Sacramento, CA, Jan. 31, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Spotlight Growth has published new content about Indoor Harvest Corp (“Indoor Harvest” or the “Company”) (OTCQB: INQD), a precision agriculture technology company that is focused on leveraging its proprietary technology to help cannabis companies to not only lower costs and improve efficiency, but also improve crop yield, consistency, and quality. This gives Indoor Harvest the ability to utilize its precision agricultural technology to help develop better products for the next generation of personalized cannabis-based medicines and treatments.
The report provides an overview of Indoor Harvest, its latest news, and management’s plans to continue growing the company.
New Frontier Data: U.S. Legal Cannabis Market Estimated to Reach $25 Billion By 2025
In 2018, the movement for cannabis legalization received a major boost of confidence after Canada became the first G7 country to fully legalize recreational cannabis use for adults. While Canada held the spotlight in 2018, U.S. states continued to make progress with legalization and reforms. In the November 2018 elections, Michigan became the 10th state to approve recreational use of cannabis for adults, while voters in Missouri and Utah approved medical marijuana initiatives.
Though still very early in 2019, signs of acceptance from government officials and support for legalization initiatives continues to grow. Newly-elected Florida Governor, Rick DeSantis, just announced his administration will not follow through on the previous Governor’s prohibition fight on cannabis flow sales. Furthermore, several states, such as Connecticut, Illinois, Minnesota, Texas, Rhode Island and New Jersey, will be watched closely for potentially being the next in line to reform cannabis laws.
Even President Trump has signaled interest and support in reforming federal cannabis laws. The signing of the 2019 Farm Bill, which legalized industrial hemp, is seen as an early step in updating federal marijuana laws. President Trump’s new nominee for the attorney general role is William Barr, who stated in a testimony for a Senate committee that he would not prosecute cannabis in States where it is legalized.
According to New Frontier Data, the U.S. legal cannabis market is estimated to reach $25 billion by 2025, which represents a compound annual growth rate (CAGR) of 14.70% between 2018 and 2025.
INQD: Focused on Cannabis Research & Development Opportunities, Cultivation Partnerships and Leveraging Public Company Vehicle To Engage in M&A
Indoor Harvest recently released a comprehensive press release detailing major developments at the Company. First, management announced that the Company is moving its operational focus to Boston, Massachusetts. Not only has Massachusetts legalized medical and recreational cannabis use, but Massachusetts is also offering a cannabis research license. This provides Indoor Harvest with a unique opportunity to add greater research capabilities to its operations. Boston is also the home of new CEO, Dan Weadock.
Indoor Harvest has entered into a non-binding Memorandum of Understanding (MOU) to explore the formation of a joint venture partnership with Cannabis Community Care and Research Network (C3RN) and Integrated Genetics & BioPharma Research (“IGBR” also co-owned by Dan Weadock).
The Company plans to work with C3RN and IGBR to develop a plan to acquire or lease properties and pursue research and development initiatives. On top of that, the Company expects to have the ability to offer contract research services and product development services to the cannabis community at large.
The team at Indoor Harvest has a strong background in vertical farming and controlled environment agricultural technology, while the new CEO has strong connections to cannabis genetics and tissue culture. This knowledge and expertise are what sets Indoor Harvest apart from the average cannabis company.
Dan Weadock was appointed as the Chief Executive Officer at Indoor Harvest almost one year ago bringing a wealth of knowledge and relationships to help expand the Company’s vision beyond aeroponics. As a co-founder of Integrated Genetics & BioPharma Research, LLC (IGBR), a private Massachusetts company focused on delivering what they expect to be commercial grade, boutique cannabis clones from tissue culture, to the legal Massachusetts cannabis markets, Mr. Weadock brings this new dynamic of plant genetics and biology to the team, with access to top quality cannabis genetics and plant scientists, along with his understanding of the critical role of the interplay between the biology of the plants and the mechanical /controlled environment.
For more information on Indoor Harvest, please visit: https://www.otcmarkets.com/stock/INQD/profile and https://spotlightgrowth.com//2019/01/25/indoor-harvest-corp-otcqb-inqd-a-precision-agriculture-technology-company-making-waves-in-the-cannabis-industry/
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