NEWPORT BEACH, CA – Vemanti Group, Inc. (OTC PINK: VMNT), a diversified holding corporation, today announces that it has entered into a Letter of Intent to acquire 100% ownership of MedicatedOne, LLC (“MedicatedOne”), a California-based medical cannabis company.
The U.S. legal cannabis industry is among the fastest growing industries in the U.S. projecting better than $22 billion in revenue by 2020 by various analysts and publications. California, in particular, has been progressive in the development of its medical marijuana regulations and there is a very optimistic outlook for growth of the industry in the state. Approval of the sale of marijuana for recreational use in California is scheduled to be on the ballot in this year’s November voting with a widespread expectation of acceptance.
“We believe this acquisition will represent a major milestone in our plan to become a significant participant in the rapidly growing U.S. legal cannabis market,” comments Tan Tran, Chairman and CEO of Vemanti. “We are impressed with MedicatedOne’s market knowledge, proprietary techniques, unique products, and proven seed-to-stomach production practices and are excited by the opportunity to expand our portfolio into such a potentially high-growth market and look forward to bringing a series of innovative cannabis-based products to the marketplace.”
The LOI is conditional on agreement of closing documentation, verification of all records, confirmation of the transferability of ownership, and approval of the Board of Directors of Vemanti Group. The parties expect to sign a definitive agreement in late-August, 2016, and close at the same time or shortly thereafter.
About the Vemanti Group
Vemanti Group, Inc. (OTC PINK: VMNT), www.vemanti.com is a diversified holding corporation that’s looking to be active in high-growth and technology-driven markets. They plan to grow through acquisitions by looking for businesses that have start-able products and partner with them, starting a joint-venture with an equity stake or making them a wholly owned subsidiary.
About MedicatedOne, LLC
MedicatedOne, LLC, a privately held corporation, is a cannabis product incubator that develops, formulates, and markets natural cannabis products derived from industrial hemp. Its mission is to brand and market the highest quality, legal cannabis products. It’s currently engaged in the research, development, and licensing of natural cannabis products. It’s also seeking to establish a real estate and leasing services business under, which the company would lease real estate that is outfitted with solutions for cannabis product manufacturers.
The statements contained in this press release contain certain forward looking statements, including statements regarding the company’s expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to the company’s management as of the date hereof, and actual results may vary based upon future events, both within and without the control of the company’s management.