COLORADO SPRINGS, CO--(Marketwired - Oct 22, 2013) - Promap Corporation (OTCQB: CANN) announced that effective on the opening of business on October 22, 2013 the Company's name will change to Advanced Cannabis Solutions, Inc. The Company's trading symbol (CANN) will remain the same.
The Company plans to provide sophisticated services and solutions to the regulated cannabis industry throughout the United States by leasing growing space and related facilities to licensed marijuana growers and dispensary owners for their operations. Tenants will pay rent and other fees to the Company for the use of the properties, all in compliance with applicable local and state laws and regulations.
The Company's initial focus will be on opportunities within Colorado, which has allowed its citizens to use medical marijuana since 2000. Voters in Colorado recently approved a ballot measure in November 2012 to legalize marijuana for adult use.
Starting Jan 1, 2014, adult Colorado citizens and visiting adults will be able to purchase marijuana without any medical licenses. Several studies have predicted that the retail cannabis market in Colorado will increase from $200 million annually to over $900 million after the new law takes effect.
While the national regulated cannabis market is estimated to be $1.5 billion annually, many experts expect it to reach $30 billion by 2018 as additional states approve cannabis use for its citizens.
The Company does not grow, harvest, distribute or sell marijuana or any substances that violate United States law or the Controlled Substance Act, nor does it intend to do so at any time in the future.