LAS VEGAS, NV, Aug. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GLFI, Inc., doing business as Green Leaf Farms International, a privately held company that is a majority owned subsidiary of Players Network, Inc. (PNTV.PK), which has been established to finance and manage international cannabis operations in Jujuy, Argentina, has announced today that it will be conducting an initial first round capital offering of up to $4,200,000 in a private offering.
Previously announced, PNTV signed a Management Agreement with GLFI to operate, fund, and expand International markets starting with 400 acres of prime farmland in Jujuy, Argentina. PNTV filed a Form 8-K on August 6, 2019, which the reader is referred to, with the details of the Management Agreement between PNTV and GLFI.
GLFI was structured to not hold any US assets and by doing so is expected to provide two main benefits to PNTV shareholders. The first benefit of the structure will eliminate the restrictions that federally regulated institutional funding sources have on investing directly in US public cannabis companies, and secondly, by not holding US cannabis assets, the company will not be restricted from uplisting to a national exchange, like the Nasdaq Capital Market, once the Company meets the eligibility requirements to do so. (The Company has already reserved the symbol “GLFI” with Nasdaq, preparing the Company’s first step of many to be eligible to list on a national exchange).
The project in Jujuy, Argentina is the first of its kind and the only known partnership between a government and a private company to develop the cannabis industry. As mentioned above, a Form 8-K by PNTV was filed detailing the management agreement between PNTV and GLFI on the Jujuy project that is well underway and has already hit major milestones in the construction of its 20 greenhouse campus spanning 6 football fields, and its cultivation progress in Argentina that is expected, barring countervailing circumstances or a lack of capital, to harvest its first crop and have sales within 6 months.
Mark Bradley, CEO of GLFI, states: “Canadian cannabis companies such as Canopy Growth, Aurora Cannabis and Supreme Cannabis, to name a few, trade on US-listed national exchanges at market caps in the billions, and are able to be listed because they do not have any US cannabis holdings, which allows them to attract institutional investors who are prohibited from investing in US companies due to federal restrictions.”
Bradley adds, “By positioning GLFI as an international management company with no US assets, our future plans are to be listed on a national exchange that should allow the same access to capital of these other companies, and give GLFI the ability to leverage its international opportunities structured to produce substantial revenues to qualify for a national exchange, which we believe will greatly benefit of our shareholders.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. Any offers of equity securities will be made only by means of a private offering memorandum.
About GLFI, Inc.
GLFI, Inc. (Green Leaf Farms International) is a privately held subsidiary of PNTV.PK established to finance and manage international cannabis operations with the focus on creating broad spectrum cannabinoid profiles. Its first project is 400 acres of cannabis cultivation located in Jujuy, Argentina. GLFI is set up as an investment vehicle enabling institutional investors to participate in the legal cannabis and CBD industries. GLFI will not hold any US cannabis-related assets. To learn more about opportunities with GLFI, please visit our website; www.GLFI.co.
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About Player’s Network (stock symbol PNTV)
Player’s Network is a rapidly growing company in the marijuana industry with licensed grow operations in Las Vegas, Nevada and Jujuy, Argentina. Over the last 2 years the Company has gone from a development stage company to a fully operational cannabis business. The business strategy is to grow by acquisitions, joint ventures, and new market opportunities in the US and Internationally. Cannabis is legal for medical use in 30 States plus DC. It is legal for adult recreational use in 9 States plus DC. The entire country of Canada legalized marijuana adult use in October 2018. The Company believes this trend of legalization of marijuana in the US and worldwide will continue and create tremendous growth opportunities for shareholders.
Information about Forward-Looking Statements
This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: inability to gain or maintain licenses, reliance on unaudited statements, the Company’s need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company’s products, and other risks. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.