HOUSTON, TX--(Marketwired - Nov 12, 2014) - Following positive initial due diligence performed on a prospective Oregon grower, Nhale Inc. (OTCQB: NHLE) is forming a subsidiary in the state of Oregon for the purpose of producing legal marijuana.
Last week, voters in Oregon passed Measure 91, legislation to legalize cannabis for recreational use. The historic measure opened the doors for entrepreneurs in Oregon to enter the industry as the state begins the process of introducing a model whereby recreational marijuana can be legally sold, taxed and regulated. The state already has a medical marijuana system in place.
Measure 91 proponents project Oregon will collect up to $80 million in marijuana tax revenue during the first two years. This is a realistic forecast, as The Washington Post reports Colorado took in about $7.5 million in August, 2014 alone and about $45 million year-to-date. The Drug Policy Alliance estimates the country could gain $46.7 billion annually in tax revenue through legalization.
"By collaborating with the capable team under consideration, we feel comfortable that we can bring a skilled complement of talent and resources into this project and prepare to meet the requirements for approvals and licensing," said Lance Williams, President and CEO of Nhale Inc.
On October 31, Nhale Inc. entered into a Letter of Intent (LOI) with the private Oregon-based company and is close to finalizing due diligence on its capabilities to grow and distribute marijuana. The company under consideration intends to apply for a permit from the state to begin operations on approximately 20 acres of land in western Oregon. This venture is in accordance with Nhale's mission to acquire companies with proven business models in the legal cannabis industry.
About Nhale, Inc. (OTCQB: NHLE)
Nhale™ is a technology company whose mission is to be the premier legal cannabis industry innovator, promoting industry awareness and developing economically sustainable partnerships while increasing shareholder value.
For further information visit http://nhaleinc.com/investors.html
Forward-Looking Statements
Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our EDGAR securities filings with the Securities and Exchange Commission. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in the marijuana market; the results of product development and the result of our efforts to develop strategic relationships, partnerships and potential acquisitions that are in line with our business model; outcome of partnership negotiations; the uncertainty of market estimates; changes in environmental and other regulations; risks associated with retail operations; and other factors, many of which are beyond the control of the Company. There is no representation by Nhale that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Nhale assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.