CORAL SPRINGS, FL -- November 9, 2016 /CNW/ -- InvestorsHub NewsWire -- The legal marijuana sector remains hot while continuing to ride the wave of this week's election results, and companies continue leveraging the current climate to expand operations as well as create new and innovative products such as various forms of extraction and more.  Marijuana/Cannabis Companies with current developments in the market of note included:  Agritek Holdings, Inc. (AGTK), Puration, Inc. (PURA), Arcturus Growthstar Technologies Inc. (AGSTF) (CSE: AGS.CN), Cannabis Science, Inc. (CBIS) and SinglePoint, Inc. (SING).

Puration, Inc. (PURA) and North American Cannabis Holdings, Inc. (USMJ) announced a new office today opened in California near Los Angeles.  The announcement comes in conjunction with California passing Proposition 64 and legalizing recreational marijuana.  USMJ and PURA have announced restaurant and edible contracts in Colorado where recreational marijuana is already legal.  The two Companies work closely together and have been working specifically of late to open a joint business development office in California in anticipation of Proposition 64 passing.  California Legal Marijuana Market Projected To Grow From $2 Billion To $8 Billion .

Read the full Puration (PURA) Press Release at: http://marketnewsupdates.com/news/pura.html

A recent Forbes feature includes an estimate that the California marijuana market may grow to over $8 billion from its current $2 billion with the legalization of recreational marijuana.  A New York Times article includes an estimate that the overall legal marijuana market in North America may grow from the $7 billion it is today to $22 billion in the next four years as a result of yesterday's legalization votes.  USMJ Revenue Growth and PURA New Contracts - USMJ has carved out a base annual revenue of $500k since entering the cannabis sector in 2013.  USMJ also developed and spun off the cannabis extraction business that is now the primary operation of Puration (PURA).  PURA has recently announced its first two contracts and indicated a third is pending.

In other sector related developments and news in the markets this week: 

Agritek Holdings, Inc. (OTC Pink: AGTK), a leader in compassionate care technology and agricultural solutions for the recreational cannabis industry, this week announced that the Company has executed a Letter of Intent and Agreement for the acquisition of one hundred per cent (100%) of the stock and ownership of "Sterling Classic Compassion," a two (2) year old tax reporting non-profit qualifying for the sale of medical marijuana within the state of California . The Company believes that Sterling can qualify for a recreational license within the state of California if Prop 64 were to pass in the general election Tuesday November 8th . Agritek Holdings based on state guidelines to be determined, could participate in the ownership and sale of wellness products within the state similar to rules set up and approved for public companies in Washington State , Nevada and Oregon .

Arcturus Growthstar Technologies Inc. (AGSTF) (AGS.CN) announced this week that it has signed a Letter of Intent ("LOI") to acquire a 10-acre operating greenhouse in Florida , which is in a designated zone to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida's stringent criteria for agricultural farmers looking to manufacture Cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied.  "This is a major milestone for Arcturus and positions us for tremendous growth for years to come," says Mr. William Gildea , Arcturus Growthstar Technologies, Inc.'s CEO and Chairman.

Cannabis Science, Inc. (OTC Pink: CBIS), a U.S. company specializing in the development of cannabis-based medicines, announces that its President, Chief Executive Officer, and Co-Founder, Mr. Raymond C. Dabney , is preparing Company presentation briefing materials, drug development initiatives and accomplishments for corporate initiatives briefing exclusively for Harvard Medical School researchers later this Month.  Mr. Dabney will speak at the Dana Farber/Harvard Cancer Center (DF/HCC), one of the largest cancer research centers in the world with more than 1,100 cancer researchers and over $600 million in cancer research funding.

SinglePoint, Inc. (OTC Pink: SING) this week provides additional insight into the intention of its SingleSeed  subsidiary to provide credit card processing solutions for the cannabis industry. As five new states prepare to vote on ballot initiatives to legalize cannabis for recreational and/or medicinal purposes, SingleSeed is already positioned to become one of the industry's first merchant processors.  The market for both medical and recreational marijuana is projected to grow from $7 billion this year to roughly $22 billion by 2020, according to Arcview Research; analysts from financial services firm Cowen and Co. project a $50 billion legal cannabis market in the United States by 2026, with such progression based on federal legislation.

DISCLAIMER:  MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  MNU is NOT affiliated in any manner with any company mentioned herein.  MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  MNU is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed MNU expects to be compensated three thousand nine hundred dollars for news coverage of the current press release issued by Puration, Inc. by a non-affiliated third party.  MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

SOURCE MarketNewsUpdates.com

 

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