SANTA ANA, Calif., April 16, 2013 /PRNewswire/ -- Latteno Food Corp. (OTC: LATF) announced today that, based on the growing number of states that have either enacted or soon to enact favourable legislation, it has been forced to increase its revenue projections and initiate an aggressive program to strengthen its infrastructure capabilities and staffing at all levels of its Medical Marijuana operations. Eighteen states and the District of Columbia currently allow its medical use.
This aggressive initiative has been further spurred by the increasing favourable mainstream media attention given the medical marijuana market. In a feature article in USAToday ( April 8, 2013) entitled 'As marijuana goes legit, investors rush in', the paper reports that for the first time a majority of Americans now support legalizing marijuana, that medical marijuana sales could quadruple and that this growing market it beginning to attract mainstream investors and ancillary businesses.
"After Washington and Colorado, the pot business is, if not mainstream, at least ready to push toward it. Advocates hope to legalize personal use in another 14 states by 2017; mostly among the 16 states besides Washington and Colorado where medical pot is legal (it is also legal in Washington, D.C.," the report concludes. "The best way to estimate the potential size of the legal market for cannabis begins with the illegal market - which is somewhere north of $18 billion a year in pot Americans consume already," said Harvard economist Jeffrey Miron.
The Company had previously announced that in anticipation of the implementation of the new growth plan and recently announced acquisition of the California-licensed Green Cannabis Collective Inc., and as a reward for the past loyalty and patience the shareholders have shown, the Board has approved a Stock Dividend that will pay all shareholders of record a 2% stock dividend. This dividend would issue each shareholder 2 new Latteno Food Corp. shares for every 100 held. The Company is currently finalizing the formal approval process and anticipates announcing the setting of the official Record Date of this stock dividend shortly.Earlier this year, in preparation for the launch of its entry into the lucrative Medical Marijuana market, the Company announced that it had brought current all its federal and state filings and had been upgraded by OTC Markets to the highest trading status of "Current Information." By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company is now designated by OTC Pink Current Information.