DALLAS, TX / ACCESSWIRE / November 18, 2014 / Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc., announced today the expansion of its medical marijuana pilot into a second state.
Last month, American Seed & Oil Company announced a partnership agreement with an organization licensed in the State of Maine to grow Medical Marijuana to expand that organization's existing medical marijuana operation.
Now, American Seed & Oil Company has entered into a similar partnership agreement with an organization in Vermont.
The purpose of the two state pilots is to validate the medical marijuana operation economics. Furthermore, American Seed & Oil is looking to engage a university medical research partnership to measure the therapeutic benefits of medical marijuana to address a variety of neurological disorders.
American Seed & Oil's pilots are intended as a first step toward the commercialization of a larger medical marijuana operation in the future as evolving State and Federal laws permit. The Company plans to continue to expand its pilot operations into additional states where medical marijuana laws permit.
Arcview Market Research reported the legal American medical marijuana market in 2013 had a market value of $1.43 billion and is expected to reach $2.34 billion by the end of 2014.
About Algae International Group, Inc.
Algae International Group, Inc. (ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is in the business of hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market. The Company is also piloting a number of other cannabis related products. For more information please visit www.americanseedandoil.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE: Algae International Group, Inc.