Mr. Akash Patel reports
CAMEO RESOURCES LOOKS TO ACQUIRE MULTIPLE MARIJUANA ACQUISITIONS
Cameo Resources Inc.’s board of directors and management team have been exploring multiple acquisition opportunities in the medical marijuana and CBD (cannabidiol) oil industry. The company has been reviewing legislation in those U.S. states which have approved the growing and sale of marijuana.
In November, 2012, the Washington State Liquor and Cannabis Board (WSLCB) passed initiative 502 pursuant to a vote by the people of the state of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over 21 years of age, and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB-commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington state, worth approximately $1.25-billion (U.S.) to $1.5-billion (U.S.) in annual sales.
Akash Patel, president of Cameo, remarks that: “Our management team looks to broaden the scope of Cameo beyond its ongoing commitment to mineral exploration with this new objective. The company looks to source, develop, distribute and sell products through retail outlets where permitted in U.S. states and Canada. We believe we have identified several such opportunities and are continuing our due diligence to choose the ones best suited for Cameo.”