VANCOUVER, Jan. 22, 2019 /CNW/ - Agrios Global Holdings Ltd. (CSE: AGRO) (FSE:OSA – WKN-A2N62K) ("Agrios" or the "Company") is pleased to announce it will be establishing a subsidiary business unit in the State of Missouri to provide consulting services related to the regulatory changes that come into affect with the state's recent approval of medical cannabis. The Company's initial focus is preparing license applications for qualified clients who wish to enter the emerging medical cannabis business in Missouri.
Agrios Global Holdings has been assessing the opportunity for expansion into Missouri pending the outcome of a proposed constitutional amendment, the Medical Marijuana and Veteran Healthcare Services Initiative, which was approved on November 6, 2018. The measure has legalized marijuana use for medical purposes under state law, but does not change federal law, which still makes marijuana possession, sale and cultivation a federal offense.
The amendment creates regulations and licensing procedures for medical marijuana and medical marijuana facilities (dispensary, cultivation, testing and marijuana-infused product manufacturing facilities) as well as licensing fees for such facilities. Funds generated from a state imposed 4% retail sales tax on the sale of medical cannabis by dispensary facilities will be spent on healthcare services for veterans and to administer the program to license/certify and regulate marijuana and marijuana facilities.
Agrios Global Holdings' Director, Larry Ellison, a long-time advocate of the recent changes to the Missouri marijuana legislation, commented, "Potential cultivation, manufacturing and dispensary license applicants will require the guidance of someone with a clear understanding of the regulatory environment under which marijuana can be cultivated in Missouri. Agrios will offer services to assist clients with license applications and can offer those who obtain licenses further advisory and consulting services in areas such as dispensary operations, agriculture technology and agronomy services for improving crop quality."
Chris Kennedy President and CEO of Agrios stated, "Larry is a member of the Missouri Cannabis Trade Association and serves on the Executive Board as well as the Business and Legislative Affairs Committees. His clear understanding of the recent amendments to laws regulating medical marijuana cultivation and sales, and insight into the state's marijuana business performance will be invaluable in establishing the Company's subsidiary in Missouri."
About Agrios Global Holdings Ltd.
Agrios Global Holdings is a data analytics driven agriculture technology and services company advancing the latest innovations in indoor growing science. The Company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector. Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions. Based in Vancouver, BC. Agrios is managed by a highly accomplished team of experienced industry and capital markets experts who are committed to the growth of the company.
This news release was prepared by management of Agrios, which takes full responsibility for its contents. The Canadian Securities Exchange (" CSE ") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Agrios' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to corporate strategy and Agrios' ability to execute such strategy, future developments regarding Agrios' expansion into various markets including numerous states within the United States of America, and into Asia, expected costs of hemp fiber, intended development and sales of hemp products, market demand for hemp products, and the business and operations of Agrios as it relates to the Yunnan Province.
Although Agrios has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Agrios disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Agrios does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Agrios Global Holdings Ltd.