Nhale, Inc. (NHLE): Negotiations with Washington Grower are Proceeding as Recreational Pot Sales Rise
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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