PALM BEACH, Florida, November 15, 2016 /PRNewswire/ --
The sweeping legalization of various forms of Cannabis andLegal Marijuana operations across the United States is serving to help mature the industry, bolstering the already existing revenue streams, as well as diversifying new opportunities for investors and consumers alike.
Arcturus Growthstar Technologies Inc. (OTCQB: AGSTF) (CSE: AGS) is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire a 15-acre parcel of land in Redland, Florida, in a county that is designated to legally cultivate, process and dispense cannabis. Redland is an unincorporated community within Miami-Dade County, with Biscayne National Park to the east and Everglades National Park to the west. Redland is primarily a Miami suburb and a major agricultural area. Miami-Dade County is referred to as the nation's "Salad Bowl" and "Winter Bread Basket."
Read the full Arcturus (AGSTF) (AGS.CN) press release at: http://marketnewsupdates.com/news/agstf.html
"We are pleased to have reached this LOI to acquire this prime parcel of land as it has a long history as a plant nursery, which was first established in 1963," says Mr. William Gildea, Arcturus Growthstar Technologies Inc.'s CEO and Chairman. "This acquisition will be an all-stock deal and greatly adds to our geographic footprint and overall strategy in the state of Florida. With the recent passage of Amendment 2, an initiative which significantly broadens Florida's medical marijuana program, we want to be firmly established in the state and solidify our first mover advantage in one of the biggest potential cannabis markets in the United States."
With this acquisition and the previously announced 10-acre greenhouse acquisition near Orlando, Arcturus has the potential, if fully licensed, to develop 25-acres of cannabis crops. If current state projections for the cannabis market size hold up to their $1.8B projection by 2020, Florida will have considerable demand for medical marijuana, even without factoring in the potential for recreational legislation. This is an exciting acquisition for Arcturus as the 15-acre farm is located in a designated legal grow zone with close proximity to Miami.
Other Cannabis stocks performing well in the markets this week:
mCig, Inc. (OTCQB : MCIG) closed up over 30% at $0.195 on over 19.4 Million shares traded by the market close. MCIG, a diversified company servicing the legal cannabis, hemp, and CBD markets announced Monday the second quarter, MCIG generated $620,015 in revenue, a 126% increase from the previous quarter. The company reported to be profitable during the quarter and MCIG reported $10,469 in net income, an increase of $675K in its bottom line compared to same period last year. MCIG's adjusted net income for the period was $102,550, an adjusted net profit margin of 20%.
OrganiGram Holdings Inc. (OTCQB: OGRMF) closed up over 26% on Monday at $2.93 trading over 750,000 shares by the market close. OrganiGram Holdings Inc., through its subsidiary, Organigram Inc., produces and sells medical marijuana in Canada. The company was founded in 2013 and is based in Moncton, Canada.
United Cannabis Corporation (OTCQB: CNAB) also closed up over 20% on Monday at $1.81 on over 1.68 Million shares traded by the market close. United Cannabis Corporation last week announced that its Joint Venture, which is 50% owned with Jamaica-based Cannabis Research & Development ("CRD"), has submitted its application for a license to cultivate, process, transport and conduct research on cannabis within Jamaica.
MassRoots, Inc. (OTCQB: MSRT) closed up just under 10% at $0.84 on Monday trading over 945,000 shares by the market close. MassRoots announced earlier this month that it has released product and strain reviews within its iOS and Android applications. Through community-driven reviews, MassRoots aims to connect consumers with the best products to treat their ailments.
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