Umbral to Provide I 502 Compliant Turn-Key Facility
C.UMB | 51 minutes ago
(via Thenewswire.ca)
Vancouver, B.C. / TheNewswire / August 27th, 2015 - UMBRAL ENERGY CORP. (CSE: UMB) (OTCQB: UMBBF) (the "Company" or "Umbral") announces that further to the Company's news releases of June 19, 2015 & May 5, 2015, the Company has entered into an agreement with a Washington State limited liability company that has applied for a recreational marijuana production and processing license governed by the laws of the State of Washington (the "License Applicant") to acquire a majority interest in the License Applicant.
The License Applicant is the sole owner of a "Tier 3" "Provisional" recreational marijuana production and processing license, which, once issued by the Washington State Liquor and Cannabis Board ("WSLCB"), will allow the License Applicant to produce up to 21,000 square feet of plant canopy and process marijuana product for recreational use under the laws of the State of Washington. This transaction is subject to regulatory acceptance.
It is anticipated that the License Applicant will lease up to 21,000 square feet of WSLCB compliant space from Umbral Energy, LLC (a to-be-formed State of Washington limited liability company). Umbral has identified two properties for the building of a turn-key facility that will allow the License Applicant to produce and process marijuana product.
Jag Bal, President of Umbral commented, "identifying property and building out the turn-key facility for the production and processing of recreational marijuana under the laws of the State of Washington fits Umbral's business objective to acquire and develop projects of merit, thereby creating long term value for our current and future shareholders. The Company is also evaluating additional opportunities throughout the United States where legislation has legalized marijuana for recreational use to leverage its business experience and industry knowledge."
About the Washington Recreational Marijuana Market
In November 2012, the WSLCB passed Initiative 502 ("I-502") pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State, worth approximately $1.25 - $1.5 Billion USD in annual sales.
929 Mainland Street, Vancouver, BC V6B 1S3
Tel: (604) 628-1767 | Fax: (604) 628-0129
info@umbralenergy.com | www.umbralenergy.com
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes. MMPR license with Health Canada, through its subsidiary PhyeinMed and should it's application be granted an initial approval from Health Canada, it will proceed with closing the acquisition of a 10,500 sq. ft. facility on 13 acres, which it has an agreement to purchase. This approval will allow them to execute their security plan as well as developing the growing, storage and distribution area.
While it is the intention of Umbral and PhyeinMed to obtain a MMPR License, there can be no assurances that it will receive the necessary permits to operate. Any MMPR applicant, including PhyeinMed, will not be able to legally grow or sell medical marijuana without a license from Health Canada. In addition the Company has a mineral exploration project in Quebec, Canada as well as oil and gas property in Alberta, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal
President and CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation.Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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TheNewsWire
August 27, 2015 - 8:30 AM EDT
Tags: INDUSTRIAL METALS & MINERALS
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