With
initial due diligence on a prospective Oregon grower yielding positive results,
Nhale announced its plans to form a subsidiary in the state of Oregon. The
subsidiary will be for production of legal marijuana.
On October
31, Nhale inked a letter of intent with a privately-held Oregon grower. It is
close to finalizing due diligence on the prospect and its capabilities to grow
and distribute marijuana. The prospective grower intends to apply for a permit
from Oregon to begin operations on approximately 20 acres of land in the
western part of the state.
Last week,
Oregon voters passed Measure 91, which legalized recreational use of marijuana.
Entrepreneurs have been looking for ways to capitalize on these new market
opportunities. Oregon already has a medical marijuana system in place, and it
is taking steps to come up with a model in which recreational marijuana can be
sold.
Proponents
of legalization had projected Oregon could attain as much as $80 million in
marijuana tax revenue within the first two years of its legalization. The
Washington Post reported Colorado took in $7.5 million in tax revenue in just
August 2014 and has collected almost $45 million year-to-date. Furthermore, the
Drug Policy Alliance projects annual nationwide tax revenue could reach $46.7
billion through legalization.
“By
collaborating with the capable team under consideration, we feel comfortable
that we can bring a skilled complement of talent and resources into this
project and prepare to meet the requirements for approvals and licensing,” said
Lance Williams, President and CEO of Nhale.
For more
information, visit: www.nhaleinc.com/investors.html
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