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US (WA): MCOA completes financing for cultivation facility
Per the terms of the agreement and the completion of funding, the Company has secured a 50% equity stake in BV-MCOA Management, LLC and will receive 50% of the net profits from leasing the facility, which will accommodate a contracted cannabis production and processing tenant with an approved Tier 3, I-502 license. As turnkey landlords, MCOA and BV look to provide an ideal cultivation environment for their future tenant and it is anticipated that construction of the greenhouse will be completed in Q1 2018.
On November 1, 2017, the Company entered into a second Securities Purchase Agreement with St. George. The Secured Convertible Promissory Note has a principal amount of $601,420.00 with the right to purchase at any time on or after November 1, 2017, until November 1, 2022, twenty-two million (22,000,000) shares of Company’s common stock.
Donald Steinberg, MCOA CEO said, “We are pleased to complete funding for this joint venture and we are looking forward to the beginning of the construction of the greenhouses. As more states, most notably California in 2018, legalize recreational cannabis, MCOA is exploring opportunities to replicate this business model and develop our real estate portfolio.”
This joint venture project is solely for the purpose of cultivation and processing of legal marijuana within the State of Washington only and not beyond its borders. The Company will lease the turnkey property to the licensed tenant, thus acting solely as a landlord.
The original terms of the JV agreement with BV called for MCOA to fund $1,050,000 in cash. Both parties agreed to reduce the cash amount to $800,000 and issue 15 million shares of restricted common stock on November 7, 2017.
For more information:
Marijuana Company of America
5256 S. Mission Road, #703-314
Bonsall, CA 92003
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