VANCOUVER, British Columbia, November 7, 2016 /PRNewswire/ –– Arcturus Growthstar Technologies Inc. (the “Company” or “Arcturus”) (OTCQB: AGSTF) (CSE: AGS) is pleased to announce that it has signed a Letter of Intent (“LOI”) to acquire a 10-acre operating greenhouse in Florida, which is in a designated zone to legally cultivate, process and dispense cannabis. The Greenhouse fits Florida’s stringent criteria for agricultural farmers looking to manufacture Cannabis which, under the current law, applicants had to have been in business in Florida for at least 30 years and grow a minimum of 400,000 plants at the time they applied.
Image of greenhouse property
“This is a major milestone for Arcturus and positions us for tremendous growth for years to come,” says Mr. William Gildea, Arcturus Growthstar Technologies, Inc.’s CEO and Chairman. “With this acquisition, Arcturus is potentially positioned as one of the public sectors first movers into Florida’s cannabis market.” Mr. Gildea continues, “This acquisition is in the designated legal grow zone with close proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.
Shareholders will be excited to know that the farm is much more than a “Zoned for Cannabis” piece of land, but a fully operational greenhouse business already in full production. The greenhouse property, which has been family operated since 1959, currently grows ornamental plants sold in large box stores throughout North America. In the past 12 months, it has generated over $2,600,000 in revenue with EBITDA of over $400,000, which is expected to continue until Amendment 2 allows for the property to be converted for growing cannabis. Once fully licensed and operational, the property has the capacity to generate seven figures in revenue per month. In the interim we feel we can use our CEA technology to quadruple the current ornamental plant yields, thereby increasing both profit and revenue.”
On November 8th, Floridians will vote on Amendment 2, which would broaden medical cannabis usage to individuals with “debilitating” medical conditions as certified by a licensed physician. It also would greatly expand the consumer base for the state’s marijuana industry. Amendment Two on the Nov. 8 ballot in Florida would broaden medical cannabis usage to individuals with “debilitating” medical conditions certified by a licensed physician. It also would greatly expand the consumer base for the state’s marijuana industry, which by some estimates would exceed 400,000 citizens.
“Florida stands to be one of the biggest medical marijuana markets, in North America,” says John Sweeney, Arcturus board member and former Vice President of Operations at Tilray, a 60,000-sq. ft. cannabis grow operation in Vancouver. “With all the opportunities in the cannabis market, I am thrilled with our ability to acquire this Florida property and to be a part of this dynamic and growing company.”
Measures to legalize recreational marijuana are on the November 8th ballot in five states this year: California, Nevada, Arizona, Maine and Massachusetts. Four other states – Florida, Arkansas, North Dakota and Montana – are considering initiatives to legalize medical marijuana, a move that some say is a first step towards full legalization.
On behalf of the Board,
Arcturus Growthstar Technologies Inc.
William Gildea, CEO & Chairman