RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Jacksam Corporation (OTCQB:JKSM) (the “Company” or “Jacksam/Convectium”), a workflow automation company focused on developing machinery and equipment solutions for the cannabis and CBD industry, announced today that the Company has adopted an “open source” business model enabling the majority of cannabis and CBD oil producers to benefit from its filling and capping equipment.
The global cannabis oil market is valued at 100 million US$ in 2018 and will reach 2.16 billion US$ by the end of 2025, growing at a CAGR of 46.9% during 2019-2025, according to MarketWatch.
Shifting away from a closed system approach, the Company has made its vape, POD and cartridge trays and equipment compatible with components produced by the majority of leading global manufacturers. Convectium offers the only equipment designed and built in the U.S. with full UL certification in the U.S. Machines will be CUL Certified to meet Canadian demand for cannabis extracts anticipated in early 2020. The Company will continue to produce proprietary vape, POD and cartridges to serve the U.S. CBD and cannabis oil markets.
Convectium's engineering and product development team made key changes enabling the Company's equipment to be integrated seamlessly into legacy filling operations. The move meets the needs of a large number of cannabis brands/copackers without changing their existing cartridge and POD supply chain. The Company expects this effort to accelerate market penetration of its automated cannabis oil filling, capping and packaging solutions across a broader spectrum of companies in this rapidly expanding industry.
Commenting on the news, Jacksam/Convectium CEO Mark Adams stated: “This new approach enables us to quickly expand market share by serving more customers who are racing to increase output, reduce costs and gain competitive advantage. Based on the enormity of the automation potential, we are quickly forming new partnerships and developing advanced machines. We will soon announce the launch of The US 710 Shark, which will be the industry’s most efficient and effective U.S. made electric filling machine.”
Update on Key Management Changes
Jacksam Corp. announced today that David Hall has joined Jacksam Corp. as Executive VP of Sales with aggressive sales expansion plans to increase market reach. David has been investing and working in the cannabis industry since 2013 and participated in the Company’s recently announced Bridge Financing. He has been involved with Jacksam/Convectium and as a consultant in the cannabis industry for the past three years.
“We are very excited about the future and strategy update of Convectium. We were an early investor and currently one of the largest shareholders outside of management. The company has had amazing growth and SinglePoint recently received sample vape pens from the company and has already received lots of interest. As SinglePoint continues to grow its footprint in the private label market the company is excited to refer and use Convectium products for clients as well. The cutting-edge technology allows us to provide superior products to clients,” stated Wil Ralston, President, SinglePoint (OTCQB:SING).
Jacksam/Convectium designs and markets proprietary automated vape, POD and cartridge filling/capping equipment for the cannabis industry. Our automated equipment is designed and built in the U.S. and carries the only full UL certification in the U.S. Using Jacksam/Convectium's automated equipment, our customers increase output by up to 60 times over hand filling. Jacksam/Convectium is focused on helping our customers automate their workflow and quickly get custom branded products onto dispensary shelves. Over 100 companies, including many dominant brands in the space, rely on Jacksam/Convectium for automation of their filling operations.