CALGARY, Nov. 15, 2016 /CNW/ - Maple Leaf Green World (MGW-V) ("Maple Leaf" or the "Company") announces that the propositions on the ballot in the recent US election for the legalization of marijuana for recreational use have been passed in four of the five states involved, including California and Nevada. According to sources such as CNN Money, these election results could expand the American marijuana market to $21 billion by 2020, up from $5.7 billion in 2015. Maple Leaf believes it is well positioned to capitalize on the important business opportunity presented by the election results through the Company's California and Nevada cannabis projects.
In Nevada, the Company's recently announced 33,500 sq. ft. facility has the capacity to produce 5,000 pounds of marijuana a year, which (depending on product pricing) could generate up to US$10 million revenue a year for the Company. In addition, the Company, as licensee, is allowed to expand the capacity of its facility if the State determines the demand for recreational marijuana exceeds supply. According to sources such as Marijuana Business News, Nevada is estimated to gain $400 million in recreational marijuana tax revenue from tourism.
In California, the Company's recently announced application for a cultivation permit in San Diego has progressed to the stage of securing a 2.5 acre parcel of land with a 20,000 sq ft greenhouse and a single dwelling. This property has sufficient space to build another 20,000 sq ft of greenhouse. The shipping of the initial harvest from the Company's existing operation in California is continuing and Maple Leaf's second crop is ready to harvest according to schedule. The Company's plan to expand its operations at its current site in California from two to a maximum of ten greenhouses is also under way, with construction work expected to start in early 2017. According to sources such as CNN Money, the California marijuana market has the potential to reach $7.6 billion in value by 2020, comprised of an estimated $4.3 billion in sales for recreational use and up to $3.3 billion in sales for medical use.
Canada ACMPR (formerly MMPR)
The Company's application for ACMPR (formerly MMPR) has been in stage 4 since December 2015. The Company was advised by Health Canada that its application was facing additional delays because one of Maple Leaf's directors was not resident in Canada. Since that time, this director has resigned from his position with the Company and as a result, Health Canada has advised management that the Company will advance to stage 5 of the review process upon receipt of the required security clearance from the RCMP.
For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a Canadian company that focuses in the agricultural/environmental industry with four main areas of activity:
Canadian MMPR - It pursues opportunities within the medical cannabis industry. If and when a MMPR license is obtained and through an agreement to lease a greenhouse facility with Woodmere Nursery Ltd., it will become a Canadian producer. It is currently seeking Canadian MMPR licensed producer status to grow medical cannabis in Canada for domestic consumption and export to approved countries.
California Project – It pursues opportunities within the medical cannabis industry in various States that have legalized marijuana. It is currently in a joint venture with a California non-profit collective.
Eco-Agriculture - it pursues several projects around the world. In China, it is focused on growing value-added tree seedlings and nursery products that assist with anti- desertification.
Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.
Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the agricultural industry (and in particular, the medical marijuana business), and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf's operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.