Business
Limitless Venture Group, Inc. Signs LOI to Acquire 100% of Cannabis Grow Operations and Facility in Oklahoma
Limitless Venture Group, Inc. Signs LOI to Acquire 100% of Cannabis Grow Operations and Facility in Oklahoma.
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / December 7, 2021 / Limitless Venture Group, Inc. (OTC PINK:LVGI) ("LVGI" or the "Company"), a publicly traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth, is pleased to announce that it has signed an LOI to acquire 100% of an Oklahoma operating grow facility with both Indoor and outdoor operations, exclusive to LVGI for 60 days from the signing of the LOI.The operation has had 1 full outdoor grow season producing around 1,200 pounds of cannabis, according to the owners. Additionally, they currently have approximately 400 plants growing indoors and expect to harvest them this month. Both outdoor and indoor operations have all the necessary equipment, lighting, heating/cooling etc. as necessary to produce quality plants. Additionally, the current staff seems willing to stay on and work with LVGI as necessary. More information will be available and provided once we close on this opportunity.With the current levels of operations, LVGI surmises there is an ability to grow 1.5 to 2 outdoor harvests. Using the current production numbers that would yield around 1,800 to 2,400 pounds of cannabis annually outdoors. With a saleable low price range of around $1,000 per pound, LVGI's first year of outdoor production, if all goes well, could be worth between $1,800,000 and $2,400,000. Indoors, there is the ability to grow year round and that could mean up to 5 harvests annually. The facility is now operating in about 2,000 sq/ft of space. Again, using current production levels of which there are approximately 400 plants growing, that would mean LVGI's first full year of indoor growing could produce 2,000 plants, which should yield around ¼ pound per plant (per leafy.com), equaling about 500 pounds. Again, at a low price of around $1,000 per pound, that would generate an additional $500,000 annually, making the total annual revenues for LVGI of between $2,300,000 and $2,900,000 YEAR ONE!. There are many variables that would change these numbers dramatically and they are being used only as a reference. There is additional indoor space available that can be converted into grow rooms that could potentially quadruple, up to 8,000 sq/ft, the indoor grow area as well as increasing the ...