KINGWOOD, Texas, March 23 International Merchant Advisors, Inc. (IMAI.PK) www.imaiinc.com announced today that the company has signed a letter of intent to purchase a minority equity interest in a Denver, Colorado based Medical Marijuana dispensary located in the highly sought after Cherry Creek area in Denver, and to operate the dispensary as the manager of the venture.
IMAI CEO Mel Roseman said, "We are pleased to announce this letter of intent to acquire an interest in a Denver based medical marijuana dispensary and to manage its operations. As of March 1, 2010, Denver has adopted stringent new standards for licenses, and this Cherry Creek based facility has been granted a license under those new standards. Denver news outlets report that prior to the new requirements over 500 dispensaries operated in Denver, and following the March 1st deadline only 235 dispensaries met the new standards for license requirements. We believe that competition in the medical marijuana space will continue to fade as new standards are required. Only well managed, professionally run companies will be able to meet these increasingly difficult requirements."
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SOURCE International Merchant Advisors, Inc.