Rapidly growing sector forecast to reach $297.5 billion by 2025
CORONA, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) — Advanced Container Technologies, Inc. (Ticker: OTC:ACTX), stated its patented Medtainer™ packaging system is ideal for the growing global cannabis market. A recent comprehensive report, said the global cannabis packaging market was valued at $101.48 billion in 2019 and is expected to reach $297.51 billion by 2025, at a CAGR of 22.59% over the forecast period 2020 – 2025.
This notable growth is due to the continued rising demand and legalization for medical and recreational cannabis products globally.
Advanced Container Technologies, Inc. CEO Doug Heldoorn says, “The fact that we are having this type of annual growth and expanding legalization of cannabis further solidifies my belief that we are on the right path to truly realize the benefits of this growing industry.” Mr. Heldoorn further stated, “Our ability to be responsive and able to meet different markets regulatory and compliance requirements give us a unique position to take advantage of any market that currently, and will, require our products and services.”
Marijuana Business Daily reported flowers as the most preferred form of cannabis sold in the United States. These products must be sold in certified containers, such as the Medtainer™ from Advanced Container Technologies, Inc.
The Medtainer is unique because it is air-tight and features a built-in grinder. Originally engineered as a solution to grind and store medications for pediatric and geriatric patients, the Medtainer has now been adopted into diverse markets including culinary, cannabis, and veterinary medicine. The product is manufactured with FDA approved medical grade plastics and is certified child resistant.
Key Market Trends
According to the report, plastic containers are the preferred packaging option in the cannabis market. North America maintains a significant share of the global market, driven by growth in the US and Canada. Cannabis was legalized for medical and recreational usage in Canada in 2018, and 33 states in the US have legalized cannabis.
Advanced Container Technologies, Inc. believes that its patented Medtainer packaging system will become popular in the cannabis sector due to its unique features, moisture barrier, and odor-proof and air-tight design.
About Advanced Container Technologies, Inc.
Advanced Container Technologies, Inc. is in the businesses of selling and distributing hydroponic containers Grow-Pods and designing, branding and selling proprietary plastic medical grade containers that can store pharmaceuticals, herbs, teas and other solids or liquids and can grind solids and shred herbs, as well as selling other products such as humidity control inserts, smell-proof bags, lighters, and plastic lighter holders, and providing private labeling and branding for purchasers of the Company’s containers and the other products. For more information visit: www.advancedcontainertechnologies.com.
This release includes predictions or information considered “forward-looking” within securities laws. These statements represent Company’s current judgments but are subject to uncertainties that could cause results to differ. Readers are cautioned to not place undue reliance on these statements, which reflect management’s opinions only as of the date of this release. The Company is not obligated to revise any statements in light of new information or events.