North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) and Puration Inc (OTCMKTS:PURA) reported a new office opened in California. The update comes in conjunction with the state approving Proposition 64 and legalizing use of recreational marijuana.
The highlights
The two companies have reported edible and restaurant deals in Colorado where there is a legalized market of recreational marijuana. They work in coordination and have been working particularly of late to begin a joint business advancement office in California in expectation of Proposition 64 approval. As per the market estimates, California legalized marijuana market is estimated to grow to $8 billion from $2 billion with the approval of recreational marijuana in additional states.
A New York Times article states a projection that the total legal marijuana industry in North America may surge to $22 billion from the $7 billion in the coming 4 years following legalization votes.
North American has recorded a base annual revenue of $500,000 since venturing into the cannabis market in 2013. It developed and separated the cannabis extraction segment that is now the main operation of PURA, which has lately reported its first two deals and indicated next is pending.
North American entered the cannabis market in 2013 leading a sequential series of entrepreneurial cannabis initiatives from hemp agriculture in Vermont, to increasing medical marijuana in Maine, to getting cannabinoids from marijuana and hemp, to infusing CBDs into consumer beverage and food – to name just a few.
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A few pilot assignments have presented promise and a few have moved toward commercialization. After 3 years of emerging and maturing its business plan, the market is beginning to take note of company long-term promise.
North American is commercializing 1 pilot assignment graduate in-house with next graduate being marketed in a spinoff. The first graduate commercialization plan comprises of a cannabis based restaurant chain that makes for the current posted revenue.
