OSL Holdings Executes Letter of Intent for Asset Purchase of Los Angeles Dispensary on Melrose Avenue
ORANGEBURG, N.Y., May 22, 2014 /PRNewswire/ -- OSL HOLDINGS (OTCQB: OSLH) ("OSL" or "the Company"), a growth-stage public company in the business of acquiring and optimizing key aspects of the legal cannabis industry and loyalty rewards programs, today announced that it has executed a letter of intent to acquire the assets of licensed medical marijuana dispensary on Melrose Avenue in Los Angeles, adding to its existing asset base in the California region.
"This letter of intent furthers our plans to acquire key assets and options for future cannabis related assets to be used in the legal medical and recreational cannabis industry," said Bob Rothenberg, CEO of OSL Holdings. "When the legal climate is right, these agreements are expected to become the foundation for providing an array of services to dispensaries in California's burgeoning legal cannabis market, as well as to future cannabis companies across the country." Mr. Rothenberg continued, "In the meantime, OSL will lease non-cannabis acquired assets to non-cannabis businesses throughout the country, as well as provide an array of services including planning, marketing and branding to businesses hoping to enter the legal cannabis industry in the U.S."
"OSL remains in the business of serving a socially conscious, affluent audience," said Steve Gormley, Chief Business Development Officer of OSL. "In the meantime, as we build the foundation for future success in producing and selling federally legal cannabis products, OSL will provide operational and technological support in the form of operations software, industry knowledge, retail infrastructure, and other efficiency and cost-savings know-how to various non-cannabis business concerns."
Complete details of this transaction are available via the Company's SEC filings, located here: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001329957&owner=exclude&count=40
OSL Holdings (OTC: OSLH) is a development and technology company specializing in affluent, liberal markets with high disposal income. The Company intends to operate a real-time loyalty rewards platform that can facilitate the earning and redemption of rewards currency at the point of the transaction (online, mobile, at retail) as well as on future transactions. OSL Holdings' target consumers are highly educated, respond to cause marketing initiatives and socially conscious business models, and are technologically savvy. On March 10, 2014, the Company announced its entry into the legal marijuana market, setting up foundational work for branding, marketing, technology, and logistics to existing or emerging legal marijuana licensees via master services, consulting, and lease agreements. For more information, please visit the Company's website at www.oslholdings.com.
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SOURCE OSL Holdings Inc.