Enviro-Serv (PINKSHEETS:EVSV), the parent and publicly traded vehicle of Enviro-Serv USA has announced a 260 million share reduction in outstanding and floating EVSV common stock shares has commenced exploratory meetings with former organic fertilizer and pesticide manufacturers for potential entry into the marijuana sector.
As quoted in the press release:
Chris Trina, Chairman and CEO, had these exciting remarks for the investing public about the booming cannabis market, “One does not need to be a rocket scientist to understand the upside potential within the cannabis space as the growth projections continue to soar. In 2016 Fortune magazine estimated legal marijuana sales of over 6.5 billion dollars with growth estimates ranging from 25-30% through 2017. Many industries are feeding off this frenzy in their quest to capture their own slice of the pie. It has been publicly documented in a Forbes article dated July 6th, 2016 that the CEO of Scotts Miracle-Gro intends to invest over 500 million dollars and he was quoted in the same article to say, ‘It’s the biggest thing I’ve ever seen in lawn and garden.’”
Trina went on to exclaim, “The time is now for us to seriously explore our own opportunities. I feel strongly about my knowledge and sources of contacts within the insecticide/fertilization market to penetrate and capture some of this industry growth from within this arena. In 2008 and 2009 my former subsidiary, Organic Products International which hit sales of over one million dollars in those years, had multiple licensing/distribution agreements with two giants in the eco-friendly organic fertilizer space. Although the recession of 2008-2010 killed our momentum these relationships are still ripe and just yesterday I had a successful phone conference with my former Georgia-based joint venture partner which was highly encouraging. I believe we can create a niche market where we aren’t directly competing against the Scotts of the world and successfully earn our fair share. Although this is currently exploratory in nature Enviro-Serv will be reviving this subsidiary under the same well branded name, OPI, to better prepare for these ongoing forward looking opportunities.”
Source: New feed