It’s the union of two happy souls, hoping to pool their efforts to benefit from the growing legal marijuana industry.
Las Vegas-based Player’s Network, Inc. (OTC:PNTV) and Surge Holdings, Inc. (OTC:SURG), announced today a joint venture to distribute Green Leaf PURE CBD products to a network of about 40,000 retail stores nationwide.
The relationship allows PNTV to focus on continual development of high-quality CBD products and brands while SURG utilizes their SurgePays Blockchain B2B distribution platform and outbound call center to introduce, sell and manage the ongoing replenishment of these products.
CBD continues to be one of the fastest growing markets in the United States with sales expecting to reach $22 billion by 2022. Additionally, the passing of the Farm Bill 2018 which included the Hemp Act of 2018 removed the barriers associated with growing hemp due to federal prohibition to include restricted access to banking, water rights, and crop insurance.
Through the JV, the initial order kit for new stores will range from approximately $399 to $1,500 or more.
Anticipated monthly orders will be of similar value based on location and the size of the retailer. CBD dollars are flowing like water, the market for which is set to generate more than $600 million by the end of this year, a number set to reach a billion by the end of 2020, and, appropriately, $22 billion by 2022.
Shares in PNTV gained 11.8% to 5.1 cents, on 1.1 million shares, while SURG gained 1.05 cents, or 2.8%, to 38 cents, on the slightly-less-impressive 60,000 shares.
