Seems like their graphite may be second on their list... RED's call for them to slide into the POT play seems to be where this is going. Check out their NR from the other company yesterday:
GeoNovus Minerals cancels Malartic acquisition
2014-05-14 08:34 ET - News Release
Mr. Michael England reports
GEONOVUS ASSESSES POTENTIAL OPPORTUNITIES IN MEDICAL MARIJUANA AND INDUSTRIAL HEMP
GeoNovus Minerals Corp.'s management is currently reviewing a number of business plans and proposals related to international medical marijuana and industrial hemp industries.
This emerging multibillion-dollar industry is in the process of significant regulatory and legal reform that offers participants an explosive growth opportunity. Recent changes in Canadian medical marijuana licensing could allow for licensed producers (LPs) to grow on a larger, commercial scale with the introduction of the new MMPR licences. The industrial hemp industry is also currently undergoing significant reform with more and more agricultural land zoned for growing industrial hemp year over year.
"We feel it is incumbent that we, as management, look at any and all potential opportunities to create shareholder value," states GeoNovus president Mike England.
South of the border marijuana is now legal in Colorado and Washington, and tourism is booming. The ArcView Group, an investing and market research firm for high-net-worth investors based in San Francisco, estimates the U.S. national legal market (including recreational and medical marijuana) at $1.53-billion in 2013 and expects it to grow to $2.57-billion by the end of 2014, with marijuana sales in Washington and Colorado pulling in $316-million and $802-million, respectively. ArcView says the national market could reach $10.2-billion in five years.
At this point in time, no transactions are in place, nor can there be any assurance that a new project will be concluded in the future.
The company further announces it has determined not to proceed with the acquisition of the Malartic property announced April 8, 2014.