Wuhan General Group (China), Inc. (OTC PINK: WUHN) today announced the acquisition of MJ MedTech Inc. This is a huge announcement for Wuhan General as it marks their entry into the U.S., Canadian and European markets for medical cannabidiol (CBD) products.
The announcement follows a recent report from cannabis industry analysts The Brightfield Group. For years, experts have predicted that if the cannabis industry expands at its current rate, the American market will reach $20 billion by 2020. The new report shows how the CBD market is spinning off into a mega industry of its own and is expected to reach $22 billion by 2022.
“Signing this LOI is another key strategic step forward for Wuhan, and we are excited by the prospect of entering this marketplace that is still in its very early days. By establishing a presence in the U.S., Canada and Europe, we anticipate the potential for huge growth and to build sustainable long-term shareholder value,” said Ramy Kamaneh, CEO of Wuhan.
Wuhan is making a big move into an emerging market at an opportune moment. We have seen a flood of optimistic comments from shareholders since the announcement. One only needs to watch current trends to understand the potential rewards for those who are brave enough to get into the medical marijuana and CBD markets early.
We can’t state enough how big of a move this is for Wuhan General Group. We recommend getting in early and staying long!!
The IBR Team
Full Press Release: Wuhan Signs Letter of Intent to Acquire MJ MedTech