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Marina Del Rey, CA, April 04, 2017 -- Sunset Island Group, Inc. (OTCQB: SIGO) announced today that it secured a lease on a property approved for cannabis cultivation. The Company expects to begin planting the first light deprivation greenhouse by the end of April. As part of this, the Company has filed for permits for 22,000 square feet of green house space. Last week the Company’s space was inspected as part of the permitting process.
The 22,000 square feet of green house space is expected to be able to generate up to 4,000 pounds of medical cannabis per year. The price per pound is currently $1,000 to $1,750, which would equate to $4,000,000 to $7,000,000 annually. The Company’s initial April planting should be harvested in July/August 2017.
The consumption of marijuana for medical and recreational use could grow to a $35 billion market by 2020. That's according to GreenWave Advisors, an industry research firm that tracks retail sales in the four states and the District of Columbia that have already legalized it. Those markets have experienced explosive growth since marijuana was approved, demonstrating the strong opportunity for industry players and state governments eager to gather the tax on sales and replenish their coffers.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Contact: Sunset Island Group [email protected] (424) 239-6230
