SAN DIEGO--(EON: Enhanced Online News)--Mentor Capital, Inc. (OTCQB: MNTR) announced in a year-end letter to shareholders that the corporation would be closing the year with $1,200,000 cash on hand and zero debt in the parent company except for long-dormant non-interest bearing IOU’s to the founder, CEO, Chet Billingsley. Mr. Billingsley quantifies the opportunity for the new year, “Colorado cannabis sales will be an impressive $1.0 Billion in 2016, but the population of California, where recreational use was approved by voters, is seven times as large. We are based in California and are already working with four institutional investors to extend Mentor’s financial resources to support major marijuana companies getting ready to expand within the state, and elsewhere.”
“Bhang is not entitled to any damages.”
In addition to Mentor’s existing cash holdings, the company is now moving toward confirming its award as a judgement and aggressively collecting approximately $1,500,000 from its July 19, 2016 legal award granted against Bhang Corporation. Mentor paid $1,500,000 to Bhang and owners in 2014 and the arbitration panel concluded in its award that, “Bhang breached the Agreement by failing to deliver the [Bhang] shares,” Mentor’s request for “the recession of the Agreement is granted” and “Bhang is not entitled to any damages.”
Mentor’s most recent venture is in Puerto Rico and includes a 125 acre farming facility under five-year lease. The Puerto Rican opportunity was discussed by Mentor’s CEO and briefly aired on HBO – Vice on December 6, 2016. Mentor is providing cannabis sector advisory to Green Vision Systems, Corp. founded by the public company Stereo Vision Entertainment, Inc. and Puerto Rican interests. Upon the effectiveness of a registration with the SEC, Mentor Capital has earlier announced it plans to dividend its 500,000 Green Vision shares to Mentor’s 4,000 shareholders to allow them to directly participate in ownership of the Puerto Rican cannabis business in addition to their Mentor holdings.
By way of forecast for the new year, Billingsley notes, “When we started in the medical marijuana market in 2013, total USA legal sales were $1.3 billion, growing annually to $3.4 billion, $5.0 billion and now projected to $7.2 billion for 2016 and to $21.8 billion by the end of 2020. This approximately 64% annualized market growth looks to make 2017 an exciting year for all involved in the cannabis industry.”
About Mentor Capital: The Company seeks to come alongside and assist private medical marijuana and cannabis companies and their founders in meeting their liquidity and financial objectives, to add protection for investors and to help incubate private cannabis companies. Additional important information for investors is presented at: www.MentorCapital.com.
This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
Forward Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” “intends,” “seeks,” “looks,” “moves,” or “plans” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing the necessary financing to continue operations, problems involving continued illegality of cannabis products, potential of competitive products, services, and technologies, difficulties experienced in product development, in recruiting knowledgeable personnel and in protecting intellectual property. Further information concerning these and other risks is included in the Company’s Form 10-K and 10-Q filings which, along with other very important information about the Company, can be found here:
The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.