According
to a press release today, Nhale is moving closer to signing a letter of intent
(LOI) with a licensed Washington pot producer as sales of recreational
marijuana in the state continue to grow rapidly. Since recreational marijuana
shops started opening their doors about five months ago, sales in Washington
State have increased 400% and are on track to bring in about $200 million over
the next 12 months, according to Marijuana Business Daily.
“One of
the reasons for the rising sales growth is that retail stores are less likely
to run out of inventory now that the fall harvest is in; although there is
ample potential for growth,” stated Lance Williams, President and CEO of Nhale.
“Our initial talks with the licensed pot producer in Washington are favorable,
and with the addition of operating capital and business resources, we calculate
we have the capacity for tripling output during the next harvest.”
Estimated
at $1.03 billion annually, marijuana is the state’s second-largest cash crop,
close behind apples, according to a study by researcher Jon Gettman, Ph.D.
Recently
executing an LOI to assess a prospective Oregon grower and pursuing the LOI
with the Washington pot producer, Nhale is in the process of evaluating
possible acquisitions in Washington, Colorado and Canada. These initiatives
line up with Nhale’s mission to acquire companies with valid business models in
the legitimate cannabis industry.
For more
information, visit www.nhaleinc.com/investors.html
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