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Family Room Entertainment Corp. (OTCMKTS:FMYR)
LAKE FOREST, CALIFORNIA, USA, February 22, 2021 /EINPresswire.com/ — Family Room Entertainment Corp. (OTC PINKSHEETS: FMYR)
Family Room Entertainment Corp. d/b/a BOMCBD Corporation (the “Company’) is pleased to share its outlook and vision for the Company in the growing cannabis and hemp sector.
“Safestarr’s joining the Company is expected to increase its operations and sales to meet the growing demands in the cannabis and hemp sector,” said Jason DeSalvatore, a Director of the Company. “We look to expand by focusing our marketing efforts on two primary market sectors. As the cannabis and hemp industry moves from the black market to a regulated market, the cannabis and hemp farms are changing in size and structure.” Jason further explained, “We are seeing the mid-sized cultivators scaling up to large commercial operations, or joining the small farm community, to satisfy both their own demands and the demands of the specialty medical market. This is what we see happening with the once black market cultivators either closing their doors or transitioning to the commercial regulated market.”
Under that backdrop of the growing sector, the Company had acquired Safestarr to position itself to capture and satisfy the cultivators’ demands. As Jason described, “Safestarr will focus its marketing efforts on servicing and supplying the commercial cannabis cultivators. All the cultivators (whether indoor, mixed-light, or outdoor) necessarily have a large and growing demand for bulk supply nutrients, mediums, containers, and pest control. Our management staff has over 15 years of commercial cannabis cultivation experience in all phases and types of cultivation, from indoor, mixed-light, to outdoor cultivation. We have experts in hydroponics irrigation and feed systems, as well as organic farming experts to advise and consult our clients. In short, we are prepared to service the growing cultivator clientele.”
Nonetheless, the Company will not ignore the customer base of small farmers at the other end of the spectrum. In California, the personal cannabis farmer is limited to 6 plants and is generally forced indoors for cultivation. These clients require a full environment overhaul within their homes or their indoor growing premises. Safestarr offers a variety of customizable package options for such small growers.
The Company’s outlook is supported by empirical data of the expanding field of cannabis cultivators. Within California where the Company’s Safestarr operations is located, the potential customers that are the licensed cannabis establishments have skyrocketed during the first half of 2018. For example, the first 6 months of 2018, California retail dispensary licensees grew 113% from 321 to 683; and cultivation licensees grew 1001% from 349 to 3844. (https://cannabiz.media/the-growth-of-marijuana-licenses-in-california-q1-q2-2018/)
In California where our Company is headquartered, its cannabis market seemed to have far exceeded earlier expectations. This observation occurred before California’s launch of legalization in 2018: “The emerging industry took in nearly $9 billion in sales in 2017, according to Tom Adams, managing director of BDS Analytics, which tracks the cannabis industry. Sales are equivalent to the entire snack bar industry, or to annual revenue from Pampers diapers. That was before California opened its massive retail market in January. The addition of the Golden State is huge for the industry and Adams estimates that national marijuana sales will rise to $11 billion in 2018, and to $21 billion in 2021.” (https://money.cnn.com/2018/01/31/news/marijuana-state-of-the-union/index.html)
In August 2019, the Los Angeles Times reported that California’s first year of licensed cannabis sales in 2018 was $2.5 billion, and with a projection of $3.1 billion in legal sales in 2019. (https://www.latimes.com/california/story/2019-08-14/californias-biggest-legal-marijuana-market)
As it turned out, in 2020, California experienced legal cannabis sales of $4.4 billion that represented a 50% growth over 2019, and represented 27% of legal sales nationally. There is a projection that the recreational cannabis market will reach $5 billion in 2022. (https://cannabusinessplans.com/california-cannabis-market/)
As Jason summarized, “Regardless of the cultivators’ size, our on-site sales team is also available to advise our customers for successful cultivation. It is our goal that even the novice cultivators can use our experience to hit the ground running in their new cannabis cultivation projects. We truly believe that if we meet the growing demands, we will obtain substantial growth to benefit the Company and its shareholders.”
About Family Room Entertainment Corp.
With its headquarter office located in Irvine, California, and founded in 1969 originally as Cobb Resources, Family Room Entertainment Corp. (the “Company”) has focused its business operations in the cannabis sector with its acquisition of Safestarr Inc., a California corporation, which operates under the trade name of Sweet Leaf Hydroponics. Through the acquired operations, the Company markets and sells extraction products, topsoil, and other various “picks and shovels” equipment necessary for cannabis cultivation operations. The Safestarr subsidiary has an active social media presence at its own website (http://www.slhydro.com/), Instagram page (@sweet_leaf_hydro) and Facebook (https://www.facebook.com/SweetLeafHydro/).
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s affiliates that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
Family Room Entertainment Corp.