YARDLEY, Pa., Jul. 14, 2015 /PRNewswire/ --OSL Holdings Inc. (OTCQB: OSLH) ("OSL" or the "Company"), a socially conscious business dedicated to consumer
advocacy, social activism and the advancement of civil liberties through the power of commerce, announced today that it has signed a letter of intent (the "LOI"),
subject to and in accordance with the terms of a definitive agreement, with California medical marijuana firm Pacific Retail, LLC ("Pacific Retail") for OSL to
provide a broad suite of management services for Pacific Retail's cultivation and dispensary business. The LOI also includes an option for OSL to purchase
equity of Pacific Retail once federal prohibition of cannabis is repealed.
The services to be provided by OSL will include all management activities necessary for day-to-day administration of Pacific Retail's Los Angeles-based operations.
OSL will handle cash and payment processing for Pacific Retail and will take over marketing, sales, and business development as well.
OSL's Chief Corporate Development Officer, Steve Gormley said:
"OSL has a long-term business strategy preparing for what we believe will be the eventual complete federal repeal of prohibition of cannabis. We are building
strong businesses in the current regulatory environment, while at the same time setting ourselves up to be in a position to truly capitalize on the market when
such a repeal happens. Today's news is a reflection of that long-term strategy for OSL.
Bob Rothenberg, OSL's CEO said:
"OSL is working with partners to bring solid business and compliance practices to this sector, in order to achieve better performance and larger margins.
We're thrilled about the implications of OSL's future business with Pacific Retail."
The Two OSLH Executives quoted above became Managing Members of Pacific Retail LLC
(Steve Gormley and Rothenberg were Managing Members with California Consulting Group LLC)
Bob Rothenberg, Steve Gormley, and Eli Feder were Managing Members of several similar entities registered in Nevada--all have been Dissolved
California Retail LLC
Oregon Retail LLC
Nevada Retail LLC
Office Supply Line, Inc. - in Default
Steve Gormley is the Founder of Seventh Point LLC in Los Angeles
He registered this new entity in Delaware last December