Revenue projections for the recreational and medical marijuana markets keep rising, each one larger than the previous studies. According to a recent report by ArcView Market Research and BDS Analytics, the global licensed dispensary sales of cannabis will reach $40.6 billion by 2024, registering a CAGR of 24.5%. The US will account for about $30 billion or 73% of the global cannabis dispensing market in 2024.
It is also projected that by 2024 the retail dispensing sales of legal recreational cannabis will reach $26.7 billion whereas the revenue generated from the sales of medical cannabis will reach $13.9 billion… but the most, according to an article in High There says that the delivery sub-market will be the highest , fastest growing stream in the market. They said: “The cannabis industry continues to skyrocket as it’s legalized across the country and other parts of the world. As the industry surges forward, new laws help change how cannabis businesses provide for their customers. Cannabis delivery, for example, is heating up across California for the canna-businesses that took the next big step early and got a delivery license… After California legalized statewide cannabis delivery, it removed the previous regulations that prevented the legal access to cannabis delivery across the state.”
Active Cannabis companies in the markets this week include NxGen Brands Inc. (OTCPK: NXGB), Sundial Growers Inc. (NASDAQ: SNDL), HEXO Corp (NYSE: HEXO) (TSX: HEXO), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), KushCo Holdings, Inc. (OTCQX: KSHB).
The High There article continued: “States that have already legalized cannabis, like California, are seeing a spike in business thanks to the overwhelming convenience of cannabis delivery… being the next wave in cannabis commerce. What many are considering the next trend for cannabis business, delivery services can help surge revenue for the retailers that jump in to take advantage. The cannabis industry is already a recording (all-time highs) and (continues) climbing… A particularly explosive section of this industry is almost exclusively the new cannabis delivery sector. In fact, (in 2016), according to industry reports , 44% of medical marijuana users across the U.S. regularly used a cannabis delivery service to buy their bud. With legalization only having ramped up since then, it’s likely the numbers have only continued to increase, making the market ripe for cannabis delivery.”
NxGen Brands announced that it has acquired an exclusive worldwide license for various tracking and observation technologies and their related products and services. The Company can utilize these technologies to further augment their newly announced digital supply chain & blockchain cannabis dispensary delivery services market app. It also utilizes these ready-to-market solutions as independent apps and services, bringing more potential revenues to the Company.
The Licensed Technology from MyIAD includes:
a) PTYpass — A contactless biometric human tracking for travel COVID
b) MyIAD GPS Solutions. — A GPS Tracking & Monitoring Solution
c) MyIAD SOS. — A satellite Observation System.
c) MyIAD Law Solutions — A House Arrest & Domestic Violence Solution.
d) MyIAD IP Solutions — A Analytic Security & Monitoring Solution.
e) MyIAD Solar Solutions — A Solar & Green Based IP Solutions.
f) MonitorINMATES — A Real Time Offender Management & Tracking System.
g) MonitoREOS — A Real Time Offender Management & Tracking System. (Latino Markets); and
h) Heart Watch — Real Time Management & Tracking System for Heart. (Watch approved hardware)
The ten (10) year licenses were acquired from MyIAD Corporation, a Wyoming Corporation (Licensor) in return for stock and a five percent (5%) royalty.
Angel Burgos, the Company CEO said: “I founded and personally developed the above products and services between 2010 thru 2017, before becoming NxGen’s CEO, and envisioned that when the time was right to expand the Company’s development and next generation products and services, I would grant the Company an exclusive license. The recent announcement of our entry into the digital supply chain & blockchain cannabis dispensary delivery services market through our partnership with our partner, Bengala Technologies, LLC a nationally recognized developer in this field, made this the right time. The Company believes that this asset in conjunction with my past experience in tracking electronic monitored citizens in house arrest and currently the program running in Tocumen International in Panama as the center application for contact tracing for all arrivals which average 486K citizens being monitored should help shorten the time it will take us to launch the dispensary MJ platform, and can generate revenues for the Company along the way with the entry into additional fields.”