DENVER, Sept. 4, 2019 /PRNewswire/ -- PRESS RELEASE -- Diego Pellicer Worldwide, Inc., a marijuana brand and development company, has announced that it has executed a letter of intent to purchase a cannabis retail store in Denver. The 3,300-square-foot retail location is projected to have gross sales exceeding $8.5 million in 2019 and $9.5 million in gross sales in 2020.
"This is a critical milestone for Diego Pellicer Worldwide. The execution of the LOI in Colorado is the first step in the evolution of our business model. We are delivering on our commitment to become a vertically integrated premium cannabis company. We look forward to working with the Colorado Marijuana Enforcement Division to garner approval for Diego Pellicer Worldwide to become a fully licensed cannabis company, that includes direct ownership in cannabis operations," said Ron Throgmartin, chief executive officer of Diego Pellicer Worldwide, Inc. "For Diego Pellicer Worldwide to continue to grow, we need to pursue these new avenues of ownership as well as branded cannabis products that will be available at company stores and beyond its branded retail locations."
The non-binding letter of intent is subject to compliance with the Colorado Marijuana Enforcement Division and House Bill 19-1090. The letter of intent will be followed by a contract once rulemaking for Colorado House Bill 19-1090 has concluded and the Marijuana Enforcement Division has issued regulations guiding the process for public companies and out-of-state investors to apply for cannabis licensing ownership. The completed regulations and application process are expected in November 2019 after the final public comment hearing is held on Oct. 8.