Palm Beach, Fla — Even though cannabis operations remain illegal under Federal Law, more and more states continue to put legalization on ballots across the U.S. and into growing areas of Canada. The industry has gained a lot of momentum this year with a projected value of $50 billion by 2026. Lines of consumers in many states where legal marijuana and CBD products are approved under local legalization, are at times waiting to purchase a product that retailers can barely keep on the shelves as demand continues to grow at very impressive rates. Cannabis stocks in the market this week with recent developments in the industry include: PotNetwork Holding, Inc. (OTC: POTN), Marijuana Companies of America Inc. (OTC: MCOA), Cannabis Science Inc. (OTC: CBIS), mCig Inc. (OTC: MCIG), Medical Marijuana Inc. (OTC: MJNA).
PotNetwork Holding Inc. (OTC: POTN) News – With Over $1,113,032 in PotNetwork Holding‘s Diamond CBD Revenues for June, Second Quarter Results Surpass First Quarter by over 70% – PotNetwork Holding is pleased to announce today that its wholly-owned subsidiary, Diamond CBD, Inc., reported June sales of $1,113,032, surpassing $1 Million for the month again, and exceeding first quarter revenues by over 70%.
With the recent strengthened demand, Management has moved to expand manufacturing. “In consideration of how the first half of this year has evolved, our expectation only gets more exciting. The trajectory for this year continues in a positive direction as we look toward to the next busy quarter,” stated Maria Gomez, Regional Vice President of Sales of Diamond CBD, Inc. After a record-breaking 1st quarter, and a highly productive road show, the Company continues strategizing for the development and sustaining of solid long-term growth.
The trend of record-breaking quarters continues with strong momentum. Diamond CBD has reported that the past six months of trade show, expo, and convention attendance, demonstrating Management’s determined commitment to achieve strong results, had yielded product demand requiring significant expansion of its manufacturing operations, which the Company is managing successfully.
In other related industry developments and trading activity of note:
Marijuana Companies of America Inc. (OTC: MCOA) closed up over 25% on Monday on heavy trading over 27.7 million shares traded by the market close. Marijuana Company of America, Inc. engages in the marketing, sale, and delivery of medical marijuana in the United States and internationally. The company offers hemp derived CBD products; cannabis flower bud edibles and concentrate products under the BudzPlus; hemp-based solutions for health and beauty, and a full range of accessories and clothing derived from hemp under the HempSmart brand; wellness-specific cannabis oils for vaping, tinctures, salves, sublinguals, and tablets under the Cannatherapy brand. It is also developing Club Harmoneous for the production, marketing, and sale of medicinal cannabis.
Cannabis Science Inc. (OTC: CBIS) closed up slightly and saw a volume worth of 19.1 million shares traded by the market close on Monday. The company recently announced it has found a California facility ideal for its large-scale manufacturing and product distribution center as it ramps up its efforts to supply cannabinoid medications in high-demand by self-medicating patients. As Nevada’s Governor issues a Statement of Emergency due to the potential of limited cannabis availability, CBIS is actively looking for a similar facility in Nevada. “We have found a perfect space for our initial, large-scale manufacturing and product distribution in California,” stated Mr. Raymond C. Dabney, CBIS’ President, CEO, and Co-founder. “We also have impeccable partners to assist in our rapidly moving, high-growth schedule. We now have access to the required machinery and expertise to begin the in-house manufacturing process.”
mCig Inc. (OTCQB: MCIG) closed up over 9% on Monday with just over 4.7 million shares traded on the day. The company recently announced updates for Grow Contractors (its construction and consulting division), in addition to the latest expansion of its cannabis supply division into the California cannabis market with record sales driven by recent recreational legalization in Nevada. Indicative of the marijuana shortage witnessed in Nevada as recreational use of cannabis went into effect, Grow Contractors is set to shatter previous sales record numbers. Furthermore, with its recent operations in taking on cultivation management contracts, MCIG has delivered on its game plan for cultivation and production ownership while mitigating risks through its consulting services.
Medical Marijuana Inc. (OTC: MJNA) closed up over 6% on Monday heavy trading volume above 16 million shares traded by the market close. The company recently announced its subsidiary Kannaway LLC, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, is holding an exclusive Red Carpet Event in Orange County, California, this Saturday. The Red Carpet Event provides a unique opportunity to network with top Kannaway® leaders, the Company’s executive team and fellow Kannaway® business owners. Attendees will hear from executive team members, including Kannaway® CEO Blake Schroeder, President Brad Tayles and CEO of Kannaway® parent company Medical Marijuana, Inc., Dr. Stuart Titus. Additionally, leading Kannaway® Brand Ambassadors Jeff Lessard and Randy Schroederwill present tools and strategies for building a successful business through Kannaway®.