SOURCE: Nhale Inc.

Nhale Inc.

November 05, 2014 09:14 ET

Nhale (NHLE) Inks LOI With Oregon Marijuana Grower as Recreational Marijuana Legislation Passes

HOUSTON, TX--(Marketwired - Nov 5, 2014) -  Coming on the heels of the successful passage of Measure 91, which legalizes recreational marijuana for people ages 21 and older, Nhale Inc. (OTCQB: NHLE) is pleased to announce it has entered into a Letter of Intent (LOI) with a private Oregon-based company that has marijuana production capabilities, with the intent of growing legal cannabis. The company under consideration intends to apply for a permit from the state to begin operations on approximately 20 acres of land in western Oregon. This venture is in accordance with Nhale's mission to acquire companies with proven business models in the legal cannabis industry.

The Oregon Legalized Marijuana Initiative, Measure 91, passed yesterday in that state, allowing adults over 21 years old to possess up to eight ounces of "dried" marijuana and up to four plants.

"We congratulate the citizens of Oregon who have worked hard to bring about this legislation and we are excited about the opportunity to consider developing our business in this great state," said Lance Williams, President and CEO of Nhale Inc. "We feel optimistic about collaborating with the talented team under consideration and feel they will be complementary to our goals for future growth."

CBS News reports approximately 14.5 percent of Oregon's population uses marijuana, compared to about 10.8 percent of Americans, boasting one of the highest rates of marijuana use in the U.S. Oregon also has one of the oldest medical marijuana programs in the US, established in 1998, just two years after the first was created in California. State economists conservatively estimate Oregon will gain between $17.5 and $25.9 million in tax revenues in the first years of legalization. 20% of the consumption is expected to be from tourists. 

About Nhale, Inc. (OTCQB: NHLE)

Nhale™ is a technology company whose mission is to be the premier legal cannabis industry innovator, promoting industry awareness and developing economically sustainable partnerships while increasing shareholder value.

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Forward-Looking Statements

Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our EDGAR securities filings with the Securities and Exchange Commission. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in the marijuana market; the results of product development and the result of our efforts to develop strategic relationships, partnerships and potential acquisitions that are in line with our business model; outcome of partnership negotiations; the uncertainty of market estimates; changes in environmental and other regulations; risks associated with retail operations; and other factors, many of which are beyond the control of the Company. There is no representation by Nhale that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Nhale assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Contact Information

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    Nhale, Inc.
    Lance Williams
    President and CEO