PAOG Acquires Revenue Generating Cannabis Cultivation Operation Developing Proprietary Cultivar For Medical Research
July 28 2020 - 2:58PM
InvestorsHub Cannabis NewsWire
Sandusky, OH -- July 28, 2020 -- InvestorsHub
NewsWire -- PAO Group, Inc. (USOTC:
PAOG) today announced the acquisition of a cannabis cultivation
operation from Puration, Inc. (USOTC:
PURA). The acquisition is part of PAOG’s overall medical
cannabis revitalization strategy that includes the planned
acquisition of a patented cannabis extraction operation from
Kali-Extracts (USOTC:
KALY) anticipated to close later this week on Thursday, July
30, 2020. The PURA cannabis cultivation operation acquired
from PURA is working to develop a proprietary cultivar to support
the ongoing research conducted by the KALY patented cannabis
extraction operation PAOG is acquiring.
The
cannabis cultivation operation headquartered in Texas has an
estimated $300,000 in annual revenue. 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. The cannabis
cultivation spinoff has initiated a number of joint research
applications
with Texas universities.
PAOG next week plans to publish a comprehensive
overview on the background of the cannabis cultivation operation
and the patented cannabis extraction operation to also include
PAOG’s plans going forward with the two
operations.
The
cannabis cultivation operation was valued at $1,000,000 in the deal
between PAOG and PURA. PAOG is issuing common stock in
exchange for the cannabis cultivation operation. PURA plans
to issue an independent press release on plans to distribute the
PAOG purchase stock to PURA shareholders in a dividend
distribution.
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.
CONTACT
INFORMATION
Contact Us:
Jim DiPrima
888-272-6472
info@pao.group
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