PALM BEACH, Florida, August 22, 2018 /PRNewswire/ —
MarketNewsUpdates.com News Commentary
The most valuable sector of the Cannabis Industry may just be the extract of Cannabidiol (CBD), which has transformed into a wide variety of products ranging from health supplements to pet products. CBD based products have generated billions in revenue for leading Cannabis-based companies, creating a strong sense of luster as investors dissect the industry’s true value. One of the emerging trends of CBD continues to be that of health supplements, especially as it relates to pets. The potential in this area is largely untapped, with Americans spending nearly $70 billion on their pets in 2017, according to the American Pet Products Association. This already strong and proven spending, combined with the revenues of CBD based products, poses a unique and powerful opportunity for those in these two spaces. Active companies in the Cannabis markets this week include Cannabis Strategic Ventures, Inc. (OTC: NUGS), Sugarmade Inc (OTC: SGMD), CV Sciences, Inc. (OTC: CVSI), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Canopy Growth Corp (NYSE: CGC) (TSX: WEED).
Recent developments in the cannabis industry include:
Sugarmade Inc (OTCPK: SGMD) closed Tuesday up 42.86% after more than 6 million shares were traded throughout the day. The company also announced a new corporate initiative in the booming hemp market. Sugarmade is committing up to $1,000,000 in capital over the next twelve months to invest in Hempistry, Inc. a privately held Nevada corporation, which has begun planting an ultra-high cannabidiol (CBD) industrial hemp strain in the U.S. State of Kentucky. Additionally, Sugarmade expects to sign an agreement with Hempistry for hemp cultivation supplies. Hempistry has already begun planting and has signed an agreement reserving up to 23,000 acres of prime Kentucky farmland for its exclusive use for hemp cultivation.
Additionally, Sugarmade’s CEO, Jimmy Chan, announces he has become an advisor to and a shareholder in Hempistry, Inc. According the Hemp Business Journal, the U.S. Hemp industry produced at least $820 million in revenues during 2017, with growth to over $1 billion for 2018, and an expected 14% compound annual growth rate through 2022. Much of the recent growth has come from the demand for hemp-derived CBD for use in health and wellness products. The strain of industrial hemp being grown by Hempistry is ultra-rich in CDB, but contains less than 0.3% of THC, the psychoactive ingredient found in marijuana. Hempistry has already begun planting and thus far has 100 acres of this high CDB strain under cultivation. In total, Hempistry has optioned 23,000 acres.
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