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General Cannabis Corp (OTCMKTS:CANN) Posts Strong Gains

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In the last trading session, the stock price of General Cannabis Corp (OTCMKTS:CANN) jumped more than 29% to close the day at $2.89. As per a report by Forbes, Brightfield Group, which is a cannabis market research entity, indicated that the global market for cannabis is estimated to touch $31.4 billion by 2021.

The buzz

Bethany Gomez, the Director of Research at Brightfield Group, stated that the U.S. market is considerably larger than the rest of the global markets combined. Presently, the international market is projected to be worth $7.7 billion. The United States presently drives 90% of international cannabis sales, however its share will decline to 57% by 2021. Countries in Europe and Latin American are also adding medicinal cannabis plans, as regulations continue to soften. The firms in focus are Cannabis Sativa Inc (OTCMKTS:CBDS), CV Sciences Inc (OTCMKTS:CVSI) and General Cannabis, to name a few.

Growth of the medical cannabis industry is projected to grow as the products turn into more popular treatments for different medical applications such as post-traumatic stress disorder, chronic pain, anxiety, nerve pain, sleep disorders, etc. Giadha Aguirre De Carcer, the Founder and CEO of New Frontier Data, stated that the U.S. comprises 35% of the international pharmaceutical market, and a key driver of the United States economy.

It is one of several industries that will be influenced by the growth of the approved cannabis market and they are already starting to witness that trend in legalized medical states where application of major prescription medications is down by 11%. If cannabis gets adopted countrywide, they would start to witness a trend of patients seeking medical cannabis as a complement or substitute to pharmaceuticals. General Cannabis marks as the comprehensive national resource for the top quality service providers accessible to the regulated cannabis industry.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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  VBIO          $0.67       $4.10      500%

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