In the last trading session, the stock price of American Cannabis Company Inc (OTCMKTS:AMMJ) gained more than 3% to close the day at $0.660. The gains came at a share volume of 115,001 compared to average share volume of 199,899.
As per a report from New Frontier Data, the regulated cannabis market is anticipated to record increased tax revenue for states in the United States. The U.S. cannabis market is anticipated to generate state tax revenue of $2.3 billion from retail sales by 2020. This estimation is grounded on the assumption for predicted growth in all states presently legal for recreational and medical use of cannabis.
As per the latest, dispensaries in Colorado, which was the first state in the U.S. to approve cannabis, sold $1.3 billion of legal cannabis last year. The company benefitting from the recent developments are American Cannabis Company, Marijuana Company Of America Inc (OTCMKTS:MCOA), OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), United Cannabis Corp (OTCMKTS:CNAB) and Hemp Inc (OTCMKTS:HEMP).
Giadha Aguirre De Carcer, the CEO of New Frontier Data, reported that during this tough time states are looking for a way to close budget shortfalls and it seems that cannabis may have a solution for them. They looked at the prospective revenues that could be recorded from state cannabis taxes and noted that in this year itself, states could raise around $750 million and almost triple that figure by 2020. These sales will have a substantial impact on state programs and offer governors with much required breathing space in their budgets.
Earlier in this month, American Cannabis Company reported that it has obtained its second client in the Arkansas state. The firm will initially help with strategic planning and pre-licensing offerings for the new client, which comprise operational planning activities, state application completion and facility conceptual design work.
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