TYLER, TX - (NewMediaWire) - April 14, 2016 - Wisdom Homes of America, Inc. (the "Company") (OTC PINK: WOFA) concentrates on licensing products and technology benefiting the cannabis patient and consumer. See Corporate Update below.
In California's race to legitimize recreational marijuana, at least 10 legalization initiatives are vying to appear on the state's November 2016 ballot. California is arguably the cultural and economic nucleus of the country's cannabis industry. Its numerous marijuana farms are estimated to produce 60 to 70 percent of all marijuana consumed in the country. What's more, legalization there would launch a cannabis market in what is the world's eighth largest economy according to IBTimes.com.
Separately but related, Gov. Jerry Brown has imposed statewide rules on the growth, transport and sale of cannabis. Signing three bills in October 2015, the governor created a regulatory system for medical cannabis that could be adapted for widespread use if voters make it legal by passing a 2016 ballot initiative.
WOFA believes the potential legalization and the statewide rules increase the overall value of the non-exclusive licensing rights that the Company has to CannaStrips. In the past five months the Company refocused all of its efforts back into the medicinal cannabis industry. After significant due diligence it identified a specific market segment, oral strips (similar to breath strips), providing an exacting and controlled dosage of cannabis, without the health risks associated with smoking or potential chemical inhalation associated with some smokeless inhalers. It has executed a licensing agreement with Canna Delivery Systems, Inc., a wholly owned subsidiary of Lifestyle Delivery Systems, Inc. in which the Company has the non-exclusive license to market CannaStrips throughout northern California. And it has secured manufacturing and distribution relationships, as well as received orders.
As a result of discontinuing operations in the housing market and re-focusing on the cannabis industry, as well as the large number of equity transactions in 2015 during the transition, the Company has experienced a significant increase in the number of accounting transactions which has caused a delay in filing our 10-K within the extended timeline. The Company is aggressively working to complete the filing and will provide an update within ten days if the filing has not been completed. Subsequent to the filing the Company plans to perform a variety of corporate changes including file for its name change and the re-location of corporate offices.
Wisdom Homes of America, Inc., located in Tyler, Texas, has discontinued its manufactured housing retail centers. The Company concentrates on licensing products and technology that benefit the cannabis patient and consumer. The Company's common stock trades on the OTC Pink market under the ticker symbol "WOFA".
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements". Wisdom Homes of America, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. Wisdom Homes of America, Inc. undertakes no obligation to revise these statements following the date of this news release.