HOLLYWOOD, Florida, January 9, 2014 /PRNewswire/ --
Alternative Fuels Americas, Inc. (OTCQB: AFAI) announced today that it has formed a subsidiary, Marijuana Holdings Americas, Inc. to serve as the foundation for the company's entry into the rapidly growing medical and recently legalized recreational marijuana markets that are emerging in the United States.
"We have always been drawn to early stage changes in sectors that greatly affect the status quo, and from which value can be created. This is consistent with our worldview and offers our shareholders an opportunity to benefit from yet another rapidly changing environment", stated CEO Craig Frank. "What is transpiring with state-sanctioned legal medical and recreational marijuana is a classic case of an emerging market."
"We have begun the process of evaluating the application process for medical marijuana and recreational licenses, which are now available in one form or another in 20 states and Washington, D.C. with more states indicating that they will follow suit. Our plan is to leverage our agricultural and business expertise to launch new licensed facilities to grow and distribute, as well as evaluate acquisitions of existing operations and peripheral business opportunities. All our activities will be strictly in accordance with State/Local Laws and currently stated Federal Enforcement Policies and Priorities, as well as the advice and review of counsel. We believe these developments demonstrate the emergence of a new industry with tremendous potential."
"The roll out of recreational marijuana sales in Colorado since January 1st has been an overwhelming success, with Washington State set to follow their lead," continued Frank. "According to Bloomberg Finance, Washington State expects to plug a budget shortfall of $900 million for 2013-2015 with anticipated tax revenue of up to $2 Billion over the next 5 years solely through taxation on legal sales of marijuana. We believe other cash-strapped states will take note and permit the sector to further grow. We recognize risk here, but the dollar amounts are compelling, and we believe the potential leveraged returns for investors, if we are successful, could be extremely rewarding."
AFAI (OTCQB: AFAI) is a disruptive sectors company seeks to identify and enter early stage business opportunities that mark a significant change in the status quo from which to extract value for its shareholders. The company's alternative fuels division has pioneered the development of above ground oil fields in Central America and continues to innovate clean fuel - recently focusing on aviation fuel.
Marijuana Holdings Americas (MJAI)
AFAI's subsidiary, Marijuana Holdings Americas, Inc. was founded to enter the rapidly growing medical and recently legalized recreational marijuana market with the goal of securing new medical and recreational marijuana licenses, potentially acquiring existing Cannabis production/sales operations and evaluating related business opportunities, subject to legal compliance and advice of counsel.
IMPORTANT DISCLOSURE: AFAI and MJAI are planning execution of their stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department's Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing Cannabis production/sales operations). Advice of counsel with regard to specific activities of AFAI and MJAI, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
Potential investors and shareholders are cautioned that while
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Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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SOURCE Alternative Fuels Americas, Inc