Limitless Venture Group, Inc. Signs LOI to Acquire 100% of Cannabis Grow Operations and Facility in Oklahoma

Rhea-AI Summary

Limitless Venture Group, Inc. (OTC PINK:LVGI) has signed a Letter of Intent to acquire a cannabis grow facility in Oklahoma. The facility, equipped for both indoor and outdoor cannabis production, has produced approximately 1,200 pounds of cannabis in a full outdoor grow season. LVGI anticipates annual revenues of $2.3 million to $2.9 million from this acquisition, assuming all goes well. The deal offers immediate cash flow potential and supports LVGI's growth strategy in the health and wellness market, with the expectation of additional operational staff staying on board.

Positive

• Potential annual revenue of $2.3 million to $2.9 million from the acquisition.
• Immediate cash flow opportunity from existing inventory and operations.
• Current staff willing to continue supporting operations post-acquisition.
• Possibility of expanding indoor growing capacity significantly.
• Strategic acquisition to position LVGI in the Oklahoma cannabis market with $385 million in sales.

Negative

• None.

TULSA, OK / ACCESSWIRE / December 7, 2021 / Limitless Venture Group, Inc. (OTC PINK:LVGI) ("LVGI" or the "Company"), a publicly traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth, is pleased to announce that it has signed an LOI to acquire 100% of an Oklahoma operating grow facility with both Indoor and outdoor operations, exclusive to LVGI for 60 days from the signing of the LOI.

The operation has had 1 full outdoor grow season producing around 1,200 pounds of cannabis, according to the owners. Additionally, they currently have approximately 400 plants growing indoors and expect to harvest them this month. Both outdoor and indoor operations have all the necessary equipment, lighting, heating/cooling etc. as necessary to produce quality plants. Additionally, the current staff seems willing to stay on and work with LVGI as necessary. More information will be available and provided once we close on this opportunity.

With the current levels of operations, LVGI surmises there is an ability to grow 1.5 to 2 outdoor harvests. Using the current production numbers that would yield around 1,800 to 2,400 pounds of cannabis annually outdoors. With a saleable low price range of around $1,000 per pound, LVGI's first year of outdoor production, if all goes well, could be worth between $1,800,000 and $2,400,000. Indoors, there is the ability to grow year round and that could mean up to 5 harvests annually. The facility is now operating in about 2,000 sq/ft of space. Again, using current production levels of which there are approximately 400 plants growing, that would mean LVGI's first full year of indoor growing could produce 2,000 plants, which should yield around ¼ pound per plant (per leafy.com), equaling about 500 pounds. Again, at a low price of around $1,000 per pound, that would generate an additional $500,000 annually, making the total annual revenues for LVGI of between $2,300,000 and $2,900,000 YEAR ONE!. There are many variables that would change these numbers dramatically and they are being used only as a reference. There is additional indoor space available that can be converted into grow rooms that could potentially quadruple, up to 8,000 sq/ft, the indoor grow area as well as increasing the usable outdoor area and adding greenhouses to extend the outdoor seasons.

Joseph Francella, CEO states "This is a fantastic opportunity for LVGI and its shareholders. 100% of the facility and operations are being offered along with current inventory, which gives LVGI the opportunity to achieve revenues and profitability almost immediately. Additionally, the current staff has indicated that they would like to stay on with the company to help us grow the operations. Since there are tangible assets, LVGI and the seller are pursuing an all cash purchase, with LVGI financing the acquisition." Furthermore, " Our institutional investor has already given LVGI a strong indication of interest in assisting with the financing of this acquisition and is planning a trip to Oklahoma in the very near future to view the property first-hand.

"With Oklahoma's MMJ dispensaries amassing $385 million in sales through June 2020, it is critical for LVGI to establish a foothold in this market quickly," said Devon Diaz, P.E., COO of LVGI. "Signing an LOI to acquire 100% of an existing Oklahoma grow facility represents tremendous potential that will complement our existing strategy for growth in the health and wellness marketplace. When we complete this deal, it will be our fourth acquisition in the last two years and will open up new opportunities for us to work more closely with our subsidiary Rokin Vapes as they have a great deal of knowledge and connections in this market which could provide great short and long term benefits. Furthermore, with the potential for immediate cash flow, this acquisition will be exactly what will continue to position LVGI for long-term growth and success."

About Limitless Venture Group, Inc.

Limitless Venture Group provides its shareholders with access to leading small and medium-sized businesses focused on growth. Leveraging its permanent capital base, disciplined long-term approach, and actionable expertise, LVGI owns controlling interests in its subsidiaries as it partners with management teams to build businesses with the capacity to unlock significant value for its shareholders.

For more information, please visit: www.lvginc.com.

The Company currently has three primary subsidiaries: Rokin, Inc., KetoSports, Inc. and Jasper Benefit Solutions, LLC.

About Rokin, Inc.

Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available while providing exceptional customer service. Rokin Vapes are rigorously tested by Rokin and multiple consumer focus groups to ensure the products meet strict quality standards before any production takes place. After a product is selected and production complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products) but then Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products. www.rokinvapes.com

About KetoSports, Inc.

KetoSports products flush the body with ketones, raising blood ketone levels within a few minutes. Because the body and brain use ketones as its preferred energy source and are used first for energy demands, KetoSports products are essential for anyone who wants to prolong energy reserves for their athletic events or for those who just want to benefit from carb-free, stimulant-free mental energy and enhanced acuity.

www.ketosports.com

About Jasper Benefit Solutions, LLC

Jasper Benefit Solutions, LLC (JBS), founded in 2018 with headquarters just outside Nashville, TN, is a Managing General Underwriter (MGU) specializing in risk management services for small to medium self-funded employer "Groups". MGUs, unlike general agents within insurance industries, are certified to underwrite health and life benefits policies on behalf of their carrier-partners. Jasper's niche is the unique ability and authorization from a well-known, nationally recognized insurance carrier to underwrite Groups as small as five (5) employees as well as offering limited benefit insured products for groups with part-time employees not able to participate in their health plans. www.jasperbenefitsolutions.com

Follow us on Social Media at:

https://www.facebook.com/lvginc

https://twitter.com/lvginc

Disclaimer Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

SOURCE: Limitless Venture Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/676323/Limitless-Venture-Group-Inc-Signs-LOI-to-Acquire-100-of-Cannabis-Grow-Operations-and-Facility-in-Oklahoma

FAQ

What does the acquisition of the Oklahoma grow facility mean for LVGI?

The acquisition is expected to provide immediate cash flow and increase annual revenues by an estimated $2.3 million to $2.9 million.

How much cannabis can LVGI produce with the new facility?

LVGI estimates it can yield 1,800 to 2,400 pounds of cannabis annually from outdoor operations and about 500 pounds from indoor plants.

What is the significance of the Oklahoma cannabis market for LVGI?

Oklahoma's medical marijuana dispensaries generated $385 million in sales, presenting a substantial growth opportunity for LVGI.

What is the expected timeline for closing the acquisition deal?

The Letter of Intent grants LVGI exclusive rights for 60 days to complete the acquisition.

How will the acquisition impact LVGI's operational strategy?

This is LVGI's fourth acquisition in two years, designed to strengthen its position in the health and wellness marketplace and enhance collaboration with its subsidiary Rokin Vapes.