USEI Cannabis Provides a Company Update and Status of Colorado Cannabis Operations
SANTA CLARITA, CA--(Marketwired - Apr 11, 2014) - USEI Cannabis Initiatives Corp, a wholly owned subsidiary of U.S. Energy Initiatives Corporation, Inc. (OTC Pink: USEI) (PINKSHEETS: USEI) is pleased today to provide an update to investors about the company's operations in Colorado.
According to Anthony Miller CEO "Today represents our third trip to Colorado in 2014 and over 30 meetings in the state year to date. This year we announced our intent to enter the cannabis industry in the state of Colorado. Our initial intent was to establish a pathway to grow hemp in the state, especially after the 2014 Farm Bill, passed this year, provided an avenue for growing hemp in the US. After a number of meetings with regulatory folks from the state and federal agencies, we discovered that while growing hemp was legal... getting the seeds into the US was not possible. Our goal was to grow hemp to make biodiesel and market other hemp or cannabis related products. The real opportunity for hemp will probably happen in 2015.
Since hemp was not an option for USEI in 2014; we decided to turn to all possible cannabis opportunities and to establish a permanent presence in the state which provides us with many other options for future growing and product opportunities. Our focus next turned to the legal marketing of all cannabis products which includes the edible side of the industry and the growing side of the industry.
To become successful product developers, we turned to experts in the industry and one of those folks is a Washington base edible producer who has over 40 products in the market; and other producers are personal friends of management who sell over 30 edible products in California. As a result of these relationships we were able to obtain over 25 products that we intend to introduce into the Colorado marketplace. We did sign an agreement with our Washington state producer and he will be working together in Colorado in the next 2 or 3 weeks to begin producing some of the products that he will help market with USEI. We unfortunately cannot disclose his name because we have a non-disclosure agreement in place; since Washington will not be legal till this summer.
We have made tremendous progress over the last 45 days and below in a list of the things we have done and the status of those activities.
Facility to Produce: We currently have a location in Denver and one in Boulder, finalizing the location in the next 2 weeks.
Sales and Marketing: We have engaged a sales group that has ties to over 100 dispensaries. They are confident that they can market our products.
Products: We intend to produce cookies, candies, waxes, oils, butter, cakes, cereal bars, brownies, cup cakes, chocolate, lotions, topical for pain management, bath salts, beverages and a host of products that are currently unavailable in Colorado.
Cannabis Oil Extraction Machine: This week USEI traveled to Englewood Colorado to visit ETS (ExtractionTek Sales) and as a result we are set to purchase a state of the art, closed loop, solvent based extraction machine and along with additional certified equipment which is critical in meeting new regulatory standards set to take effect July 1, 2014. Combining this asset along side of our expertise will establish USEI as an awesome infused products manufacturing company. This attribute creates a solid foundation for continued product expansion and operational growth. Delivery of this device will be in the next 45-60 days.
Colorado Corporation: We formed USEI Cannabis Colorado, Inc this month in Colorado: We will have a Colorado office by month's end. Our presence after 2 years provides us with the ability to do the business without partnerships, co-producers and/ or operational agreements.
Trade-Marks: We have filed for our Real McCoy Genuine Products trademark and this is the name that will be affixed to our products in the state.
***Long Term Product Development and Presence: We met this week and came to a tentative operational consulting and financing agreement with experienced medical marijuana infused products manufacturer based in Denver, Colorado. The agreement, expected to be finalized in upcoming weeks, provides working capital and consulting services to create and promote the 'Real McCoy' brand. Building on the expertise and product development of an established manufacturing partner, USEI is poised to take advantage of the growing cannabis industry.
Growing: We are actively working on a grow plan that will include the growing of many cannabis strain with an emphasis on the CBD strains (we have significant and very experienced contacts). Scientific research has shown that CBD may be therapeutic for many conditions, including (but not limited to) chronic pain, cancer, anxiety, diabetes, epilepsy, rheumatoid arthritis, PTSD, sleep disorders, alcoholism, cardiovascular disease, antibiotic-resistant infections, and various neurological ailments. This product is available on a limited basis in the US... we intend to expand its usage.
As you can see we have made great strides towards accomplishing our goals and objectives and we will continue to press forward till we create a positive revenue model that can be replicated elsewhere. Once we get entrenched here, we will target Washington, Arizona and Nevada and other states where it is predicted that cannabis products will become legal soon. We are on the front side of an emerging industry; all projections are predicting that there are prodigious opportunities that lie in the foreground. Our objective is to create a foundation here that will be instrumental in our continued conquest to capture our market-share and create viable products that meet our goals and objectives for this venture. For more information regarding our strategies it can be found on the company's website @ www.useicannabis.com/web/," further commented Miller.
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