SAN DIEGO--(BUSINESS WIRE)--Mentor Capital, Inc. (OTCQB: MNTR) reports that, following the election, overnight, the population in states where recreational cannabis use is legal increased from 17.6 million to 67.5 million. California, Massachusetts, Maine and Nevada joined Colorado, Alaska, Oregon, Washington and the District of Columbia as new safe havens for cannabis use by adults when in compliance with their respective state laws. This rising tide was further buttressed by the approval of medical marijuana use in Florida, North Dakota and Arkansas with a combined population of 22.6 million. 29 states now allow recreational cannabis or medical marijuana use covering the majority of the US population.
Mentor Capital, Inc. CEO Chet Billingsley opines, “The average mood of the nation toward recreational use seems well reflected California’s 56% voting approval. Medical marijuana has even greater acceptance as indicated by Florida’s 71% positive balloting. This portends well at the federal level for moving cannabis off of Schedule I which incorrectly and embarrassingly indicates marijuana has no medical benefits and is as deadly as heroin.
“In 2013, when Mentor Capital started with just cancer related cannabis activity, the total medical marijuana and cannabis market was $1.7 billion and has grown in successive years to $3.4 billion, to $5.0 billion, to now with $7.2 billion projected for 2016. This approximately 64% compounded annual market growth is accelerated by the elections and we project the cannabis market will reach $21.8 billion by the end of 2020. The certainty of this growth is supported by the understanding that the growth reflects a rolling over of already existing illegal consumption that shifts to regulated and taxed sources upon legislative or ballot approval. The already existing combined regulated and unregulated market totals $50 billion with a well-established market demand.”
Looking ahead for Mentor, CEO Billingsley sees, “In this robust and growing market, we feel Mentor Capital’s various sponsorship, investment, acquisition, and spin-off activities with larger pre-IPO cannabis companies, position us well for long-term growth.”
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/.
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