Latteno Food Corp. Achieves OTC Markets' Highest Trading Status - OTC Pink Current Information Prepares for Growth in the $1.7 Billion US Medical Marijuana Market - Potential US Marijuana Market Estimated at $46 Billion
SANTA ANA, Calif., Feb. 14, 2013 /PRNewswire/ -- Latteno Food Corp. (OTC: LATF) is pleased to announce that, based on the submission to OTC Markets of the required Initial Company Information and Disclosure Statement and its Initial Financial Disclosure dated December 31, 2012, together with the stipulated Legal Opinion Letter, it has been upgraded by OTC Markets to the highest trading status of "Current Information". By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company will now be designated by OTC Pink Current Information.
The Current Information Market Tier Designation applies to reporting companies that submit filings to regulators with powers of review and that make the filings publicly available or non-reporting companies that make current information publicly available on the OTC Disclosure and News Service pursuant to OTC Markets Guidelines for Providing Adequate Current Information. Disclosures are published pursuant to paragraphs (a)(5)(i) to (xiv), inclusive, and paragraph (a)(5)(xvi) of Rule 240.15c2-11 and the OTC Disclosure Guidelines.
As further evidence of its commitment to eventually becoming a fully reporting entity, the Company has brought its status with the State of Delaware to the Active current level through the completion of the required State filings and fees; and has filed the required Form 15 with the Securities Exchange Commission.
The Company had recently announced the planned acquisition of GTG Inc. as its first step in its New Business Plan that calls for acquisitions and growth in the Medical Marijuana Industry which is currently estimated to be a $1.7 - $2.0 Billion. Based on extrapolations of Washington State's Office of Financial Management, estimates that the total US marijuana marketplace could be as big as $46.42 billion per year if cannabis were legalized nationally. That does not include ancillaries such as hydroponics or paraphernalia, or services to the dispensary industry such as landlords, testing labs, security systems, insurance, advertising,
The legalization of medical marijuana in several states has paved the way for a budding edible medical marijuana industry and the Company is expanding into this exploding new marketplace of medical marijuana and cannabis edibles.
Medical marijuana edibles have been popular ever since the 60s, when people would prepare it in the oven in brownie and cake mixes to stimulate the THC. Modern medicinal marijuana distributors and retailers have mastered preparing many different edible products. Now patients have several ways in which they can take their medication, in contrast to only being able to smoke or vaporize it.
"We are pleased to have attained OTC Markets highest trading designation in preparation for our upcoming acquisitions and growth in the edible marijuana market." stated Ms. Thu Le, Chief Executive Officer. "Additionally, the due diligence on our planned acquisition in the Edible Medical Marijuana market our proceeding as planned and we hope to have an announcement in the near future on this and other initiatives."
About Latteno Food Corp. (Latteno.com)
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and product licensing or distribution agreements.
Safe Harbor Statement
This 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 and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Contact: Investor Relations (714) 426-2955
SOURCE Latteno Food Corp.