The Global Medical & Recreational Legal Marijuana Market Size Is Expected to Reach USD 73.6 Billion By 2027; The US Will Account for About 73% Of the Global Cannabis Dispensing Market In 2024
Ft Lauderdale, FL – January 12, 2021 – NxGen Brands Inc. (OTCPK: NXGB) (“NXGB” or the “Company“), is pleased to announce that it has partnered with a digital supply chain & blockchain developer to allow the Company to enter into the rapidly growing U.S. cannabis dispensary delivery services market. The partner, Bengala Technologies LLC, is a nationally recognized developer in this field located in West Palm Beach, Florida.
The partnership with Bengala Technologies LLC (https://bengalatech.io), will allow the company to deliver its own proprietary brands of flower and Leafywell™ products, and will allow it to create a national network to provide delivery services for dispensaries across the country. The sale and delivery for recreational and medicinal cannabis is projected to see explosive growth through 2027 reaching $73.6B, and this transaction allows the Company to be at the forefront of the projected wave.
A cannabis dispensary delivery provider must adhere to multiple local, state and national regulations, including licensees, transportation and delivery requirements. The blockchain digital supply chain technology apps to be developed for the Company will address these issues and allow the Company to be compliant and adhere to the regulations across all national markets.
“Angel Burgos, the Company CEO said: “Cannabis companies that provide delivery services – including delivery operators and retailers – are seeing a deluge of orders as customers stock up on marijuana products in the wake of current pandemic concerns. Our hope is that, after opening projected operations in California, Michigan and we will then do the same in Florida. Initially for medicinal delivery services while awaiting pending recreational approval. Internal research has demonstrated that faster delivery can spur increased sales and help to increase revenues.”
Bengala Technologies LLC, achieved excellence in the field of blockchain consulting and development by creating and deploying custom decentralized blockchain and supply apps including Supply Chain, Blockchain and Smart Contract Development applications.
Mr. Arnaldo Detres, the Managing Director of Bengala Technologies LLC said: “There are so many variants of regulations in the cannabis delivery services and blockchain can meet these regulatory and supply side needs from available inventory and supply to delivery for the proposes of local authentication and validation rules. Blockchain can enable more transparent and accurate end-to-end tracking in the supply chain organizations can digitize physical assets and create a decentralized immutable record of all transactions, making it possible to track assets from production to delivery to end user.”
According to a recent report by ArcView Market Research and BDS Analytics, the global licensed dispensary sales of cannabis will reach $40.6 billion by 2024, registering a CAGR of 24.5%. The US will account for about $30 billion or 73% of the global cannabis dispensing market in 2024. It is projected that by 2024, the retail dispensing sales of legal recreational cannabis will cross $26.7 billion, whereas the revenue generated from the sales of medical cannabis will reach $13.9 billion. The retail sales of THC containing products from licensed dispensaries across the US will feature growth of nearly 300%, i.e., from $8.4 billion in 2018 to more than $24.7 billion in 2024.
The partnership will allow NxGen Brands to produce and ship via its proprietary direct delivery network with the software and technical technologies created by Bengala Technologies LLC, both existing CBD based SKU’s and cannabis-based products. This will allow the Company to market throughout the states which have recreational and/or medical and continue to establish and grow the Leafywell™ branded products. The transaction also aims at interacting with other companies and expanding the licensing deal possible focusing on combining its brands with medical licensed producers, to shape how future cannabis brands operate in the United States.
For more information, customers can sign up at www.nxgenbrands.com or www.leafywell.com to be among the first notified when our offering becomes available.
For more information on Bengala Technologies LLC go to: https://bengalatech.io
About NxGen Brands, Inc.
NxGen Brands, Inc. is a diversified portfolio company compromising business lines directed at serving consumer products demands in a variety of markets and across a broad spectrum of industries. NxGen Brands, Inc. maneuvers its proprietary companies through critical stages of market development, including conceptualization, go-to-market strategies, engineering, product integration and distribution efficiency protocols. NxGen Brands, Inc. is partnered with a well-known software development and consulting company, Bengala Technologies LLC, which is developing significant enhancements in the supply chain management space. In collaboration with our partners, we seek to provide an infrastructure that meet anticipated marketplace needs on both large and small scale volume levels. One of our principal aims is our pursuit to leverage equity, acquire, merge and or joint venture with early-stage companies in emerging industries, to stimulate growth, cash flow , and increase broader distribution channels.
NxGen Brands, Inc created and owns a subsidiary, NxGen Brands LLC dba: Leafywell™. Our websites can be viewed at www.leafywell.com and www.nxgenbrands.com. NxGen Brands Inc. newly added proprietary and licensed formulated products included in the commercial, industrial, and residential cleaning supplies, disinfectants, and sanitizers can be seen at http://www.nxgenbrands.com or www.leafywell.com and for more information or to make bulk purchases, please contact firstname.lastname@example.org.
For more information on “NXGB” the corporation, please visit the corporate website at https://www.nxgenbrands.com.
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This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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SOURCE NxGen Brands Inc.