Las Vegas, Nevada--(Newsfile Corp. - July 30, 2019) - Player's Network, Inc. (OTCQB: PNTV), a rapidly growing company in the adult-use and medical marijuana industry focused on international and domestic growth, with operations in Las Vegas, Nevada and Jujuy Argentina, announced today it has created a private subsidiary GLFI, Inc. and is positioning itself to meet the qualifications for a future NASDAQ exchange listing.
The company previously announced that it planned a name and symbol change to GLFI, but due to re-evaluating the company's growth strategy, which has been limited to reaching its true market potential, the company opted to form an operating subsidiary with that name. These limitations have been mainly due to being both a small cap and cannabis stock in a volatile market and that has restricted the company from generating the necessary institutional capital to fully monetize the company's potential.
Public companies that operate US-based cannabis businesses where they have direct contact with the plant have a difficult time with banking services and capital raising, as a result of unsettled area of the law in cannabis. This restricts the vast majority of institutional investors, brokerage houses and most hedge funds and family offices from taking investments into such companies. To overcome this hurdle, the company plans to keep all its US operations in PNTV and conduct its International business through the new company, GLFI, Inc. by way of a Teaming Agreement with PNTV.
The Teaming Agreement will include an allocation to develop 400 acres of cannabis (initial focus on CBD) crops in Jujuy, Argentina, where the company has signed an agreement with the government to develop portions of a 33,600 acer farm. The 400 acres allocated in the agreement is only a small portion of the total land PNTV has access to with the option to conduct other work on the remaining acreage under the Teaming Agreement.
The basic deal structure is as follows, PNTV will be assigning the legal rights under its government joint venture agreement and infrastructure built to date which includes land preparation, security systems, 46,000 sq. ft. of greenhouses, genetics, and more. GLFI will be providing the capital to continue building out the project and take the cannabis commodities (isolate and distillate) finished products to the International markets.
GLFI will be majority-owned by PNTV and new investors who will be offered an opportunity to purchase units of the venture. PNTV designed this strategy to raise capital without experiencing significant dilution for its existing shareholders as well as diversification of its holdings which is expected to more than double the current asset value of the company. The details of the Teaming Agreement and the details of the offering will be released soon.
PNTV CEO Mark Bradley states; "this structure will provide substantial benefits to PNTV shareholders by adding GLFI as a secondary market vehicle that has been structured to have only a small amount of shares with a large stated market value designed to attract institutional and high net worth accredited investors, most who are prohibited from investing in the small-cap cannabis markets." Mr. Bradley adds, "This is a win-win structure that once our shareholders truly understand our approach will bring considerable growth and value to both PNTV and GLFI.
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About Player's Network (stock symbol PNTV)
Player's Network is a rapidly growing company in the marijuana industry with licensed grow operations in Las Vegas, Nevada and Jujuy, Argentina. The Company has gone from a development stage company to a fully operational cannabis business operating in2 countries. The business strategy is to grow by acquisitions, joint ventures, and new market opportunities in the US and Internationally. Cannabis is legal for medical use in 30 States plus DC. It is legal for adult recreational use in 9 States plus DC. The entire country of Canada legalized marijuana adult use in October 2018. The Company believes this trend of legalization of marijuana in the US and worldwide will continue and create tremendous growth opportunities for shareholders.
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Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: inability to gain or maintain licenses, reliance on unaudited statements, the Company's need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company's products, and other risks that are detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Player's Network Contacts:
Investor Inquiries:
David Klepinger, Investor Relations Manager
Email: dklepinger@playersnetwork.com
Office: 702.840.3283
Interview Requests & Media Inquiries with Mark Bradley, CEO:
Contact David Klepinger above
Interview Requests & Media Inquiries (General):
Brett H. Pojunis, Director
Email: bpojunis@playersnetwork.com
Office: 702.840.3272
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