Morgantown, West Virginia, April 20, 2017 (InvestorsHub NewsWire) -- Majestic Oil & Gas Inc.
(MJOG) (Majestic or the Company) today announced that it is entering potential $50 Billion Legal Cannabis sector.
MJOG is pleased to announce its entrance into the Marijuana Industry. Recent votes in California and across the U.S.A. have opened opportunities in the marijuana industry in several states. MJOG is actively pursuing acquisitions, joint ventures, and/or mergers in the growing Cannabis Industry. MJOG expects to operate its marijuana businesses through corporate subsidiaries that are State licensed and locally permitted.
According to a report published by ArcView Market Research the United States cannabis market is expected to reach $22.6 billion in 2021 with a 27% compound growth during this forecast period. Another recent report by Cowen and Company (COWN) states North American sales rose by 34% to $6.9 billion in 2016, and based on estimates U.S. legal sales could reach $50 billion by 2026.
The legal cannabis market is one of the fastest growing industries in the United States and Canada and most of the world despite mixed signals from our new federal government administration. Growing acceptance of cannabis for either Medical or Recreational use is the major factor that has led to a surge in the U.S. market.
Medical cannabis is legal in more than half of the United States and 8 states have legalized recreational cannabis.
Mr. Zeliadt president of Majestic stated Our plans are to change its name to indicate its new focus and acquire licensed, legal cannabis companies. We are evaluating numerous investment prospects in the cannabis space now. Our primary focus is in medical cannabis and businesses that do not touch the actual marijuana plant itself.
We feel this strategy will help us hedge against changing federal and state laws.
Majestic management has determined that changing our focus from oil and gas in a down market to the legal cannabis sector is in the best interest of our shareholders and future investors.Growing acceptance of cannabis for either Medical or Recreational use is the major factor that has led to a surge in the U.S. Market. Medical cannabis is legal in more than half of the United States and 8 states have legalized recreational cannabis.
Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as "may", "could", "anticipate", "believe", "estimate", "expect", "intend", "plan", and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Majestic does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Majestics filings with OTC Markets.
Lawrence S. Zeliadt