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MIDLAND, Mich., July 25, 2019 (GLOBE NEWSWIRE) -- HPIL Holding (OTC PINK: HPIL) has previously signed a Letter of Intent to purchase property located at 278 E Saginaw Rd, Sanford, MI 48657. A relevant 8K was filed on April 17, 2019.
The Company had intended to utilize a section of the property for a Cannabis dispensary. Unfortunately the Lincoln Township where the property is located has recently notified LARA that they have opted out of the licensed facilities portion of Michigan Regulation and Taxation Act (MRTMA). The Company is actively seeking an alternative site for a Cannabis dispensary within a municipality that has not opted out of the licensed facilities portion of MRTMA.
As originally planned, the property at 278 E Saginaw Rd, Sanford, MI 48657 will be utilized as the HPIL corporate Head Office and primary drill bit refurbishment facilities for the 100% HPIL owned subsidiary RodDoc Inc. HPIL’s Board of Directors has tasked one of our executives to review and find locations in the Great Lakes Bay Region (Saginaw, Bay, Midland and Isabella counties) for the dispensary. Pinconning, a Bay County municipality, was the first township in Michigan to pass an ordinance to allow medical marijuana businesses into the community. Pinconning is considered a mecca for state of the art Cannabis operations. HPIL’s new head office in Lincoln Township is a short distance from Pinconning. According to an unofficial report by the Michigan Department of Licensing and Regulatory Affairs, 64 communities in Michigan have approved ordinances to allow medical marijuana businesses.
In November 2019, Michigan voters approved via a ballot measure the legalization of recreational use of Cannabis. The Department of Licensing and Regulatory Affairs (LARA) is tasked with drawing up regulations on marijuana policy. The license rules should be finalized by December 2019. It is HPIL’s intention to apply for a retail license to sell marijuana to legal adults for recreational use.
It is HPIL’s opinion that this initiative and future venture in this space will be assisted by its nuUnlimited North America Joint Venture’s marketing of its marijuana provenance platform.
Michigan’s profitable medical marijuana industry, with current estimated annual sales of medical marijuana of more than $700 million a year is projected to grow to over $1 Billion. Recreational marijuana sales will be in addition to this. HPIL is committed to exploring opportunities in this lucrative sector, both in businesses and technologies selling to the Cannabis sector as well as direct participation, to the extent permitted by local, state and federal laws.
HPIL Holding (http://hpilholding.com) is a diversified holding company listed on OTC Markets. HPIL Holding is focused on investing in both private and public companies in differing business sectors. HPIL Holding does not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, acquires various types of businesses. HPIL Holding also evaluates the acquisition of intellectual properties and technologies.
Safe Harbor / Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "plan," "potential," "seek," and "intend," among others. These forward-looking statements are based on the Company's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ include, but are not limited to, substantial competition; our possible need for financing; uncertainties of technological changes; and dependence upon third parties. The Company does not undertake an obligation to update or revise any forward-looking statement. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.
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