LAS VEGAS, NV--(Marketwired - Mar 16, 2017) - South American Gold Corp (OTC PINK: SAGD) is announcing today that it has filed with the Secretary of State for the State of Arkansas for the creation of a new subsidiary.
SAGD, under the signature of the President & COO as original incorporator on behalf of the Company, has filed the Articles of Incorporation with the State of Arkansas to form Arkansas Medical Cannabis, Inc. The company's reasoning for filing this corporation is to properly prepare in advance for the opportunity to apply for a Cultivation License.
SAGD President & COO, David Reeves, stated, "This filing is another step towards our new vision. We are on top of the changing proposed rules within the State of Arkansas, and we feel we should be able to meet all the present proposed requirements needed to be considered for a medical cultivation license within the state, when we submit our application."
On November 8, 2016, the voters of the State of Arkansas voted to pass Issue 6, creating an amendment to allow the legalization of medical marijuana. Since that date, the Department of Health has set up the commission and issued proposed rules for medical marijuana in the State. According to the present proposed rules, applications will be released on June 2, 2017.
The State of Arkansas is presently proposing to issue a minimum of 4 and up to 8 cultivation licenses. Arkansas is also presently proposing to issue a minimum of 20 and up to 40 dispensary licenses. The present proposed rules in the State of Arkansas allow for a Cultivation License Holder to also hold a license for a single dispensary.
Mr. Reeves, added, "According to the present prosed rules, one of the biggest hurdles we see for a company to apply is obtaining an Arkansas partner/individual with 7 years of consecutive state tax returns to lead the application for license. However, we have, who we believe is the right person for us, in Mr. Don Latourette."
SAGD has appointed Mr. Don Latourette to the position of President of Arkansas Medical Cannabis, Inc., and Mr. Latourette shall also hold the position of Operational Manager for the Company's Cultivation Division.
SAGD shall post updates to the application process on Arkansas Medical Cannabis' website www.armedcannabis.com as information is readily available to be released.
SAGD shall provide information to the public as it is becomes prudent to inform the public. For up to date information regarding the company please refer to www.SAGDcorp.co.
This release contains forward-looking statements that are based on beliefs of South American Gold Corp. management and reflect South American Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of South America Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, South American Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release may incorporate by reference the Company's reports and other filings. Investors are encouraged to review all filings. There is no assurance South American Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential projects and/or acquisitions will be favorable nor that definitive terms can be negotiated. Investors should consult their financial advisor before making an investment in a company.