Signal Bay Inc. (OTC: SGBY), a provider of research, analysis, advisory services, and operating services to the medical marijuana industry, recently announced that the Nevada Division of Public and Behavioral Health approved the transfer of ownership interest of a licensed medical marijuana establishment, which the company expects to close by June 15, 2015.

“We are pleased to have received this approval from the DPBH,” said Signal Bay Inc. CEO William Maldrop in the recent press release. “The team at Signal Bay now has the green light to proceed identifying and developing medical marijuana investment and acquisition opportunities in the Nevada marketplace.”

Earlier this month, the company announced that it entered into a Letter of Intent to acquire a majority interest in an operating U.S. medical marijuana testing and research facility to carry out statewide requirements. The technical science and compliance team that has been operating the facility and serving the needs of their local customers since 2014 will be retained following the acquisition.

“As our ongoing industry research delivers practical testing and research income opportunities, we are confident in the next step in our future,” said Mr. Waldrop in the prior press release disclosing the Letter of Intent.

The company is being advised by a strategic advisory partnership with Electrum Partners LLC, and its founders Leslie Bocskor and Gordon Katz, Esq. With extensive experience in advising publicly traded companies in M&A, as well as their industry relationships in the marketing space, the organization is uniquely suited to help build long-term value for shareholders of Signal Bay.

Shares of Signal Bay Inc. fell in early trading on Monday, May 11, 2015 following the news release.

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