NEW YORK, May 13, 2015 (GLOBE NEWSWIRE) -- Tumbleweed Holdings, Inc. (OTC:DCDC) today announces they have signed a Letter of Intent to acquire and operate an advanced cannabis testing laboratory in Portland, Oregon. This is the first step in a multi-state strategy to grow a multi-use data-driven technology infrastructure. This operation should be fully integrated into the Tumbleweed family over the next several months.
According to Gary Herman, Tumbleweed's Chairman and CEO, "Lab testing is the cornerstone of a safe, maturing cannabis marketplace. As various states come on line with their programs, whether for medical or recreational use, product safety and transparency is playing a key role in implementation and acceptance. Additionally, the learning and data we will capture regarding strain values, consumer preference and production inputs will become invaluable to our customers and partners in making better business decisions, both day-to-day, and for long term business planning. Our lab in Portland is expected to serve both medical and recreational markets, giving us a good foundation in both regulatory models and the differing needs of patients and consumers."
Added Seth Lukash, Tumbleweed's President and Chief Operating Officer, "Laboratory Testing fits perfectly with our business strategy, focused on the collection, analysis and use of data as a business intelligence tool. The team we're working with in Portland has the laboratory expertise, testing experience and network of producers and retailers in the cannabis market to position us perfectly on the West Coast as adult use cannabis comes to market in Oregon over the coming months."
About Tumbleweed
The Company's strategy is to pursue acquisitions and investments in the emerging legal cannabis sector, with a goal of operating businesses in product testing, business intelligence, and technology and data applications, as regulations permit. We acquire, invest in and operate both established businesses and innovation-focused start-ups with strong management teams and business models in this sector.
Opportunities under active consideration include scientific product testing facilities, software applications and data systems for the legal cannabis market, and other related product development solutions.
Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Tumbleweed's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the Federal and State levels. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.