabis market. The integration of technology has often made daily tasks for companies exponentially easier, further driving their financial growth. In the cannabis industry in particular, technology is being leveraged among cultivators, distributors, and retailers to create seed-to-sale blockchain ledgers. Seed-to-sale technology is a tracking and reporting system that the government and businesses both rely on. The technology keeps track of each and every single gram of cannabis from when it has been planted to when it is purchased by a consumer at the store. Moreover, throughout the process, the details are also relayed back to the government in order to ensure quality control and prevent mixture with illicit products. The advanced technology benefits both businesses and consumers by ensuring that products are delivered from a safe channel and are properly grown. Additionally, the regulatory matters that the government and businesses are implementing are further promoting the legal marketplace. And consumers who have access to information regarding where the cannabis was grown, what it was treated with, and where it has been before it was delivered will further drive sales growth. 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. Codebase Ventures Inc. (OTC: BKLLF) (CSE: CODE), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX: FIRE), MariMed Inc. (OTC: MRMD), Aleafia Health Inc. (OTC: ALEAF) (TSX: ALEF), Terra Tech Corp. (OTC: TRTC)

Retail Cannabis Sales for 2019 Already up by 35% Over 2018

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Recent cannabis industry reports are all predicting the continuation of the seeming unending increase in revenues from year to year. The future is indeed looking bright for the retail sales market in the U.S. A May 30, 2019 article reported: “Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023. Continued sales gains in recreational markets as well as the rapid development of medical marijuana programs in newly legalized states will spur much of that growth over the coming year.” The article said the reason that the industry experts remain optimistic even though: “California’s massive new adult-use industry got off to a slow start, as high taxes, local licensing restrictions and a cumbersome bureaucracy made it difficult for licensed businesses to compete with the state’s entrenched black- and gray-market operators. But by the end of 2018, the number of licensed retail stores and delivery services in California was up considerably, pushing estimated sales past the $2 billion mark.” Active Companies from around the market with current developments include: Body and Mind Inc. (CSE:BAMM) (OTCPK: BMMJ), The Flowr Corporation (TSX-V: FLWR) (OTCPK: FLWPF), HEXO Corp (NYSE: HEXO) (TSX: HEXO), Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), Terra Tech Corp. (OTCQX: TRTC).

Increased Customer Acceptance and Governmental Deregulation Fueling Huge Cannabis Revenue Opportunities

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As more jurisdictions have approved medicinal uses of cannabis, many of them have followed with approval of consumer recreational uses… and more food & other consumer CBD infused products are increasingly on the rise as well. This formula should continue the rise in both the projections and in the cannabis markets overall revenues for years to come. A report from Mordor Intelligence, forecasts that: “The cannabis market was valued at USD 14.5 billion in 2018, and it is projected to reach 89.1 billion by 2024, with a CAGR of 37% during the forecast period. The drivers identified in the market are medicinal properties of cannabis, increasing legalization of cannabis, and increasing advances in genetic development and intellectual property of cannabis. Medicinal cannabis accounts for the majority share of the cannabis market, when segmented on the basis of usage. Many countries have legalized the usage of cannabis for medicinal purposes. Many countries, where cannabis has been legalized, have a large adult population aged 50 and above. This increases the demand for medicinal cannabis, as the affinity of getting sick with chronic diseases increases after 50 years. “The growth rate can be attributed to the fact that various countries are now legalizing the usage of cannabis for medical purposes and various states in the US are legalizing the usage of cannabis for recreational purposes as well. North America accounts for more than 95% of the cannabis market, with the US alone making up more than 90% share of the North American market. In the cannabis market, companies are very active and are constantly involved in acquiring shares and developing new products to attract a larger portion of consumers toward their products. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTCQB:MCOA), Medical Marijuana, Inc. (OTCPK: MJNA), Kona Gold Solutions, Inc. (OTCPK: KGKG), HEXO Corp. (NYSE: HEXO) (TSX: HEXO), Terra Tech Corp. (OTCQX: TRTC).

