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US (WA): MCOA starts construction on 30,000 sq. ft. cultivation facilityMarijuana Company of America announced that its joint venture partner, Bougainville Ventures, 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 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."
For more information:
Marijuana Company of America
5256 S. Mission Road, #703-314
Bonsall, CA 92003
Publication date: 11/29/2017
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