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- REFG is seeking state licenses in Utah and Vermont to grow industrial hemp after earlier acquiring SpeedyGrow, which is licensed to grow in Colorado
- Research firm projects that cannabis market in North America will surge this year due to greater adult use sales in Canada, California and Massachusetts, as well as medical sales in Florida
- REFG reaches agreement in principle to acquire rights to establish mobile hemp CBD extraction labs; company also offers FinCEN compliant Green processing for cannabis industry
Medical Cannabis Payment Solutions (OTC: REFG) is intensifying its focus on cannabis as research firm Arcview Market Research projects that the growth of the legal cannabis industry will re-accelerate in 2018 in North America as adult use sales grow in Canada, California and Massachusetts, along with first time medical cannabis sales in Florida (http://nnw.fm/tS8xp).
A report published by Arcview Market Research, in partnership with BDS Analytics, forecasts that adult-use cannabis spending will reach $38.3 billion over the next 10 years, while medical spending will reach $19.1 billion (http://nnw.fm/8pF4o). Separately, Ameri Research, Inc., predicts a global cannabis market of $63.5 billion by 2024, driven by a CAGR of 21.1 percent from 2017-2024 (http://nnw.fm/xuS8X).
Either way, researchers see the legal and medicinal cannabis markets expanding at a double digit annual rate, and REFG is playing a larger part in it. The Nevada-based firm is seeking up to three state licenses to grow industrial hemp. It has just reached an agreement to establish a mobile hemp CBD extraction lab. Additionally, the company continues to offer Green, a comprehensive financial system for licensed cannabis dispensaries and retail merchants who require an alternative to traditional banking. It is available for online sign up (http://nnw.fm/CzoN3).
The company has agreed in principle with a subsidiary of Paper Lantern, LLC to acquire the rights to operate mobile hemp labs. According to the company, the labs will be at farms owned and operated by REFG, as well as at farms which have entered into processing agreements with the company (http://nnw.fm/Lwpu7). In a news release, Jeremy Roberts, CEO of REFG, said, “Our mobile extraction process is another step forward in our plan to participate in the hemp and cannabis industries at strategic levels.”
Roberts noted that REFG would attain a competitive edge by managing supply and demand from seed-to-sale through use of Paper Lantern’s technologies. Kipp Stroden, partner at Paper Lantern, added, “By bringing high tech mobile extraction to the farm, we will give farmers and capital partners the competitive edge needed in this fast-growing emerging market.”
This agreement adds to REFG’s diverse commitment to the cannabis industry. It acquired SpeedyGrow, a Wyoming-based firm licensed to grow and process hemp in Colorado (http://nnw.fm/Ukpg8). It says that it will also apply for state licenses to grow industrial hemp in Utah (http://nnw.fm/ukZ3E) and Vermont (http://nnw.fm/7DBe7).
For more information, visit the company’s website at www.Take.Green
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