LOS ANGELES, CA and FORT LAUDERDALE, FL / ACCESSWIRE / November 15, 2021 / DNA Brands is pleased to announce that it has entered an agreement with a partner located in Los Angeles, California. Under the terms of the agreement DNA Brands will be the majority owner of a newly formed wholly owned subsidiary, Green Thumb Ventures LLC, a Colorado Corp. The purpose of this subsidiary will be to identify and cherry pick distressed assets of value, specifically in the cannabis space.
The California cannabis market is the world's largest and federal legalization is anticipated to be around the corner. The price of wholesale cannabis, licenses and facilities in California are at all time lows. Businesses are hurting and feeling the pinch. Green Thumb Ventures LLC plans to strategically identify undervalued cannabis projects that are overextended and in need of additional financing but which provide immediate value for an equity investor.
Green Thumb Ventures has identified its first opportunities which include a licensed Manufacturer, Distributor and Retail delivery business, prime Humboldt County Cultivation properties. These ventures are well operated and managed but market conditions and pricing will allow us to acquire controlling stakes and become vertically integrated with very little investment.
By the numbers: With approximately 28 million people of age, California is the largest legal cannabis market in the world - nearly twice the size of New York's legal market (15 million). California generated $4.4 billion in legal marijuana sales in 2020, or roughly 20% of global cannabis sales.
In staying in line with the Berkshire Hathaway model, DNA plans to use Green Thumb Ventures as a holding company to acquire and employ distressed cannabis assets. Under the terms of the agreement DNA will finance the acquisition of projects into Green Thumb Ventures LLC. Its partner in Southern California will be led by minority business owner and cannabis veteran, Mr. Rendhel Pierre-Louis.
About Mr. Rendhel (Ren) Pierre-Louis: Mr. Pierre-Louis, is a first generation American, born and raised in Brooklyn, New York. A graduate of Washington University School of Law, in St. Louis Missouri in 2006, Ren saw the writing on the wall and headed to California to be a part of the cannabis greenrush in 2014.
As a Cannabis wholesaler in California for the past 7+ years Ren has been building and nurturing relationships and businesses nationwide. One of his current companies, Savage Valley LLC, a California cannabis company, grossed about $26 Million in Revenue in 2020. As a partner at Green Thumb Ventures LLC, Ren's primary responsibility will be to target, negotiate and manage cannabis opportunities, on behalf of the company.
Teaming Ren's knowledge and understanding of the cannabis markets with DNA Brands broad experience and investor network will enable Green Thumb Ventures to easily identify undervalued, low risk assets and investment opportunities.
Adrian Patasar, CEO of DNA Brands said this:
"After meeting with Ren, both in CA and in NJ (where Ren's East coast project is located). I am very happy l to have the honor of working with someone of Ren's expertise and calibre. Ren has the boots on the ground cannabis knowledge coupled with the business and legal savvy, to help grow the company exponentially. As a minority business owner Ren understands the intricate details of the cannabis market and has identified the gross negligence, overspending and mismanagement of funds that has occurred over the past few years and we plan to take full advantage of that. We are ecstatic to have him as a partner on this venture. "
CONTACT:
Adrian M Patasar
(561) 654-5722
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact included in this presentation are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments, and business strategies. These forward-looking statements may be identified by the use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "will" and similar terms and phrases, including references to assumptions. However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions, or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected or may prove unachievable.
The Company's business and prospects must be considered in light of the risks, expenses, and difficulties frequently encountered by companies working with new and rapidly evolving technologies such as blockchain. These risks include, but are not limited to, an inability to create a viable product and risks related to the issuance of tokens. Furthermore, the Company's business contemplates participation in a highly regulated space of cannabis finance and associated customer data and therefore may face regulatory and execution challenges, particularly in light of the novelty of the concept. The Company cannot assure you that it will succeed in addressing these risks, and our failure to do so could have a material adverse effect on our business, financial condition, results of operations, and prospects. There can be no assurance as to whether or when (if ever) the Company will achieve profitability or liquidity. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as otherwise.
SOURCE: DNA Brands Inc.