Marijuana Company of America Provides Update on 30,000 Sq. Ft. Cultivation Facility in Washington State
ESCONDIDO, CA -- (Marketwired) -- 11/28/17 -- MARIJUANA COMPANY OF AMERICA INC. ("MCOA" or the "Company") (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that it's joint venture partner, Bougainville Ventures, Inc., initiated construction on a 30,000 square foot cultivation facility in Washington state. The delivery of the first pre-designed greenhouses, with full tracking and reporting protocols, is expected to be completed this week for the I-502 facility. The site will eventually consist of 6 greenhouses providing a total of 30,000 sq. ft., of cultivation area. The construction is expected to be completed in February of 2018.
This one acre footprint of greenhouse is anticipated to be a technologically advanced and predominantly automated cannabis production facility. The Company also has an option to purchase additional contiguous acreage and so may choose to expand its leasehold in the area. Bougainville Ventures, Inc. anticipates the facility to be capable of producing in excess of 12,000 lbs. of high quality cannabis annually once the cultivation area is fully built out. The location of the new facility provides access to transportation, industrial infrastructure, power, water, gas, and courier services.
Donald Steinberg, CEO of the Company, observed: "We have raised eight hundred thousand dollars and have issued fifteen million shares of the Company's common stock, per the revised agreement with Bougainville Ventures, Inc. The tenant is in the process of obtaining approval of plans and issuance of permits from Okanogan County and Washington State Liquor Control Board (WSLCB) to authorize construction on the first phase of the project. This transaction enables the joint venture to install 4 of the 6 design automated greenhouse systems." Mr. Steinberg also added "The attainable goal for the joint venture is to deliver the finished project early in Q1 2018 so that our tenant can begin producing revenues shortly thereafter."
Additional details on this specific project will be announced in the coming weeks. MCOA continues to be a company pursuing aggrotech, cannabis, and advanced organic greenhouse farming assets. Meanwhile, for more information on this project including images of the jobsite, please visit: http://marijuanacompanyofamerica.com/
About Bougainville Ventures, Inc.
Bougainville Venture Inc. is in the core business of converting irrigated farmland that was traditionally used to grow marginally profitable feed crops, to greenhouse-equipped farmland used to grow luxury crops with a primary focus on marijuana. Bougainville is an agricultural services company that focuses on providing growers with state-of-the-art computer controlled greenhouses and processing facilities. Bougainville offers fully built out turnkey solutions to licensed I-502 tenant-growers and luxury crop growers who will lease the facilities for production and processing. MCOA does not "touch the plant" and only provides growing infrastructure as a landlord for licensed marijuana growers in the state of Washington. Bougainville has a strong management team with relevant experience and education in place with a focus on build-out and occupancy of its planned greenhouses in Oroville, WA. Strategic plans to expand its land bank, greenhouse campus and I-502 tenant-grower clients are scheduled for expanding operations.
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name "hempSMART™", that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-12G, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
For more information, please visit the Company's websites at:
Marijuana Company of America, Inc.
New York, New York
Source: Marijuana Company of America
Released November 28, 2017