VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- Wildflower Marijuana Inc. (CSE:SUN) (FWB:RSP) (“Wildflower” or the "Company") has completed its due diligence and is on schedule for the purchase of multiple California cannabis licenses in the City of Los Angeles. This acquisition includes the ownership of a property with an operating dispensary and cultivation facility. These facilities are licensed to operate through LA’s medical marijuana pre-interim control ordinance (pre-ICO).
The Los Angeles market has long been seen as the grand prize for legal cannabis in the United States and perhaps the world. With nearly 4 million people within the city limits, Los Angeles is by far the largest single potential market for cannabis sales in the U.S., an especially impressive number when you compare it to the 5.5 million people that constitute the population of the entire state of Colorado. The city of L.A. alone has as many tax-paying cannabis retailers as did the entire state of Colorado, which began adult-use sales in 2014. This does not even take into account the rest of the 88-city county of Los Angeles with a population of 18 million people.
While there may have been as many as 1,500 illegal dispensaries in L.A., all told, there are now only 47 businesses licensed by both the city and state to sell cannabis for recreational use in L.A. The number of cannabis shops that will eventually be allowed to operate within the city will be limited by land use requirements on where they’re allowed to operate (for instance, stores can’t open within 700 feet of schools, public parks or drug treatment centers). According to the planning department, these restrictions will effectively limit the number of storefronts carrying recreational cannabis to 390 citywide.
This purchase licenses Wildflower for cultivation, manufacturing, distribution and retail/delivery for both medical and adult-use cannabis from both the city of L.A. and the state of California. Currently, there are only 25 distribution licenses granted within the city of L.A., 49 manufacturing licenses and 110 cultivation licenses for the city of L.A.
Wildflower CEO, William MacLean stated, “With such scarcity in licenses issued by the city of LA, Wildflower will be uniquely positioned to have access to all aspects of this newly regulated industry. Wildflower will have first mover advantage in this pre-eminent cannabis market providing the opportunity to secure market share and the ability to monetize multiple licensing avenues.”
About Wildflower Marijuana Inc.
Wildflower is a cannabis company focused on developing and designing branded cannabis products. Wildflower sells its CBD+ products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions.
On Behalf of the Board of Directors
“William MacLean”
____________________________________
William MacLean
Director and CEO
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Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.
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