Company Is Entering The Global Cannabis Seeds Market Which Is Expected To Reach USD 723.77 Million By 2027
FARMINGTON, AR / ACCESSWIRE / June 23, 2021 / SPO Networks, Inc. (OTC PINK:SPOI) (“SPOI” or the “Company”), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue generating waste/recycling subsidiary plus a newly launched medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, today announced that it has received its initial pre-order for delivery of its proprietary strain of certified cannabis seeds. The pre-order came from a chain of 10 dispensaries in Colorado.
A report from Data Bridge markets said that:” Global cannabis seeds market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 14.5% in the forecast period of 2020 to 2027 and is expected to reach USD 723.77 million by 2027. Highly legalized region and demand for the cannabis seeds are high hence revenue generation is also high which is helping the market to grow in the region.
The cannabis seeds market is growing tremendously in the U.S. with the legalization of cannabis in 33 out of 50 states.
On the basis of distribution channel, the cannabis seeds market is segmented into store based retailing and online/e-commerce retailing. In 2020, store based retailing segment is dominating as people find it easy to purchase from stores and they can check the quality of products they are purchasing. However, in future online retailing will increase as people are shifting towards online shopping as they find it convenient.
On the basis of type of vendors, the cannabis seeds market is segmented into resellers, breeders and seeds manufacturing companies. In 2020, resellers segment is dominating as there are a large number of resellers as compared to breeders and seeds companies. Moreover, the growers prefer to purchase the seeds from seeds banks as they have a larger variety.”
Tom Smith, the Company’s CEO, said: “We are both eager and ready to enter this market, and to begin generating our first revenues in this sector. Initially, the revenues we will be receiving will be wholesale sales to the dispensaries. Dispensaries usually charge approximately 3 seeds for $50 and work on a 50% margin. We will also be opening our own dispensaries in multiple jurisdictions and acquiring more cultivation properties/operations in several U.S. states to further expand our revenue base.”
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com .
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SOURCE: SPO Networks, Inc.