Mentor Capital gets 500K first to be registered shares of Green Vision Systems
Mentor Capital announced it has received 500,000 first to be registered common shares of Green Vision Systems and will be supporting their legal cultivation, manufacturing and transportation of medical cannabis products from Green Vision's planned state of the art facility in Puerto Rico, plus associated hemp farming in this tropical setting. The role of Mentor Capital, in the Green Vision Systems Corp. medical marijuana and hemp business is to provide cannabis industry expertise, guidance and consulting. StereoVision, which has long experience in the Puerto Rican business environment, will be providing the early and overall the majority of the financing for the project together with accredited territory and USA residents, according to an earlier StereoVision release. "Mentor Capital is excited to be on the leading edge of the cannabis legalization in Puerto Rico so soon after the signing of that executive order by Gov. Alejandro Garcia Padilla. This Puerto Rican medical marijuana project is particularly attractive to us because of the rapid government approval timeframe, a reciprocity policy supported by medical tourism, and especially because Puerto Rican residents and businesses pay no federal income tax. This obviates the pervasive cannabis industry problem of IRS Rule 280E which prohibits the deduction of normal operating expenses from cannabis enterprises for tax purposes because marijuana is still a Schedule I drug. The preferred Puerto Rican status can reduce the effective tax rate for an otherwise identical medical marijuana company from 80% to 15%," explains Mentor CEO Chet Billingsley. "We look forward to increasing the value of our investment in Green Vision Systems by our consulting efforts and plans for future investment in Puerto Rico cannabis through Green Vision. Additionally, our analysis indicates that because of the quick timeline, Mentor could further increase the value received by its 4,000 shareholders by making a special dividend of the Green Vision shares Mentor receives soon after Green Vision's planned registration of those shares with the SEC."