NEW YORK, NY--(Marketwired - Feb 15, 2017) - Rising India Inc. (OTC: RSII) announced that the company is targeting opportunities in the cannabis industry. The company is in active negotiations to reach a Letter of Intent with business operators that are currently active in the cannabis industry.
"Our team has met with business operators that have real experience and expertise in multiple states and several business verticals within the cannabis industry," commented Management. "The business focus will center on working with physicians and pharmacists groups on the Research and Development of new, cutting edge treatments within the medical cannabis industry. Shareholders are encouraged to stay tuned to upcoming press releases and social media updates, where a detailed plan for RSII's entrance into this sector will be outlined."
ABOUT THE US AND CALIFORNIA CANNABIS INDUSTRY
"Approximately 24 states have legalized Medical Cannabis use and 8 states have legalized recreational use. In California alone, current revenue estimates for the California cannabis industry are projected to increase to over $6.5 billion in 2020, creating a compelling opportunity for RSII's shareholders," concluded the company.
California medical and recreational industry is projected to reach $6.5 billion in revenue by 2020, up from $2.8 billion in 2015. The nation's legal cannabis industry is expected to climb to $23 billion in 2020, up from $5.7 billion in 2015. The state of Colorado recently reported 2016 revenues of $1.3 billion and tax revenues of $200 million. Recently, 27 US congressmen, both Republican and Democrat, have introduced a new law known as, "Respect the State Marijuana Laws Act," prohibiting federal prosecution for business in compliance with state law. This bill would provide formal legislation of the current US policy.
For more information on California Cannabis law see:
FOLLOW $RSII ON TWITTER @risingindiausa
Forward-Looking Statements: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.