PAO Group, Inc. (USOTC: PAOG) today published additional information following the management takeover and cannabis strategy revitalization strategy announcement last week. James, C. DiPrima, the current Chief Executive Officer (CEO), and a team of managers have purchased control of PAOG in conjunction with a plan to make two acquisitions intended to reinvigorate and accelerate PAOG’s mission to provide medical cannabis patient care alternatives to traditional patient care solutions. Today, the company is providing additional information on next steps and the timing of next steps.
PAOG plans first executing the acquisition of a cannabis cultivation operation from Puration, Inc. (USTOC: PURA). Next, PAOG plans to execute the acquisition of a patented cannabis extraction operation from Kali-Extracts, Inc. (USOTC: KALY). Both acquisitions are expected to be closed by the end of July.
Simultaneously, PAOG is updating its public disclosures. The updates will be filed with OTC Markets Group. PAOG’s intention is to achieve OTC Markets Group’s Current Information standard.
PAOG is also working to launch an all new website that reflects its revitalization plan to include more information on the two pending acquisitions.
$100 Billion Medical Cannabis Market
According to a report from Fortune Business Insights, the legal marijuana market cannabis was over $10 billion in 2018 and the medical cannabis sector is expected to reach almost $100 billion by 2027.
Patented Cannabis Extraction Operation
The patented cannabis extraction operation is housed under NCM Biotech which is focused on medical research and the development of treatments derived from its patented cannabis extraction process. See a recent research report on CBD extracts derived from NCM Biotech’s patented extraction process: Journal of Cannabis Research.
Cannabis Cultivation Operation
PURA’s cannabis cultivation operation is thriving, has revenue, and has recently purchased and relocated to a new property from its former leased property. Texas lawmakers have recently implemented hemp friendly farming regulations and in so doing, universities within the State of Texas have initiated hemp farming research programs. PURA’s cannabis cultivation spinoff has initiated a number of joint research applications with Texas universities.
PURA had previously spun-off its cannabis cultivation operation to Nouveau (USOTC: NOUV) and is now unwinding that deal to move forward with PAOG.
Forward-Looking Statements: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.