VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 21, 2014) - Windfire Capital Corp. (TSX VENTURE:WIF) ("Windfire"), recently closed a private placement and management is proactive in searching for opportunities that make good business sense and create potential value for shareholders. On this basis the company is currently seeking to cultivate business opportunities in the Medical Marijuana Industry. Health Canada has announced new regulations pertaining to the Medical Marijuana Industry and these changes may result in significant growth opportunities for those companies who can obtain a license under the new marijuana for medical purposes regulations (MMPR).
Health Canada's website explains that: "The marijuana medical access program ends on March 31, 2014. This is also the date that all previous authorizations to possess, personal-use production licenses and designated-person production licenses expire. As of April 1, 2014, the only legal access to marijuana for medical purposes will be through licensed producers under the marijuana for medical purposes regulations these new regulation are coming into effect on March 31, 2014.
"Previously, licensed individuals had been allowed to grow medical marijuana in their homes. The new regulatory changes will allow only licensed producers to grow medical marijuana on a commercial scale. Health Canada estimates that the market could be worth as much as $1.3-billion by 2024. Analysts and industry experts put these numbers to be closer to $2.6-billion by 2016.
"A steadily increasing percentage of the medical community believes that medical marijuana, and more specifically cannabinoids, has the potential to help patients who are suffering from a variety of ailments and illnesses. In addition, industrial hemp is an emerging industry in Canada, and hemp is one of the strongest natural fibres known to man. Hemp has a wide range of applications including medicine. Both sectors show the potential for exponential growth."
In the United States, Medical Marijuana is legal in 20 states, including Washington. Furthermore, Colorado and Washington have legalized recreational use, with additional states contemplating legalization.
Recent analysis on the American marijuana marketplace by ArcView Angel Investors forecast a 64-per-cent surge in the legal U.S. cannabis market to $2.34-billion in 2014. It also estimates that the five-year national market could grow to $10.2-billion amid rising demand and potentially new state markets.
While the company has been in discussions, no agreement in principal has been entered into with any parties and there is no assurance that the company will acquire any agriculture related assets, directly or indirectly. In the interim, management continues to evaluate all potential transactions with a view to creating value for shareholders.
The Company would also like to report the grant of 1 million incentive stock options to certain directors, officers, employees and consultants of the Company at a price of $0.135 per common share, exercisable for a 5 year period.
Windfire Capital Corp.
Clive Massey, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.