Atlanta 11/6/2014 12:42:09 AM
News / Finance

MissionIR News - Nhale (NHLE) Takes First Step to Capitalize on the OK for Legal Recreational Marijuana in Oregon

MissionIR like to highlight Nhale, Inc. (OTCQB: NHLE). The company develops and sells leading-edge technology in alignment with its mission to become a recognized, premier innovator in cannabis cultivation, dispensaries, testing, and scientific products. Nhale explores innovations that will position the company on the front lines of the marijuana revolution.

In the company’s news,

Nhale has entered into a Letter of Intent (LOI) with a private Oregon-based company that has marijuana production capabilities. This venture is in accordance with Nhale’s mission to acquire companies with proven business models in the legal cannabis industry.

The LOI comes fresh on the heels of the successful passage of Measure 91, which legalizes recreational marijuana for people ages 21 and older. The company under consideration intends to apply for a permit from the state to begin operations on approximately 20 acres of land in western Oregon.

The Oregon Legalized Marijuana Initiative, Measure 91, passed yesterday, allowing adults over 21 years old to possess up to eight ounces of “dried” marijuana and up to four plants.

“We congratulate the citizens of Oregon who have worked hard to bring about this legislation and we are excited about the opportunity to consider developing our business in this great state,” Lance Williams, president and CEO of Nhale stated in the news release. “We feel optimistic about collaborating with the talented team under consideration and feel they will be complementary to our goals for future growth.”

According to CBS News, Oregon easily boasts one of the highest rates of marijuana use in the U.S. Nearly 15% of the state’s population uses marijuana, compared to about 10.8% of Americans. Oregon also has one of the oldest medical marijuana programs in the U.S., established in 1998, just two years after the first was created in California. State economists conservatively estimate that the State of Oregon will rake in between $17.5 and $25.9 million in tax revenues in the first years of legalization.

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