In the last trading session, the stock price of American Cannabis Company Inc (OTCMKTS:AMMJ) declined more than 6% to close the day at $0.93. The decline came at a share volume of 456,649 compared to average share volume of 416,153. After the recent drop, the market cap of firm was noted at $47.8 million.
American Cannabis Company marks as a business-to-business consulting entity that provides end-to-end and turnkey solutions to aspiring and existing participants in the cannabis market. On September 21, 2017, the firm reported it has finalized an exclusive distribution deal with Earth Alive, a known Canadian clean-tech entity that manufactures and develops advanced microbial technology-based items.
This deal enables for the marketing of Earth Alive’s leading cannabis microbial inoculant offering named Dr. Marijane. The item is an approved organic root probiotic that enhances increased vegetative growth, advances the bioavailability of fertilizer plans, and sustains robust advancement and structuring of crop roots.
Medicinal benefits of cannabis, particularly patients with diabetes, cancer and chronic pain have led the medical cannabis industry. The medical cannabis market in the United States is projected to hit $19.48 billion by 2024. This development of the cannabis market will grow as the count of states that approve medical cannabis jump. The solid edibles division of the U.S. cannabis market recorded revenue of $2.47 billion in 2016 and is projected to continue to develop over the forecast period.
California marks as the preliminary state to approve medical cannabis use. It posted the largest revenue in 2016 for medicinal cannabis application and is projected to post a CAGR of 13% over the forecast period. The firms in focus are Global Payout, Inc. (OTCMKTS:GOHE), SinglePoint, Inc. (OTCMKTS:SING), Global Payout, among few. Medical cannabis may substitute pharmaceuticals that are utilized to treat chronic pain, cancer, arthritis, and more.