Terra+Tech+to+Open+Bl%c3%bcm+CBD+Retail+Location+in+Downtown+Las+Vegas

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IRVINE, CA / ACCESSWIRE / July 2, 2019 / Terra Tech Corp. (OTCQX: ) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that it started the process to open a CBD only retail location called BlA 1/4m CBD in downtown Las Vegas at its retail location on 121 North 4th Street.
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Terra Tech to Open Blüm CBD Retail Location in Downtown Las Vegas

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IRVINE, CA / ACCESSWIRE / July 2, 2019 / Terra Tech Corp. (OTCQX: ) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that it started the process to open a CBD only retail location called BlA 1/4m CBD in downtown Las Vegas at its retail location on 121 North 4th Street.
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Terra Tech Secures Provisional Licenses for all California Operations

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IRVINE, CA / ACCESSWIRE / June 24, 2019 / Terra Tech Corp. () (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that all of its currently operating California facilities have been issued a provisional license from the State of California, which is valid for one year and requires METRC compliance. The issuance of these licenses ensures that operations will continue in a lawful and uninterrupted manner for the next year.
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Terra Tech Corp. Acquires Remainder of Interest in Blüm, Reno Dispensary

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IRVINE, CA / ACCESSWIRE / June 13, 2019 / Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, is pleased to announce the Nevada Department of Taxation has approved its agreement to acquire the remainder of the interest in the BlA 1/4m Reno dispensary and the building where the facility is located from Forever Green NV and Forever Young Investments, LLC, affiliates of Heidi Loeb Hegerich.
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Hemp Extraction Turning out to be a Huge Growth Opportunity for Cannabis Companies

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Recent articles abound in the reverberations of the public’s ever increasing demand for CBD infused products. It may be the hottest portion of the hottest market in 2019. But such a demand also creates questions about is there enough supply to meet that demand of basic resources especially the extractors; the ones who extract the CBD from its various sources. Some observers even predict that there won’t be enough supply to meet the demand for cannabis in oil form. But as one article said: “business is booming for cannabis extraction companies, despite the supply shortages.” Some of the bigger well known cannabis companies have built or are building their own extraction facilities to complement their growth operations, but experts say that that infrastructure won’t fill the future demand for cannabis oil products. Active Healthcare companies in the markets this week include: Sugarmade, Inc. (OTCQB:SGMD), Hemp Inc. (OTCPK: HEMP), Puration, Inc. (OTCPK: PURA), Terra Tech Corp. (OTCQX: TRTC), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF.TO).

Latest Cannabis Companies to Reap the Benefits of Technology’s Evolution

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Technology has become prominent in almost every aspect of daily life for most consumers in the West. Even though technology has had a widespread impact, it continues to penetrate into other regions across the world as more and more consumers adapt to the digital era. It has become apparent in most global industries that the use of technology is required in order to thrive among the competition. For instance, major markets such as retailers, banks, healthcare, and even the food industry have incorporated technology in order to operate more efficiently and effectively. For instance, retailers and banks introduced digital payment portals to speed up the transaction process of payments, while the food industry created mobile apps so consumers can order remotely. Meanwhile, the healthcare industry integrated advanced technology to accurately diagnose and operate on patients. Moreover, one industry that has benefitted from the evolution of technology is the cannabis market. Tech entrepreneurs and investors are eager to introduce ideas such as blockchain into the market space. Notably, verification and tracking systems have become highly popular across various cannabis segments because companies can track their product from seed-to-sale. Seed-to-sale verification keeps a transparent process between both the vendor and the consumer. Furthermore, The Verge reported that advanced technological applications such as machine learning and automation are becoming increasingly popular within the cannabis industry. For example, a Massachusetts-based company, Bloom Automation, has developed a robot that can automate the cannabis trimming process, eliminating the need for humans. Technology remains one of the key aspects to a successful business and as more companies shift towards technology, the cannabis industry has the potential to become the next disruptive global market. According to data compiled by MarketsandMarkets research, the global cannabis market is projected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Additionally, the market is expected to register a CAGR of 30.7% during the forecast period. Trutrace Technologies Inc. (OTC: BKKSF) (TSX-V: TTT), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX: FIRE), Terra Tech Corp. (OTC: TRTC), NightFood Holdings, Inc. (OTC: NGTF)