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U.S.: Cannabis Market Reaches New Heights

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A recent report by New Frontier and ArcView Market Research has revealed some very impressive numbers. Sales of legal cannabis products increased by 17 percent in 2015, reaching $5.4 billion, and sales are expected to increase by 25 percent more in 2016, reaching a total value of $6.7 billion.

This is quite an achievement for an industry in which the first legal dispensaries opened just two years ago. By 2020, total legal sales across the U.S. are expected to reach $22 billion.

According to ArcView projections, Washington state is expected to be the largest legal sales market by 2020, with estimated $2.3 billion of total sales. In 2015 alone, legal sales of marijuana products totaled more than $709 million in Washington, which is an increase of an amazing 242 percent over 2014.

It is a rare opportunity when a market that is potentially worth hundreds of billions of dollars is virtually untouched by large companies. While the number of states where the growth and sales of cannabis products remains limited, the majority of the population in the United States approves the end of federal marijuana prohibition nationwide.

For now, in states where cannabis is a legitimate and legal product, sales are through the roof.

Nevada: MariMed Advisors, DispensaryPermits.com Help Secure Medical Marijuana Permits

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According to company officials, MariMed Advisors, Inc. and DispensaryPermits.com were instrumental in helping clients capture highly coveted provisional medical marijuana cultivation and production permits awarded by the State of Nevada on Monday, November 2. "The Nevada provisional permits continue MariMed and DispensaryPermits.com’s track record of success in securing medical marijuana permits," read a joint statement from the companies.

Washoe County-based CannaVative Group, LLC received both cultivation and production provisional permits. Clark County based Harvest Foundation, LLC received a cultivation permit.

“We are excited and honored to be given this opportunity to advance the medical marijuana industry in Northern Nevada,” noted Joey Gilbert, Esq., V.P. Strategy & Government Affairs, The CannaVative Group, LLC. “We are looking forward to working with the City of Reno, Washoe County, the State of Nevada and the MariMed and DispensaryPermits team to create one of the best medical marijuana programs in the country that will provide safe medical marijuana to the patients who truly need it.”

The receipt of the provisional permits culminates an intensive five-month permit application process requiring submission of extensive security, design, financial, systems and reporting, cultivation, packaging, marketing and ongoing operations plans and background checks.

Massachusetts: MariMed Advisors Acquires Medical Marijuana Consulting Company Sigal

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Worlds Online Inc. (“WORX”) announced this week it has entered into a agreement to have its subsidiary, MariMed Advisors, Inc., acquire Sigal Consulting LLC, a Massachusetts-based developer of medical marijuana licenses and operations. It is anticipated that the closing will occur in three to four weeks, according to a press release from both companies.

Sigal is the company that designed the Thomas C. Slater Compassion Center cultivation and dispensary facility in Providence, Rhode Island, and works with other medical marijuana growers and dispensaries throughout the United States. The acquisition offers Sigal access to the public markets that can provide expansion capital and a first-to-market advantage, according to Julie Shepherd of Accentuate PR.

Upon closing, Sigal Consulting will operate through MariMed Advisors, Inc., as a majority-owned subsidiary of WORX. This acquisition will serve to diversify WORX’s operational business into the growing licensed medical marijuana industry.

“Medical marijuana is a rapidly expanding market that is expected to double in the next five years,” said Worlds Online CEO Thom Kidrin. “The combination of this large emerging market opportunity and Sigal Consulting team’s years of successful experience and industry leadership will provide an opportunity for us to add significant value to our shareholders and a potentially great opportunity for growth.”

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