SOURCE: Nhale Inc.

Nhale Inc.

November 03, 2014 08:30 ET

NHLE Engages Discussion With Oregon Marijuana Grower in Expectation of State Marijuana Legalization

HOUSTON, TX--(Marketwired - Nov 3, 2014) - Nhale Inc. (OTCQB: NHLE) announces it is in talks with a private, Oregon-based company that has marijuana production capabilities, with the intent of growing legal cannabis, if and when the state legalizes recreational marijuana in the upcoming election on Tuesday, November 4. 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 revenue-generating assets in the legal cannabis industry.

The Oregon Legalized Marijuana Initiative, Measure 91, is on the November 4, 2014 ballot in that state as an initiated state statute. If approved by voters, the measure will legalize recreational marijuana for people ages 21 and older, allowing adults over this age to possess up to eight ounces of "dried" marijuana and up to four plants.

In neighboring Washington State, nearly $14 million worth of marijuana was sold between July 8, 2014 -- when legal marijuana stores first opened -- and Monday, September 12. State economists estimate legal cannabis will boost the state's tax revenue by $25 million during the first year, with an increase of approximately $200 million by mid-2017.

Meanwhile, in Colorado, the other state where recreational marijuana was legalized in 2012, new figures from the Colorado Department of Revenue show recreational marijuana sales have continued to climb, totaling $34.1 million in August 2014, since the first stores opened on January 1, 2014. Medical sales figures in the state came in just under the recreational total at $33.4 million.

In Oregon, approximately 14.5 percent of the state'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.

"We have been carefully investigating prospects in the marijuana industry. With legalization taking place in multiple markets, we are seeking experienced, proven collaborators in this expanding and highly profitable space," said Lance Williams, President and CEO of Nhale.

Already permissible for medical or recreational purposes in 23 states, some forecasters predict marijuana could become legal nationwide in some capacity in a few years, as the official stance of the U.S. continues to shift. In an interview with the Huffington Post, Rep. Earl Blumenauer (D-Ore.) said, "I think it's game over in less than five years," commenting on the eroding legal prohibitions of cannabis in the U.S.

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