TULSA, OK--(Marketwired - Feb 18, 2014) - Bayport International Holdings, Inc. (OTC Pink: BAYP) is pleased to announce the creation and incorporation of a new subsidiary to target the Medicinal and Legalized Marijuana sector.
Bayport Medicinal Research, Inc. was recently incorporated in Colorado with the sole intention of acquiring a business or businesses specifically in the Medicinal and Legalized Marijuana sector. To date we have identified several businesses currently for sale which would fit into this segment of the company.
The next stage is due diligence, determining if the sales price vs earnings will substantiate this move, etc. We anticipate that we will receive this information from the sellers forthwith, as these businesses are currently for sale, and would provide an easy transition into Bayport International Holdings, Inc. and for Bayport to transition into the Medicinal and Legalized Marijuana sector.
While the company has been investigating this sector for many months, we have only recently decided to delve in. The hesitation was entirely based on how the United States Federal Government would respond to states like Colorado and Washington after their legalization. On Friday, the Department of Justice and the Financial Crimes Enforcement Network, a division of the United States Department of the Treasury, issued a joint statement and clear cut parameters allowing banks to do business with Medicinal and Legalized Marijuana businesses.
The official release from FinCEN can be found below.
http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2014-G001.pdf
Over the last several weeks contacts have been made, and the availability of funds in this sector appears to be great.
We will still remain in Gas and Oil as we feel that will always be the foundation that this company is built on. As new acquisitions occur in gas and oil we will make these announcements.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on oil and gas ventures, with holdings in precious metal mining claims. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company's portfolio of properties is primarily located Pennsylvania, and in the prolific western USA in Utah and Texas.
