Business
Bayport International Holdings, Inc. Enters Into Letter of Intent to Acquire Minority Interest in 420skybnb.com, a Cannabis Tourism Technology Platform
Bayport International Holdings, Inc. Enters Into Letter of Intent to Acquire Minority Interest in 420skybnb.com, a Cannabis Tourism Technology Platform.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\n\n DALLAS, Texas, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Bayport International Holdings, Inc., (OTC Pink: BAYP) (“Bayport” or the “Company”), a holding company active within the cannabis technology industry, that is developing an integrated platform of Cannabis Industry Technologies, is pleased to announce that it has entered into a Letter of Intent (LOI) to acquire a minority interest in 420skybnb.com, a cannabis lifestyle tourism platform.\n The announcement comes just two days after announcing the negotiations of a proposed acquisition of a minority stake in this cannabis travel technology platform. Management is pleased that both parties are in agreement and work well together, which helped streamline the negotiation phase into an LOI. Both parties will now conduct deeper due diligence and work towards finalizing a transaction. We expect to report further on the outcome of the LOI in the coming weeks. The 420skybnb platform connects cannabis travelers with cannabis-friendly hosts, which offer short-term housing accommodations. 420skybnb supports cannabis entrepreneurs that seek to become hosts on the platform. This allows hosts to temporarily rent out their living space to other cannabis enthusiasts and earn money in exchange. 420skybnb is a cannabis technology platform that ultimately is focused on capitalizing on the rapidly growing cannabis tourism industry. “In California in 2016 the Wine tourism industry generated $7.2 Billion in revenue and we are confident the legal Cannabis industry will eventually eclipse those figures,” stated 420skybnb Founder and CEO, Kurt Casadine. Bayport sees cannabis tourism as an overlooked segment of the overall industry. With 420skybnb’s cannabis technology platform geared towards travel and tourism, management sees the company as a natural fit within Bayport’s expanding platform ecosystem. Furthermore, 420skybnb’s robust platform, Android app, and iOS app could help provide a roadmap for Bayport to expand the capabilities of its existing platforms. “Adding a travel component to our growing ecosystem is a natural fit. We are whiteboarding the multiple ways our customers, clients, and business lines can synergistically cross promote each other effectively with a travel component. Obviously there are product promotion opportunities as ...