Mentor Capital Inc (OTCMKTS:MNTR) reported in a year-end letter to investors that it closed the year with $1.2 million cash on hand and $0 debt in the parent firm excluding long-dormant non-interest bearing IOU’s to the CEO, Chet Billingsley. He quantifies the prospect for the new year, stating that Colorado cannabis sales came at $1 billion in 2016, however the California population, where recreational use was permitted by voters, is 7 times as large.
The company is based in California and they are working with 4 institutional investors to extend financial resources to support key marijuana companies getting prepared to expand within the huge state, and elsewhere.
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In addition to Mentor’s current cash holdings, the firm is now moving toward settling its award as a ruling and aggressively gathering about $1.5 million from its July 19, 2016 approved award allowed against Bhang Corporation. The company compensated $1.5 million to Bhang and owners in 2014 while the arbitration panel closed in its award that Bhang violated the deal by failing to offer the Bhang shares, so the company’s request for the recession of the deal is granted and Bhang is not permitted compensation to any damages.
Mentor’s recent venture is in Puerto Rico and comprises a farming facility under 5-year lease. The Puerto Rican prospect was discussed by company’s CEO and briefly broadcasted on HBO – Vice in December 2016. Mentor is offering cannabis sector counselling to Green Vision Systems, Corp. instituted by the public firm Puerto Rican interests and Stereo Vision Entertainment, Inc.
Upon the success of a SEC registration, the company has earlier revealed it plans to payout its 500,000 Green Vision shares to its 4,000 shareholders to enable them to directly partake in ownership of the Puerto Rican cannabis trade in addition to their company’s holdings.
When Mentor started in the medicinal marijuana industry in 2013, total U.S. legal sales stood at $1.3 billion, growing yearly to $3.4 billion, $5 billion and now estimated to over $7 billion for 2016 and $21.8 billion by the close of 2020.
