Testing Services Provided for Cannabis Dispensing Product
ST. PETERSBURG, Fla / ACCESSWIRE / August 19, 2014 / Sylios Corp (OTC Pink:UNGS), through its subsidiary, The Greater Cannabis Company, LLC, is pleased to announce that it has entered into co-consulting agreements with Greenscape Laboratories, Inc. (OTC Pink:MJLB), along with cross investments to fuel the growth of both companies in the development of products dedicated to the medical marijuana industry.
Under the terms of the agreement, Greenscape Laboratories, Inc. will provide the testing services required for retail sales through the automated dispensing kiosks. The Company will provide board level advisory services and business development services for Greenscape.
Currently, recreational marijuana is available in both Colorado and Washington. State law in each of these jurisdictions requires testing – which explains Greenscape Laboratories, Inc.’s involvement.
According to the Marijuana Business Daily, "U.S. retail cannabis sales will rise more than five-fold over the next five years, from an estimated $2.2-$2.6 billion in 2014 to $7.4-8.2 billion in 2018, according to new financial data released today in the 2014 edition of the Marijuana Business Factbook."
The Company will utilize the proprietary testing methods of Greenscape to test for potency, foreign material, microbiological levels, as well as pesticide and fertilizer residue. The Company intends to deploy its first automated cannabis dispensing product during the fourth quarter of 2014 with pre-sales beginning during the current quarter.
Integral to the Agreement between Sylios and Greenscape, are cross-consulting agreements. The parties will be compensated in stock for these services, resulting in an investment in Sylios by Greenscape and vice versa. Greenscape will be issuing restricted common stock to Sylios Corp. and Sylios will be issuing to Greenscape shares of restricted common stock. Greenscape shares issued to Sylios will be restricted from public sale for a period of one year, which should allow for production and deployment of the automated cannabis dispensing units.
Wayne Anderson, President of Sylios Corp, noted, “We are extremely pleased to enter into this consulting agreement and cross investment with Greenscape. The value added by their testing services will ensure our merchants and their customers of quality control and product integrity. The investment by Greenscape will allow the Company to further expedite and expand its product deployment."
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development oil and natural gas properties, investments in equities and corporate debt and the development of products utilized for the medical and recreational marijuana industry. Additional information can be obtained at the Company's website, http://www.usnatgascorp.com/. The Company's website address will change to http://www.sylios.com/.
About Greenscape Laboratories, Inc.
Located in Pensacola, Florida USA, Greenscape Laboratories, Inc. (http://www.mjnalab.com/) is a publicly traded company listed on the OTC PINK under the "MJLB" trading symbol. Greenscape Laboratories, Inc. was founded for the purpose of ensuring the safety of cannabis by providing advanced assistance in testing consumable products for both chemical and foreign contaminants. We believe that testing is extremely important to all users - both medical and recreational. Our goal is to become the standard by which laboratories in this industry are measured.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2013, which can be found on the OTC Markets website, http://www.otcmarkets.com/.
Source: Sylios Corp