Cannabis Industry Gets Boost and Stocks Rise after 2018 Midterm Results and Jeff Sessions Resignation: DirectView Holdings (OTC: DIRV), Cronos Group, Tilray, Canopy Growth
POINT ROBERTS, Wash. and DELTA, B.C., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a leading investor news resource covering security and cannabis stocks releases a snapshot looking at the growing global opportunity for the cannabis market as new States vote on legalization in the U.S. midterms.
Voters in Missouri approved Amendment 2 on Tuesday, making it the 31st state in the nation to adopt an effective medical marijuana law. The measure was leading 64-36 with 49 percent of precincts reporting when The New York Times called the election.
Effective medical marijuana laws have now been adopted in 31 states, including Missouri, as well as in D.C. and the U.S. territories of Guam, Puerto Rico and the Northern Mariana Islands. Eighteen other states have adopted medical marijuana laws that are ineffective because they are either unworkable or exceptionally restrictive. Idaho is the only state without any form of medical marijuana law.
Excited about the momentum, DirectView Holdings, Inc. ( OTC:DIRV ), a company focused on ownership and management of leading video and security technology companies, today announced that the Company’s CEO, Roger Ralston and CFO, Chris Cutchens, will be attending the 2018 MJ Business Convention in Las Vegas, Nevada.
“The conference, held November 13th to 16th at The Las Vegas Convention Center, is the largest cannabis business conference in the world. MJBizCon is the preeminent conference to drive business deals and forge valuable connections with cannabis professionals in business today. The conference is estimated to house 20,000+ cannabis professionals and 1,000+ exhibitors for the preeminent event for industry professionals.”
“DirectView management will attend the conference to meet with Cannabis industry professionals, showcase its state-of-the-art cannabis security and surveillance solutions and discuss the various regulations and mandatory security compliance requirements associated with the quickly evolving industry.”
“DirectView recognizes a major opportunity for custom-tailored security, surveillance, access control and safety solutions that meet the regulatory and compliance requirements of the booming cannabis industry. According to the research report ” Video Surveillance Market by System (Analog, & IP), Offering (Hardware, Software, & Service), Vertical (Commercial, Infrastructure, Military & Defense, Residential, Public Facility, & Industrial), and Geography - Global Forecast to 2023,” the overall market is estimated to grow from USD 36.89 Billion in 2018 to USD 68.34 Billion by 2023, at a CAGR of 13.1% between 2018 and 2023. The increasing concerns for public safety and security, growing adoption of IP cameras, and growing demand for DIY and spy cameras are the key factors driving the video surveillance market growth.”
Roger Ralston, President and CEO of DirectView said, “The cannabis industry is quickly taking off here, especially today after the midterm elections and the resignation of Attorney General Jeff Sessions. One of the major concerns in the Cannabis industry is Security. DirectView launched its initiative to provide and install custom-tailored security solutions for the cannabis industry. It goes without saying then, that DirectView’s attendance at this conference is only natural. We are looking forward to meeting with and networking with industry professionals and educating them on DirectView security and surveillance solutions and the various compliance and regulations associated with the industry.”
Paul Rosen, currently the CEO and Chairman of Tidal Royalty, a company that invests in U.S.-based cannabis companies, as well as an original co-founder of the Cronos Group ( TSX: CRON ), ( NASDAQ:CRON ) was quoted as saying, “I believe that Michigan legalizing adult use will one day be viewed as the tipping point towards full legalization at a national level. Aside from the fact that it is the 10th state to legalize adult use – and one of the most populous states in the nation – it is the first Midwest state to do so.”
CBS News MoneyWatch took note of these big developments in the cannabis sector and the reaction from investors reporting, “Canadian pot company Tilray ( NASDAQ:TLRY ) rose 30 percent on news that U.S. Attorney Jeff Sessions would step down.”
The article went on to say how not only were the companies “lifted by midterm ballot measure victories, but Tilray and other cannabis companies rose further on word Sessions had resigned. The nation’s top law enforcer last January said he would work to revoke policy from the Obama administration that let states make their own rules on weed without hindrance from the federal government.”
Continued: “Canopy Growth ( TSX: WEED ), ( NYSE: CGC ) and Aurora Cannabis, two other publicly traded Canadian pot companies, both rallied more than 8 percent.” Stocks in the sector were higher in after-hours trading as well on Wednesday.
As cannabis stocks continue to rise on the news of more and more favorable legislation, investors will be watching and waiting for the next big development; perhaps the passing of the 2018 U.S. Farm Bill under a new Democrat House.
Reuters reported, “Collin Peterson, ranking member and presumptive new chair of committee, said passing the crucial agricultural legislation was going to be his top priority, with a deal possible as soon as next week during the lame-duck session.”
For investors following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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