Tuesday January 2, 2018 0 comments
DENVER -- Leafbuyer Technologies, Inc. (OTCMKTS: LBUY), a leading cannabis technology platform, today announced it is strategically positioned for major expansion into the California recreational cannabis market that opened Jan. 1.
With the passage of Proposition 64, California residents no longer require doctor’s approval to buy cannabis. Leafbuyer said it is prepared to connect consumers with dispensaries across California, the world’s sixth largest economy and most populous state, with approximately 70% of its 39 million residents over 21 years of age, the legal age for cannabis use in the state.
The market for marijuana in California is expected to hit $3.7 billion next year and more than $5.1 billion in 2019. Seven other states -- including Colorado -- and the District of Columbia have legalized recreational cannabis with sales projections of $50 billion by 2026.
"Since the foundation of Leafbuyer, we have set our sights on expanding our business, offerings and sales force,” said Kurt Rossner, Leafbuyer’s CEO.
“We have had ample time to ramp up our presence in California, and early January we will be fully operational in the largest, global, cannabis market. Having extensive experience in the Colorado market, we look forward to building a thriving business in the California market, which is anticipated to be 5 to 7 times the size of Colorado’s established market.
“We look forward to expanding across California and building our business in additional markets in the U.S. and Canada in 2018 and beyond.”