NetworkNewsWire News Coverage --
January 25, 2017 -- The election of 2016 will forever mark a
historic moment for the cannabis industry, reflecting growing
acceptance - and legalization - of cannabis for medical and
recreational use. The progression of this market, expected to grow
to $50 billion in the next 10 years, has awakened a new era of
business opportunities for companies like Singlepoint
(OTC:
SING), Eco Science Solutions, Inc. (OTC:
ESSI), Medical Marijuana, Inc. (OTC:
MJNA), OWC Pharmaceutical Research (OTC:
OWCP) and MassRoots, Inc. (OTC:
MSRT).
With specialties ranging from technology to health care,
visionary companies are learning how to apply their expertise to
meet the increasing and evolving demands for cannabis-based
products and services.
A recent report (http://nnw.fm/iI0ci) from the National Cannabis
Industry Association (NCIA) calls the 2016 election "a watershed
moment for the cannabis industry." While the report highlights
concerns about how the Trump Administration could affect players in
the blooming cannabis industry, the cautionary article offers room
for optimism.
Among other points, NCIA notes the potential for policy changes
at the Department of Justice, which since 2013 has crafted its
state marijuana programs around the "Cole Memo." Written by James
Cole, former U.S. deputy attorney general (2010-2015), the memo
provides eight priorities concerning federal policy on the cannabis
industry.
"Hypothetically, new leadership at the Justice Department could
revoke the Cole Memo and return to an era of federal enforcement
actions against state-compliant cannabis businesses. However, such
an action would almost certainly provoke substantial backlash,"
writes NCIA.
Meanwhile, a recent initiative by Senator Elizabeth Warren of
the Senate Banking Committee demonstrates growing acceptance of the
cannabis industry, and raises hopes that the Financial Crimes
Enforcement Network (FinCEN) will soon provide updated guidelines
for marijuana companies looking for access to banks and credit
unions. Earlier guidance provided by FinCEN in 2014 addressed the
concerns of businesses that dealt directly in marijuana, like pot
shops and marijuana dispensaries. "Indirect businesses that service
the marijuana industry" were left in regulatory limbo, not knowing
what rules, if any, applied to them.
One "indirect business" of vital importance to the marijuana
industry is handled by Singlepoint subsidiary,
SingleSeed Payments, which will provide a
number of transaction and payment processing services, such as
cashless ATM, Pay-by-Text™ and text message marketing to the
cannabis industry.
In a recent interview (http://nnw.fm/lK1Y5) with MoneyTV,
Singlepoint CEO Greg Lambrecht
discussed the value banking services would provide to marijuana
businesses, also highlighting his optimism for the industry.
"With Oregon, Washington and Colorado, the cannabis business was
roughly somewhere around $5 billion. With Florida, Massachusetts
and California, I've seen a lot of estimates of it growing to $50
billion, and some estimate saying $100 billion. We're going to be
the merchant processor on that money, so this is a very exciting
time for Singlepoint."
Another business that will feel the ripple effects of industry
change is MassRoots, Inc. (OTCQB:
MSRT), one of the largest technology platforms for the
regulated cannabis industry. The company's mobile apps enable
consumers to provide community-driven reviews of cannabis strains
and products, enabling consumers to make educated cannabis
purchasing decisions.
The cannabis industry is also comprised of other "indirect
players" such as Eco Science Solutions, Inc.
(OTC
Pink: ESSI), an eco-tech company with several smart-device apps
and related supplements to natural medication use; and
Medical Marijuana, Inc. (OTC
Pink: MJNA), whose HempMeds Mexico® subsidiary recently
received approval from Mexico's health authority, COFEPRIS, to
import the company's Real Scientific Hemp Oil-X™ to treat a patient
for pain associated with cancer treatments and for general
well-being.
Additionally, OWC Pharmaceutical Research
(OTCQB:
OWCP), through its Israel-based One World Cannabis Ltd.
subsidiary, develops cannabinoid-based therapies targeting a
variety of different medical conditions and disorders. One World
was created to apply pharmaceutical research protocols and
disciplines to the medical cannabis industry, and enables OWC
Pharmaceutical to take advantage of Israel's position as the global
center of medical cannabis research.
Ultimately, the forecast for cannabis business is bright, buoyed
by public and congressional support that demands change.
"The 2016 election is a turning point for marijuana policy and
the cannabis industry in the United States. Never before have so
many Americans lined up to reject the failures of marijuana
prohibition and support legal, regulated cannabis programs," says
NCIA.
For more information, please visit: Singlepoint,
Inc. (SING)
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