FAT got the munchies... Far Resources (FAT-CSE) mulls expansion into marijuana industry
May 15, '14 - NR
Far Resources Ltd. management is currently evaluating new opportunities within the medical marijuana industry with a view to diversifying its business projects.Recent changes to legislation in Canada now require all medical marihuana to be produced by licensed commercial operators under the Marihuana for Medical Purposes Regulations and seek to prohibit previously licensed individuals from growing medical marihuana in their homes. In the United States, medical marihuana is now legal in approximately 20 states, with Colorado and Washington state recently legalizing marihuana for recreational use.
Management is currently in discussions with a group of individuals experienced in the medical marihuana industry in Canada with a view to assisting the Company to obtain a license to commercially produce medical marihuana in Canada. However, the Company cautions these discussions are still in the preliminary stage and that, to date, no agreement, formal or otherwise, has been entered into by the Company. Furthermore, there are no assurances that the Company will be successful in negotiating an agreement with this group or others on commercially reasonable terms or at all or that the Company will be able to obtain the necessary licensing to commercially produce medical marihuana.
Although market conditions for junior resource issuers remain challenging, the Company intends to maintain its current portfolio of mineral resource properties and, subject to available financing, proceed with planned exploration work. Of the Company's resource properties, the focus is the Winston project in New Mexico, where check sampling by the Company in late 2013 confirmed the presence of significant silver and gold values in the Little Granite epithermal quartz vein system. There are no assurances that the Company will be able to raise the necessary financing to maintain and/or explore such properties on commercial reasonable terms or at all.
The technical content of this news release has been reviewed by Lindsay Bottomer, P.Geo., an independent director of the Company, who is a Qualified Person as defined in NI 43-101. |
