Due to the Company's rising success in the production of specialty organic mechandise, Lotus Bio-Technologies has determined that the timing on this acquisition has the potential to fuel exponential growth for the Company. Revenues for the last two quarters have revealed steady significant growth.
Based on the latest developments and the potential purchase of assets from CBD SOCO, Lotus Bio-Technologies has strategized to facilitate a new processing center in Eastern KY to produce and manufacture all CBD Oils. Mr. Palethorpe continued: "Mr. Spears, having many years of experience in Marijuana sector will bring a wealth of knowledge to our company. We are very optimistic about the lucrative nature of this transaction. We believe that the Company is now very well positioned, securing a good niche in such a quickly evolving industry."
The size of the market for legal marijuana in the United States is projected to grow to $7.1 billion in 2016, according to a report by New Frontier and ArcView Market Research. That represents 26% growth over the previous year, driven largely by adult recreational sales of marijuana, according to research cited on Forbes.com website.
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SOURCE Lotus Biotechnology Development, Corp.