Fellow Shareholders,
Since my last letter to shareholders, issued two months ago on May 23, 2014, there have been significant changes in the legal medical marijuana industry. Those changes, we feel, have created additional enterprise value for OSL Holdings and continue to validate OSL Holdings' business model. These progressive regulatory developments and changes, at the state and federal level, have inspired OSL Holdings to refine its mission to enter the legal medical marijuana markets when federal law permits.
OSL Medical Services is a development platform centered on the development and financing of indoor gardens and cultivation facilities, production technologies, and merchandise and operational services for businesses in the herbal and supplement industry. OSL Medical Services is designed to support its clients with branding, technology, marketing, logistics, and future planning services on a state-by-state basis throughout the United States. The company will deliver services in five areas: 1) Production, growing and genetics; 2) Warehousing and logistics; 3) Retail and operations; 4) Marketing and sales; 5) Franchising and licensing.
OSL Medical Services will provide these support services in compliance with all federal, state and local laws. At this time, OSL will not grow or sell marijuana, but intends to gain market share and create value for its shareholders by creating, marketing, and licensing brands as well as acquiring and licensing production technology. When federal law permits, OSL Medical Services will provide these services to legal and licensed growers and dispensers.
We are excited about the changes taking place across America. I would like to take this opportunity to share a few of the recent developments in the legal medical marijuana industry with a view of sharing the scope of the potential that exists for OSL Holdings.
On May 29, 2014, The House voted to block the DEA from targeting medical marijuana. An appropriations amendment offered by Rep. Dana Rohrabacher (R-Calif.) prohibiting the DEA from spending funds to arrest state-licensed medical marijuana patients and providers passed 219-189. The Senate will likely consider its own appropriations bill for the DEA, and the House amendment would have to survive a joint conference before it could go into effect.
Rep. Sam Farr (D-Calif.) co-sponsored the amendment with Reps. Rohrabacher, Don Young (R-Alaska), Earl Blumenauer (D-Ore.), Tom McClintock (R-Calif.), Steve Cohen (D-Tenn.), Paul Broun (R-Ga.), Jared Polis (D-Colo.), Steve Stockman (R-Texas), Dina Titus (D-Nev.), Justin Amash (R-Mich.) and Barbara Lee (D-Calif.).
"The conflicting nature of state and federal marijuana laws has created an untenable situation," Blumenauer said prior to the House debate. "It's time we take the federal government out of the equation so medical marijuana business owners operating under state law aren't living in constant fear of having their doors kicked down in the middle of the night."
Also on May 29, 2014 Minnesota's Democratic governor Mark Dayton signed legislation that set up a medical marijuana program with tight controls over qualifying conditions and the way it is administered
"I pray it will bring to the victims of ravaging illnesses the relief they are hoping for," Dayton said in a written statement.
Florida Governor Rick Scott followed suit on June 16, 2014 by signing a law allowing for the limited use of a special strain of marijuana to treat epileptic seizures and other diseases. State lawmakers passed the measure this spring with bipartisan support after impassioned appeals from parents seeking access to the form of marijuana known as "Charlotte's Web," named for a Colorado girl whose epileptic seizures have shown some response to the drug.
"As a father and grandfather, you never want to see kids suffer," Scott, a Republican, said in a statement. "I am proud to stand today with families who deserve the ability to provide their children with the best treatment available."
And, on July 7, 2014, Governor Andrew Cuomo signed a medical marijuana bill into law, making New York the twenty-third state to allow legal access to medical marijuana for seriously ill patients.
At a press conference in Albany, Cuomo said he and legislative leaders had reached a deal to legalize the use of the drug for medical purposes. The Compassionate Care Act, the governor said, will make medical marijuana accessible to patients suffering from certain diseases, including AIDS, epilepsy, multiple sclerosis, glaucoma and cancer.
On July 9, 2014, Washington State became the second state in the union to legalize recreational marijuana. Despite fewer than 10 shops opening across the state and concerns about a possible shortage of legal marijuana, the handful of open shops were met with throngs of exuberant shoppers.
Even our nation's capital has thrown its proverbial hat in the ring. Thousands of residents of Washington, D.C. have signed a petition calling for the nation's capital to join Colorado and Washington State in legalizing recreational marijuana.
The petition, submitted Monday by the D.C. Cannabis Campaign to the D.C. Board of Elections, bears 58,000 signatures, more than twice the number needed to put a marijuana legalization initiative on the ballot in November. The board is expected to rule on the validity of the signatures by the middle of August.
The proposed law would allow adults to possess up to two ounces of pot and would permit the cultivation of up to six marijuana plants at home. It would not legalize the sale of marijuana, because a current law bars D.C. voters from doing so via ballot initiative. The D.C. Council, however, is considering a bill that would essentially undermine that law by allowing the District to tax and regulate commerce in marijuana.
Legal marijuana businesses scored big on July 16, 2014. In a historic vote the U.S. House passed a bipartisan amendment by Representatives Heck (D-WA), Perlmutter (D-CO), Lee (D-CA) and Rohrabacher (R-CA) preventing the Treasury Department from spending any funding to penalize financial institutions that provide services to marijuana businesses that are legal under state law. The amendment passed 231 to 192. This opens the door to credit card companies finally working with legal medical marijuana businesses.
OSL Holdings remains dedicated to advancing the rights of patients in need of legal access to cannabis-based medicines and entering the legal marijuana market when appropriate. OSL Holdings supports the decriminalization of medical marijuana while remaining compliant with local and state laws governing the use, sale and distribution of legal medical marijuana. OSL Holdings is committed to supporting consumers who suffer from illnesses best managed and treated by the use of medically recommended and legally obtained medical marijuana.
The future for our Medical Services business, and our future entrance in the legal medical market, continues to look bright. We look forward to growing and capturing more of this exciting and historic market.
Thanks for taking a moment to read this letter, and thank you for being a part of OSL.
Sincerely,
Bob Rotherberg, CEO
OSL Holdings, Inc.
About OSL
OSL Holdings (OTC: OSLH) is a development and technology company specializing in affluent, liberal markets with high disposal income. The Company intends to operate a real-time loyalty rewards platform that can facilitate the earning and redemption of rewards currency at the point of the transaction (online, mobile, at retail) as well as on future transactions. OSL Holdings' target consumers are highly educated, respond to cause marketing initiatives and socially conscious business models, and are technologically savvy. On March 10, 2014, the Company announced its intent to enter the legal marijuana market when federal law permits, providing foundational work for branding, marketing, technology, and logistics to existing or emerging legal marijuana licensees.
The Company's filings with the SEC are available at http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001329957&owner=exclude&count=40.
For more information, please visit the Company's website at www.oslholdings.com.
Forward Looking Statements -- Safe Harbor
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors, risks and uncertainties that could cause actual results and developments to differ materially from forecasted results. For a discussion of these factors, risks and uncertainties please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Securities and Exchange Commission at http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
Company Contact:
OSL Holdings Inc.
IR/Media Contact:
Dennis Dobson, Jr.
Dobson Media Group
Tel: +1-203-258-0159
info@OSLHoldings.com
Web site: http://www.oslholdings.com
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