OrgHarvest, Inc. OTC PINK "ORGH" Launches Cannabis Cultivation in Las Vegas with a Glass Greenhouse of 100,000 sqft to Produce 450 Pounds of Cannabis Flower a Week
INCLINE VILLAGE, NV / ACCESSWIRE / July 10, 2018 / OrgHarvest, Inc. is pleased to announce the name change from Home Shopping Latino, Inc to OrgHarvest Inc.and symbol change from "HSPG" to the new symbol "ORGH".
"The company will distribute 450 pounds per week of Cannabis"
- Frank Celecia / CEO
Existing Home Shopping Latino, Inc. shareholders:
Shareholders holding common shares of Home Shopping Latino, Inc. will automatically be converted one for one in the new company OrgHarvest, Inc.
OrgHarvest, Inc. approach to growing with a high tech custom Dutch glasshouse manufactured in the Netherlands offers a unique combination of advantages that is unmatched by our competitors. Compared to the other Cannabis options we differentiate ourselves by offering a building that can provide better quality flowers, pest-free flowers, and a stronger focus on developing strains and new products. Our greenhouse of 100,000 square feet will produce 450 pounds of Cannabis flower a week generating annual sales of $64 million dollars after the second year, said Frank Celecia.
Air conditioner chiller Unit
Air conditioner chiller unit
The company continues to search for alliances with larger Cannabis operations that want a foothold in the Las Vegas market that includes 45 million annual tourists. The company anticipates the greenhouse operation to be installed on 5 acres of land located in Las Vegas Nevada in the next 12 months.
The company will distribute 450 pounds per week of Cannabis through wholesale transactions to qualified Marijuana Establishments. The company will operate under stringent quality control processes with all of the Marijuana products to be distributed only after passing all state-required inspections by independent third-party testing facilities and internal inspections, before being provided to the end users.
OrgHarvest will not only strive to provide high-quality Cannabis but produce it in the most sustainable manner using the latest farming and cultivating techniques, we will be utilizing on-site renewable power generation. We are poised to become an industry leader in the Cannabis industry. The target market for OrgHarvest comprises of retail stores, processors, and the 45 million tourists that visit Las Vegas and Reno/Lake Tahoe each year.
Recent research indicates that the cannabis industry has been growing steadily and rapidly since the passage of laws allowing the distribution of Marijuana, according to Oakland based Marijuana Angel Investment Network. The ArcView Group (Executive Summary, 5th Edition), national legal sales for 2016 grew to $6.7 billion from $5 billion in 2015, fueled by explosive growth in adult use market sales. The growth continues a robust pattern that ArcView estimates will lead to a $22.6 billion market in 2021 at a 27% compound annual growth rate.
In November 2016, a new set of regulations paved the way for a recreational Marijuana market in Nevada. The State of Nevada began recreational sales on July 1, 2017, which is expected to register a compound annual growth rate of 42% over the next five years thus adding up to $433 million dollars in sales annually by 2021. The evolving legal environment combined with changing public attitudes are all factors contributing to a "perfect storm" to cultivate industry growth.
16540 Pointe Village Drive
Lutz, FL 33558 Email: [email protected]
Frank Celecia/Investor relations
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: OrgHarvest, Inc.