Umbral Energy (TSX-V:UMB
), a Vancouver-based firm engaged in the acquiring, exploring and developing of resource properties, announced today that the company was investigating opportunities in the emerging medical marijuana sector.
According to the news release
, “The Company is considering other activities to increase shareholder value, including non-resource projects. The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes.”
It went on to note, “The Company has invested significant time in researching the industry and believes that there remain opportunities for entry into the sector. A steadily increasing percentage of the medical community believes that medical marijuana, and more specifically cannabinoids, has the potential to help patients who are suffering from a variety of ailments and illnesses.”
Then it added, “…industrial hemp is an emerging industry in Canada, and hemp is one of the strongest natural fibres known to man. Hemp has a wide range of applications including medicine. Both sectors show the potential for exponential growth.”
The company warned investors that despite due diligence having been conducted with talks and negotiations regarding the companies intended shift, there are no deals in place and no guarantee that any agriculture-related asset acquisitions will take place in the future. Umbral continues to investigate all avenues of providing increased share value until such time as any agriculture-related transactions do take place.
Umbral was in the news recently when the company added to a stock option grant back in the middle of January
Shares shot up 90% on the news to $0.095 per share.
Currently there are 29.5m outstanding shares with a market cap of $2.8 million.