LAS VEGAS, NV--(Marketwired - Apr 3, 2017) - South American Gold Corp. (OTC PINK: SAGD) is proud to announce today that it is in receipt of a countersigned Letter of Intent to acquire Arkham Greenway, LLC, a company designated for recreational marijuana production in the State of Oregon.
Arkham Greenway is the growth venture of Jason Osborne, an OMMP (Oregon Medical Marijuana Program) licensed grower in the State of Oregon; and David Stone. Mr. Osborne has been operating under an OMMP grower's license in Oregon for the past 4 years. The creation of Arkham Greenway was the result of his desires to transition from an OMMP license to a Recreational OLCC (Oregon Liquor Control Commission) Producers license. With approval of the change of license statutes, Arkham Greenway shall move into the recreational cultivation on its current OMMP site. According to Arkham Greenway, the next phase is to begin construction of the proposed larger scale commercial facility with 5 OLCC licenses. Mr. Jason Osborne has been actively involved in the legalization movement and has served as the host of Rogue Cannabis Radio.
According to a report by Arcview Market Research, and reported on by Forbes, legal North American marijuana sales grew 30% to $6.7 Billion in 2016 and is projected to hit $20.2 Billion by the close of 2021, with a compounding annual growth rate of 25%.
SAGD President, David Reeves, stated, "This LOI is a formal statement between both sides for the structure of the Equity Purchase Agreement. With the outdoor marijuana growing season quickly approaching we will be working together to swiftly expedite closing of the Equity Purchase Agreement."
According to New Frontier, a big data provider for the cannabis industry, as reported by Inc, the Oregon market is expected to produce $464 Million in sales by the close of 2020.
SAGD President, David Reeves, added, "With the closing of our agreements Mr. Osborne and Arkham Greenway will continue to provide a high quality outdoor grown flower and may look into the option of adding a greenhouse process to the operation, for year-round growth."
SAGD recently announced the formation of Arkansas Medical Cannabis, Inc., an entity formed in the State of Arkansas for the purpose of applying for a Medical Cultivation License when the State of Arkansas releases its applications for cultivation, as presently proposed under the rules, on June 2, 2017.
SAGD is also developing a cannabis dedicated social network application, PotCircles, for users to express their lifestyles with other cannabis users, with the initial launch market being the United States.
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South American Gold Corp is a publicly traded company on the OTC under the symbol SAGD, focused on the cannabis industry and lifestyle.
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