New York, New York (NetworkNewsWire) – 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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