In the last trading session, the stock price of Cannabis Science Inc (OTCMKTS:CBIS) declined more than 4% to close the day at $0.0452. The decline came at a share volume of 4.79 million compared to average share volume of 6.80 million.
As per a report issued by New Frontier Data, the official cannabis market was worth around $6.6 billion in the last year and is projected to hit $24 billion by 2025, registering a compound yearly growth rate of 16%. Recreational cannabis sales are projected to witness faster growth as compared to sales for medical use.
This report indicates that sales for adult cannabis use is projected to surge at a 21% GAGR to $10.9 billion by 2025 while cannabis for medical use is projected to grow to $13.3 billion by 2025 from $4.7 billion in 2016. The companies that may be impacted by this evolution are Marijuana Company Of America Inc (OTCMKTS:MCOA), Cannabis Science, mCig Inc (OTCMKTS:MCIG), Surna Inc (OTCMKTS:SRNA) and Easton Pharmaceuticals Inc (OTCMKTS:EAPH).
Giadha Aguirre De Carcer, who is the CEO of New Frontier, mentioned that Cannabis stocks considerably outperformed major indexes last year, fueled by speculative investment relied on anticipated expansion of new approved markets. Close to the election, stocks surged by around 207% and continued to move north on the chart, even with an uncertainty floating post new administration.
Cannabis Science is one of the leaders in the industry that takes benefit of its understanding of metabolic procedures to come up with unique treatment approaches to many illnesses for which current understanding and treatments remain unsatisfactory. Recently, the firm reported that it has found a California facility appropriate for its large-scale production and distribution center as it focuses on its production processes so as to meet high-demand of cannabinoid medications by self-medicating patients. The company is also looking to establish a similar facility in Nevada.
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