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Vemanti Group (VMNT) Signs LOI with MedicatedOne in Bid to Enter Cannabis Industry

Ryan Allway

July 26th, 2016

News, Top News

[stockchart symbol=VMNT]

Vemanti Group Inc. [stockquote symbol=VMNT], a diversified holding company, recently entered into a letter of intent to acquire 100% ownership of MedicatedOne LLC, a California-based medical cannabis firm.

MedicatedOne is a cannabis product incubator that develops, formulates, and markets natural cannabis products derived from industrial hemp. In addition to its core business, the company is seeking to establish a real estate leasing services business where it would lease real estate that is outfitted with solutions for cannabis product manufacturers.

“We believe this acquisition will represent a major milestone in our plan to become a significant participant in the rapidly growing U.S. legal cannabis market,” said Tan Tran, Chairman and CEO of Vemanti. “We are impressed with MedicatedOne’s market knowledge, proprietary techniques, unique products, and proven seed-to-stomach production practices and are excited by the opportunity to expand our portfolio into such a potentially high-growth market and look forward to bringing a series of innovative cannabis-based products to the marketplace.”

The U.S. legal cannabis industry is among the fastest growing industries in the country. By 2020, many analysts believe that the market could hit $22 billion in size. California’s market is poised for significant expansion with the upcoming November elections, where citizens will vote on whether or not to legalize recreational marijuana. Most pollsters expect the vote to pass, which would place California alongside states like Colorado and Washington State.

The LOI is conditional on agreement of closing documentation, verification of all records, confirmation of the transferability of ownership, and approval of the Board of Directors of Vemanti Group. The parties expect to sign a definitive agreement in late-August, 2016, and close at the same time or shortly thereafter.

Vemanti Group, Inc. (OTC PINK: VMNT), www.vemanti.com is a diversified holding corporation that’s looking to be active in high-growth and technology-driven markets. They plan to grow through acquisitions by looking for businesses that have start-able products and partner with them, starting a joint-venture with an equity stake or making them a wholly owned subsidiary.

Shares of Vemanti Group were unchanged in early trading on Tuesday, July 26, 2016.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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