Cameo Resources Corp.

November 09, 2016 08:30 ET

Cameo Resources Corp Signs LOI to Enter Marijuana Industry

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2016) - Cameo Resources Inc. (TSX VENTURE:CRU)(OTC PINK:SIDNF) (the "Company") is pleased to announce that the company has signed a Letter of Intent with Green Fields Hydroponics of Portland Oregon. This is step two in the process to develop and commercialize an initial hydroponics business. This first venture will use the GFH business model for a comprehensive plan to cultivate, process and sell marijuana and hemp products with an emphasis on medical uses.

The cannabis industry is starting to explode in size. In addition to the current five States and several Canadian Provinces (Federal Government slowly legalizing), nine US States are voting November 8th to legalize marijuana sales. This is expected to quickly result in retail sales in the billions of dollars. These events are expected to create one of the biggest wealth grabs in history transforming those participating in the businesses into millionaires overnight.

Green Fields has a presence in several States; in Colorado where legalization of marijuana is about to generate $6.7 billion in new wealth this year alone having created 18,000 jobs and $1 billion in revenue; in Washington State where a Seattle newspaper reported that dispensaries in the State have sold more than $1 billion worth of recreational marijuana since it was legalized in 2014; in Oregon where nearly $60 million worth of recreational marijuana was sold during the first five months of taxed sales, according to estimated just released State figures. GFH has identified several such opportunities and the parties will select the best one suited for Cameo's initial project.

Akash Patel, president of Cameo, remarks that: "Signing of this LOI brings Cameo closer to broadening its the scope beyond its ongoing commitment to mineral exploration. The company looks to source, develop, and distribute products through retail outlets starting in one of the three States, Washington, Oregon or Colorado. We expect to complete our due diligence and complete a definitive agreement by year end."


Akash Patel, President

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