SAN DIEGO--(BUSINESS WIRE)--Mentor Capital, Inc. (OTCQB: MNTR) announced it has received 500,000 first to be registered common shares of Green Vision Systems Corp. and will be supporting their legal cultivation, manufacturing and transportation of medical cannabis products from Green Vision’s planned state of the art facility in Puerto Rico, plus associated hemp farming in this tropical setting.
The role of Mentor Capital, Inc. in the Green Vision Systems Corp. medical marijuana and hemp business is to provide cannabis industry expertise, guidance and consulting. StereoVision (OTC:SVSN), which has long experience in the Puerto Rican business environment, will be providing the early and overall the majority of the financing for the project together with accredited territory and USA residents, according to an earlier StereoVision release.
“Mentor Capital is excited to be on the leading edge of the cannabis legalization in Puerto Rico so soon after the signing of that executive order by Gov. Alejandro Garcia Padilla. This Puerto Rican medical marijuana project is particularly attractive to us because of the rapid government approval timeframe, a reciprocity policy supported by medical tourism, and especially because Puerto Rican residents and businesses pay no federal income tax. This obviates the pervasive cannabis industry problem of IRS Rule 280E which prohibits the deduction of normal operating expenses from cannabis enterprises for tax purposes because marijuana is still a Schedule I drug. The preferred Puerto Rican status can reduce the effective tax rate for an otherwise identical medical marijuana company from 80% to 15%,” explains Mentor CEO Chet Billingsley. “We look forward to increasing the value of our investment in Green Vision Systems by our consulting efforts and plans for future investment in Puerto Rico cannabis through Green Vision. Additionally, our analysis indicates that because of the quick timeline, Mentor could further increase the value received by its 4,000 shareholders by making a special dividend of the Green Vision shares Mentor receives soon after Green Vision’s planned registration of those shares with the SEC.”
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 10K and 10Q filings which, along with other very important information about the Company, can be found at the SEC website and here: http://mentorcapital.com/disclosures/.
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.