MONTREAL, CANADA--(Marketwired - March 25, 2014) -
Editors Note: There is a photo associated with this press release.
Affinor Resources Inc. (the "Company") (CSE:AFI) is pleased to announce its plans to diversify into the Medical Marijuana and Industrial Hemp industries. These emerging multi-billion dollar industries are in the process of significant regulatory and legal reform that offers explosive growth opportunities to participants. Affinor intends to consolidate fragmented growers and work with dispensaries to obtain the new Marijuana for Medical Purposes Regulations (MMPR) license. Currently management is reviewing a number of business plans and proposals as well as adding industry expertise to its advisory board in anticipation of its new business focus.
Affinor's plans to partner with and provide financing for Medical Marijuana and Industrial Hemp companies will provide Affinor with an equity share in each business and/or royalty on sales. This will allow Affinor to not only share in the growth and cash flow from these explosive industries but also diversify its operations in more than just one single location, further de-risking its new business plan. Affinor is also reviewing opportunities in the United States where legislation permits, and will look to expand operations throughout North America with the forward looking concept that more American States will adopt this new pro Marijuana legislation. The United States is undergoing Medical Marijuana reform with 20 states now recognizing legal Medical Marijuana including Colorado and Washington State that have legalized recreational use with additional states contemplating legalization.
With marijuana now legal in Colorado and Washington and tourism booming, investors and financial pundits are wondering how fast the marijuana industry will grow and if it could become national. The ArcView Group, a San Francisco-based investing and market research firm for high-net-worth investors, estimates the 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. (http://money.usnews.com/money/personal-finance/mutual-funds/articles/2014/03/14/the-economy-of-pot)
Upcoming changes in Medical Marijuana licencing will allow for licensed producers to grow on a larger, commercial scale. Heath Canada states, "The Marijuana Medical Access Program (MMAP) ends on March 31, 2014. This is also the date that all 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 (MMPR), even if you have an authorization to possess or a license to produce that has a later date. (http://www.hc-sc.gc.ca/dhp-mps/marihuana/index-eng.php)
A Canadian federal judge Mr. Justice Michael D. Manson made a ruling on Friday March 21, 2014 that exempts currently licensed marijuana users and producers from the incoming Marijuana for Medical Purposes Regulations (MMPR) set to take effect on April 1 2014. This means that people with existing authorization to possess, designated-person production or personal-use production licenses issued under the old rules will still be permitted to possess and/or grow medical marijuana past April 1.
The Industrial Hemp industry is also currently undergoing significant reform, "As a fast-growing annual, hemp is a renewable, reusable and recyclable resource. Changing environmental in the world's business community is helping to turn these green attributes into a valued quality. As with many new crops, there has been considerable fluctuation of production acreage. In 2003, over 2700 hectares (6700 acres) were grown across Canada, mostly concentrated on the Prairies; by 2013 66,671 acres have been licensed for cultivation. Hemp has been grown with success from coast-to-coast." (www.hemptrade.ca)
President and CEO Mr. Sebastien Plouffe states, "The Medical Marijuana and Industrial Hemp industries have become one of, if not the most explosive growth industries in existence today. We are currently in the process of re-branding and aligning our company to benefit from this tremendous growth potential. Affinor is now evaluating multiple Industrial Hemp and Medical Marijuana opportunities from licenced grow facilities to dispensary networks and management is focused on attracting some of the industry's top expertise".
At this time, no transactions are in place, nor is there any assurance that a new project will be concluded in the future.
About Affinor Resources Inc.
Affinor Resources is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on the Medical Marijuana industry within North America as well as Affinor has a Mineral Exploration division. Affinor is currently working towards becoming a premier Canadian Medical Marijuana and Industrial Hemp company by consolidating fragmented medical marijuana grower facilities and bringing industry expertise to its advisory board.
On Behalf of the Board of Directors
AFFINOR RESOURCES INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
To view the photo associated with this press release, please visit the following link: http://media3.marketwire.com/docs/canada.jpg