CORAL GABLES, FL / ACCESSWIRE / September 27, 2018 / In less than a month, Canada will become the second country in the world and the first G-7 nation to bring an end to prohibition of marijuana. Prime Minister Justin Trudeau's government has helped boost progress surrounding this big, global event, and it has also has built more attention on the US-based cannabis market.
The October 17 launch date brings many unknowns, however estimates have spanned from $4 billion to $10 billion in the first few years of implementation. As midterm elections are right around the corner, a number of pot stocks have continued to trend higher this week.
With this new market trend in mind, there are several marijuana stocks that have followed the latest industry move.
Leafbuyer Technologies, Inc. (LBUY) has seen above average market activity this week. Earlier this month the stock pulled back to lows of $0.55 on September 13. This week however, shares of Leafbuyer have moved up as high as $0.98 on Tuesday.
The company announced a non-binding letter of intent that will be put in place for the acquisition of California-based Greenlight Technologies. Greenlight's technology will support Leafbuyer's customers and allow consumers to pre-order cannabis products via mobile app and pick the orders up in their local store.
The technology company provides cannabis consumers real-time mobile ordering and loyalty rewards through a native application that integrates with the local dispensary's point of sale system.
''We believe Greenlight's technology and team will be a tremendous addition to Leafbuyer. Their presence in California will allow us to serve that rapidly growing market and tap into a significant new revenue stream. Offering mobile app pre-ordering will allow consumers to skip long lines and enjoy a better overall experience. We believe this service will offer dispensaries a powerful new tool and will allow us to cross-sell the Leafbuyer suite of solutions to a much larger sector of the market,'' said Kurt Rossner, Chairman and CEO of Leafbuyer.
India Globalization Capital, Inc. (NYSE American: IGC) announces this week that it has executed a distribution and partnership agreement for several products including a sugar free, energy drink called 'Nitro G'. IGC plans to create a branded, hemp/CBD-infused version of the formulation that addresses market demand for energy drinks with the inclusion of healthy properties derived from hemp including CBD.
''According to a Grand View Research forecast, the global energy drinks market is projected to be almost $85 billion by the year 2025, with non-alcoholic beverage sales expected to account for a significant portion of the market. This represents a unique opportunity for the development and commercialization of a CBD-infused, sugar free energy beverage,'' stated Ram Mukunda, CEO of IGC.
Shares were up sharply during pre market hours on Thursday.
Cronos Group (CRON) has also seen a bit of a recovery in stock price this week. It was recently announced that Cronos Group is partnering with Aleafia Health Inc. in a medical marijuana study aiming to improve the management and treatment of insomnia and daytime sleepiness.
According to its press release, the study will be partly funded by Peace Naturals Project Inc., a licensed producer of medical marijuana that is wholly owned by Cronos. Aleafia is a medical marijuana company that is focused on patient care from "seed" to "sale" with more than 50,000 patients.
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