LAS VEGAS, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a publicly traded diversified holding company operating in media and marijuana, announced today that it received approved building permits for Phase Three development of its production and cultivation build-out and officially began operations in its 8,000 sq. ft. cultivation room which was completed last November.
Both sets of permits were tied together due to the complexity of the structural and mechanical engineering that was needed to integrate the operations. Now, with a certificate of occupancy in hand for its completed Phase Two construction and the approved Phase Three plans, PNTV is poised to rapidly move ahead toward completion of the facilities it holds through Green Leaf Farms, PNTV’s marijuana-producing subsidiary. The expanded building plans have been designed to develop new products that differentiate Green Leaf Farms in the emerging legal marijuana industry.
Much of what has been approved is ground-breaking but has been kept undisclosed due to confidentiality of certain components of the project as PNTV has striven to protect its intellectual property regarding the development of future products. Details of these plans will be disclosed soon. However, the expansion does include a state-of-the-art clean room, genetics lab, development laboratory, extraction facility, commercial kitchen, product development space, automated water purification including custom dosage and nutrient center, bio-testing facility, curing, packaging, media center and amazing employee break and recreation areas to help Green Leaf Farms attract and retain the most talented employees in the industry.
Mark Bradley CEO states, “These design approvals will allow Green Leaf Farms to complete its buildout and become what I believe will be among the most advanced marijuana production and cultivation facilities in the world. We have combined technology with an amazing, creative workspace that will encourage innovation, product development and differentiation and operating efficiencies.” Bradley adds, “It was unfortunate that our larger vision project delayed receipt of our certificate of occupancy on Phase Two for a few months. However, that is now behind us and we look forward to beginning construction on Phase Three.”
CFO Geoffrey Lawrence said, “It was exciting in Quarter Three last year when PNTV started realizing significant revenues through Green Leaf Farms. That momentum has carried to this year and we are on track to grow sales by more than 500 percent in Quarter One. Now, with Phase Two opening, we could soon produce enough licensed marijuana to realize the first profitable quarter for PNTV in years. As earnings grow, these revenues will be reinvested to aggressively expand the company’s presence in the marijuana space and transform its balance sheet. I truly believe PNTV is headed for very big things in the coming years.”
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About Player’s Network (PNTV)
Player’s Network is a diversified company operating in media and cannabis markets. PNTV owns approximately 89% of Green Leaf Farms Holdings, LLC (Green Leaf Farms), which holds cultivation and production license(s) awarded by the state of Nevada. The cultivation license enables Green Leaf Farms to grow marijuana and the production license enables them to create extracts which are used for cartridges, oils and edibles. WeedTV.com is developing the ultimate resource for the marijuana lifestyle within our media operations.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Player’s Network Contacts:
PR & Media Contact:
Matthew Bird
CEO @1800pr
1-800-PublicRelations
Office: 646.401.4499
Email: matt.bird@1800pr.com
Investor Inquiries:
Brett H. Pojunis, Director
Email: ir@playersnetwork.com
Office: 702.840.3272
European Media Inquiries:
Jeff Robinson
Email: jrobinson@playersnetwork.com
Office: 702.840.3298