GeoNovus Minerals Corp.

GeoNovus Minerals Corp.

May 14, 2014 08:00 ET

GeoNovus Assesses Potential Opportunities in Medical Marijuana and Industrial Hemp

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") is pleased to announce that management is currently reviewing a number of business plans and proposals related to international medical marijuana and industrial hemp industries.

This emerging multibillion-dollar industry is in the process of significant regulatory and legal reform that offers participants an explosive growth opportunity. Recent changes in Canadian medical marijuana licensing could allow for licensed producers (LPs) to grow on a larger, commercial scale with the introduction of the new MMPR licenses. The industrial hemp industry is also currently undergoing significant reform with more and more agricultural land zoned for growing industrial hemp year over year.

"We feel it is incumbent that we, as management, look at any and all potential opportunities to create shareholder value," states GeoNovus president Mike England.

South of the border marijuana is now legal in Colorado and Washington and tourism is booming. The ArcView Group, an investing and market research firm for high-net-worth investors based in San Francisco, estimates the US national legal market (including recreational and medical marijuana) at $1.53-billion in 2013 and expects it to grow to $2.57-billion by the end of 2014, with marijuana sales in Washington and Colorado pulling in $316-million and $802-million, respectively. ArcView says the national market could reach $10.2-billion in five years.

At this point in time, no transactions are in place, nor can there be any assurance that a new project will be concluded in the future.

The Company further announces it has determined not to proceed with the acquisition of the Malartic property announced April 8th, 2014.


Michael England, President

Forward-Looking Statement

Some of the statements in this news release contain forward-looking information, including with respect to the Canadian medical marijuana industry and the US marijuana industry that involves inherent risk and uncertainty affecting the business of GeoNovus Minerals Inc. Actual results may differ materially from those currently anticipated in such statements. No assurance can be given that any of the vents anticipated by the forward-looking statements will occur, or, if they do occur, what benefits GeoNovus Minerals Inc. will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations and assumptions which may prove to be incorrect. The forward-looking information is provided as at the date of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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