SANTA ANA, Calif., Feb. 27, 2013 /PRNewswire/ -- Latteno Food Corp. (OTC: LATF) recently announced its New Business Plan that calls for acquisitions and growth in the Medical Marijuana Industry. In addition to its current operations and prior acquisitions, the Company has formed new partnerships with various medical marijuana dispensaries and edibles that may transform into strategic and acquisition candidates.
Management has scheduled several site visits and meetings with potential joint venture and acquisition candidates in the next few days to discuss moving forward plans and strategies on how they could fit into our strategic model. Several strong candidates came to mind and with the right timing and commitment, there will be an announcement shortly.
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 make great progress in upcoming acquisitions and growth in the edible marijuana market," stated Thu Le, Chief Executive Officer. "Additionally, the due diligence on our planned acquisitions in the Edible Medical Marijuana market are 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.