US (WA): Marijuana Company of America in joint venture with Bougainville
MCOA will invest $1 million in cash in a newly formed entity. Bougainville Ventures, Inc. will contribute its expertise in the construction and management of a 30,000 sq. ft. greenhouse facility, which will accommodate a Tier-3 production and processing I-502 tenant that has decades of experience and a proven track record of consistency and quality. MCOA and BV will split equity and profits equally, 50/50.
As turnkey landlords, MCOA and BV will provide the I-502 tenant with a state-of-the-art facility that creates an ideal cultivation environment that they can move into and be fully operational on day one. This enables tenants to focus on what they do best, producing top quality products and not worrying about maintaining their infrastructure.
Donald Steinberg, MCOA President and CEO, said, "This project will help to expand our operations as an ancillary business into the Washington State market. Achieving this milestone of closing this deal, as well as completing our PCAOB audit at the end of the first quarter are two more pillars of the strong foundation we are building for our shareholders."
The execution of the agreement is the final step in formalizing the Letter of Intent that was publicly announced on February 15, 2017. This joint venture partnership is formed for the purpose of greenhouse construction, management and commercial leasing to I-502 licensed producers within Washington State only and not beyond its borders.
For more information:
Marijuana Company of America
5256 S. Mission Road, #703-314
Bonsall, CA 92003
888-777-4362
ir@mcoa.club
www.marijuanacompanyofamerica.com