COLORADO: Promap Corporation (OTCBB: PMAP) announced today the acquisition of Advanced Cannabis Solutions, Inc. (ACS), a privately owned Colorado-based company that plans to become a national leader in the rapidly emerging, regulated marijuana industry.
The combined companies will operate as Advanced Cannabis Solutions and will soon implement a name, management and stock trading symbol change to reflect the new direction and business plan of the company.
As part of the first phase of the ACS business plan, the Company will develop, build, own, and lease growing facilities to licensed marijuana growers and dispensary owners for their operations.
ACS plans to provide cutting edge facilities, solutions and services to the fast-growing cannabis industry in Colorado, with the goal of enhancing and improving current yields and quality. ACS will not grow or dispense marijuana, pursuant to requirements under state and federal law.
“Advanced Cannabis Solutions plans to to become a leader in what many believe will be a multi-billion dollar industry,” observed ACS president Robert Frichtel. “As a public company, ACS will have access to the capital markets necessary to fund the company’s aggressive growth plans and we believe the opportunities are significant.”
Most industry experts believe the legal marijuana industry is poised to experience dynamic expansion. Twenty states plus the District of Columbia have now approved medical marijuana and eight others are expected to follow. Experts predict that the current growth trend will accelerate and that the regulated, domestic cannabis market could grow from $1.5 billion to $20 billion over the next five years.
The ACS management team and its advisors have gained invaluable first-hand experience in virtually all areas of the cannabis business. Management members have been working with Colorado’s medical marijuana industry for several years.
Colorado voters first approved medical marijuana in 2000 and the state has been recognized as a national leader in the industry for over a decade. Under the provisions of recently passed Amendment 64, the Colorado market will be expanded in January 2014 to include adult, non-medical use.
Marijuana revenues in Colorado are expected to triple in 2014, growing from $200 million to over $600 million, according to a study conducted by Colorado State University. The study did not include the potential sales from the expected 65 million tourists who will visit the state and may purchase marijuana.
Many experts predict that other states will follow Colorado and Washington in enacting legislation or approving ballot measures that expand the permitted use of cannabis.
Mr. Frichtel added that “We believe the state of Colorado will serve as a model in the regulated marijuana industry for other states going forward, and we plan to capitalize on this unique growth opportunity. Our goal is to build ACS into a national industry leader.”