Limitless Venture Group, Inc. Signs Letter of Intent to Acquire 100% of Oklahoma Cannabis Growing Operations and Facilities
Scott P. Arroyo
6 min read
TULSA, OK / ACCESSWIRE / December 7, 2021 / Limitless Venture Group, Inc. (OTC PINK: LVGI) (“LVGI†or the “Companyâ€), a publicly traded holding company that provides its shareholders with access to investment opportunities in ideally positioned small and medium enterprises for rapid growth, is pleased to announce that it has signed a Letter of Intent to acquire 100% of an operating grow facility in Oklahoma with indoor and outdoor operations, exclusive to LVGI for 60 days from the signing of the letter of intent.
The operation had 1 full outdoor growing season producing around 1,200 pounds of cannabis, according to the owners. Plus, they currently have around 400 plants growing indoors and hope to harvest them this month. Outdoor and indoor operations have all equipment, lighting, heating / cooling, etc. necessary to produce quality plants. In addition, the current staff appear willing to stay and work with LVGI if necessary. More information will be available and provided once we close this opportunity.
With current harvest levels, LVGI assumes there is a capacity to grow 1.5 to 2 crops outdoors. Using current production numbers that would produce around 1,800 to 2,400 pounds of cannabis per year outdoors. With a salable price range of around $ 1,000 a pound, LVGI’s first year of outdoor production, if all goes well, could be worth between $ 1,800,000 and $ 2,400,000. Indoors it is possible to grow all year round and that could mean up to 5 harvests per year. The facility is now operating in approximately 2,000 square feet of space. Again, using current production levels of which around 400 plants are growing, that would mean that LVGI’s first full year of indoor growing could produce 2,000 plants, which should be around ¼ pound per plant (per leafy.com ), or about 500 pounds. Again, at a low price of around $ 1,000 per pound, this would generate an additional $ 500,000 per year, making total annual revenues for LVGI between $ 2,300,000 and $ 2,900,000 IN THE FIRST YEAR !. There are many variables that would significantly change these numbers and they are only used as a reference. There is additional indoor space available which can be converted into grow rooms which could potentially quadruple, up to 8,000 square feet, indoor grow area as well as increase usable outdoor area and add greenhouses to extend seasons. exterior.
Joseph Francella, CEO, said: “This is a fantastic opportunity for LVGI and its shareholders. 100% of installation and operations are offered with current inventory, giving LVGI the ability to achieve revenue and profitability almost immediately. In addition, the current staff have indicated that they would like to stay with the company to help us develop the operations. Since there are tangible assets, LVGI and the seller pursue a cash purchase, with LVGI financing the acquisition. In addition, “Our institutional investor has already expressed to LVGI a strong interest in assisting in the financing of this acquisition and plans to travel to Oklahoma in the very near future to see the property first hand.
“With MMJ Oklahoma dispensaries raking in $ 385 million in sales through June 2020, it is critical that LVGI moves quickly into this market,†said Devon Diaz, PE, COO of LVGI. “Signing a Letter of Intent to acquire 100% of an existing growing facility in Oklahoma represents tremendous potential that will complement our current strategy to grow in the health and wellness market. When we complete this transaction, it will be our fourth acquisition in the last two years and will open up new opportunities for us to work more closely with our subsidiary Rokin Vapes as they have great knowledge and connections in this market which could provide great benefits. short and long term. Additionally, with the potential for immediate cash flow, this acquisition will be exactly what will continue to position LVGI for long-term growth and success. “
About Limitless Venture Group, Inc.
Limitless Venture Group provides its shareholders with access to leading growth-oriented small and medium enterprises. Leveraging its permanent capital base, disciplined long-term approach and actionable expertise, LVGI holds majority stakes in its subsidiaries by partnering with management teams to create companies with the capacity to deliver value. significant for its shareholders.
For more information, please visit: www.lvginc.com.
The Company currently has three main subsidiaries: Rokin, Inc., KetoSports, Inc. and Jasper Benefit Solutions, LLC.
About Rokin, Inc.
Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available while providing exceptional customer service. Rokin Vapes is rigorously tested by Rokin and several consumer focus groups to ensure products meet strict quality standards before production. Once a product is selected and production is complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products), but Rokin goes above and beyond to certify our vaping products. according to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products. www.rokinvapes.com
About KetoSports, Inc.
KetoSports products flush the body with ketones, increasing the levels of ketones in the blood within minutes. Because the body and brain use ketones as their preferred energy source and are primarily used for energy needs, KetoSports products are essential for anyone who wants to extend their energy stores for their sporting events or for those who simply wish to benefit from a stimulant without carbohydrates. –free mental energy and improved acuity.
About Jasper Benefit Solutions, LLC
Jasper Benefit Solutions, LLC (JBS), founded in 2018 and headquartered just outside of Nashville, TN, is a generalist insurer (MGU) specializing in risk management services for self-funded small and medium employers “Groups”. MGUs, unlike general agents in the insurance industries, are certified to underwrite health and life insurance policies on behalf of their partner carriers. Jasper’s niche is the unique ability and authority of a well-known and nationally recognized insurer to underwrite groups as small as five (5) employees as well as to offer limited benefit insured products for individuals. groups with part-time employees who cannot participate in their health plans. www.jasperbenefitsolutions.com
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Disclaimer Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts, including, without limitation, statements that relate to the expectations of the Company with regard to the future impact on the results of the Company on new products in development can be considered as forward-looking statements. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipate”, “likely”, “believes” and words of importance Similar also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyzes and other information based on forecasts of future results, estimates of amounts not yet determined and management’s assumptions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of their publication. Except as required by applicable law, we assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
THE SOURCE: Limitless Venture Group, Inc.
See the source version on accesswire.com:
https://www.accesswire.com/676323/Limitless-Venture-Group-Inc-Signs-LOI-to-Acquire-100-of-Cannabis-Grow-Operations-and-Facility-in-Oklahoma
