SANTA ANA, Calif., April 16, 2013 /PRNewswire/ -- Latteno Food Corp. (OTC: LATF) announced today that, based on the growing number of states that have either enacted or soon to enact favourable legislation, it has been forced to increase its revenue projections and initiate an aggressive program to strengthen its infrastructure capabilities and staffing at all levels of its Medical Marijuana operations. Eighteen states and the District of Columbia currently allow its medical use.
This aggressive initiative has been further spurred by the increasing favourable mainstream media attention given the medical marijuana market. In a feature article in USAToday (April 8, 2013) entitled 'As marijuana goes legit, investors rush in', the paper reports that for the first time a majority of Americans now support legalizing marijuana, that medical marijuana sales could quadruple and that this growing market it beginning to attract mainstream investors and ancillary businesses.
"After Washington and Colorado, the pot business is, if not mainstream, at least ready to push toward it. Advocates hope to legalize personal use in another 14 states by 2017; mostly among the 16 states besides Washington and Colorado where medical pot is legal (it is also legal in Washington, D.C.," the report concludes. "The best way to estimate the potential size of the legal market for cannabis begins with the illegal market - which is somewhere north of $18 billion a year in pot Americans consume already," said Harvard economist Jeffrey Miron.
The Company had previously announced that in anticipation of the implementation of the new growth plan and recently announced acquisition of the California-licensed Green Cannabis Collective Inc., and as a reward for the past loyalty and patience the shareholders have shown, the Board has approved a Stock Dividend that will pay all shareholders of record a 2% stock dividend. This dividend would issue each shareholder 2 new Latteno Food Corp. shares for every 100 held. The Company is currently finalizing the formal approval process and anticipates announcing the setting of the official Record Date of this stock dividend shortly.
Earlier this year, in preparation for the launch of its entry into the lucrative Medical Marijuana market, the Company announced that it had brought current all its federal and state filings and had 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 is now designated by OTC Pink Current Information.
And based on its upgraded OTC status and as a first step in its aggressive expansion plans, the Company announced the acquisition of the California-licensed Green Cannabis Collective Inc. to further expand its medical marijuana edibles product line, distribution scope, together with enhanced research and development capabilities. Further announcement regarding the operational integration of the two operations are pending finalization of plans.
"We continue adjust our expansion and integration plans based on the every interesting demand for our growing products and services; while at the same time provided the resources required to further the ongoing experimentation and research on medical marijuana and Oriental herbal medicine as an effective treatment for terminal diseases such as HIV/AIDS and various forms of cancer both here in California, the rest of the US as well as internationally, especially the growing needs in China and Southeast Asia," stated Thu Le, CEO/President of Latteno Food Corp.
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.
About Green Cannabis Collective Inc. (Green-Cannabis.com)
A Southern California-owned and licensed medical marijuana dispensary and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 – 11362.83).
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.