ADHC to Focus on the $1.7 Billion California Cannabis Market
DEL MAR, CA / ACCESSWIRE / February 15, 2017 / American Diversified Holdings Corporation ADHC today announced that the management team is targeting opportunities in the cannabis industry. The company is in active negotiations with operating businesses in the cannabis area focused on media, growing, distribution, and retail sectors.
"Our team has met with operating businesses in Washington, Nevada, Oregon, Colorado, and California in order to gain insight into this exploding sector. California voters legalized recreational marijuana by passing Prop 64 in November of 2016, opening a floodgate of business opportunities in California," commented Management. "Shareholders are encouraged to stay tuned to the upcoming press releases, where a detailed plan for ADHC's entrance into this sector will be outlined. Current revenue estimates for the California cannabis industry are projected to increase from $1.5 billion in 2015 to over $6.5 billion in 2020, creating a compelling opportunity for ADHC's shareholders," concluded the company.
For more information on California Cannabis law see:
http://voterguide.sos.ca.gov/en/propositions/64/
ABOUT THE US AND CALIFORNIA CANNABIS INDUSTRY
Approximately 24 states have legalized Medical Cannabis use and 8 states have legalized recreational use.
California's legal marijuana sales likely will climb to $1.6 billion within the first year, according to an Arcview report.
California medical and recreational industry is projected to reach $6.5 billion in revenue by 2020, up from $2.8 billion in 2015, according to the report. The nation's legal cannabis industry is expected to climb to $23 billion in 2020, up from $5.7 billion in 2015. The state of Colorado recently reported 2016 revenues of $1.3 billion and tax revenues of $200 million. Recently, 27 US congressmen, both Republican and Democrat, have introduced a new law known as, "Respect the State Marijuana Laws Act," prohibiting federal prosecution for business in compliance with state law. This bill will formally legislate the current US policy.
For more information see:
ABOUT AMERICAN DIVERSIFIED HOLDINGS
American Diversified Holdings is a holding company that provides executive management, corporate governance, administrative support, financial advice, and introductions to capital sources to various micro-cap private and public companies that have proven revenues and business models.
Safe Harbor
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. American Diversified Holdings common stock currently trades on the over-the-counter "Pink Sheets" under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no reference has been made that this release contains all such information.
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SOURCE: American Diversified Holdings Corporation
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