$MCOA Marijuana Company of America's Joint Venture Completes Set-up of 7,000 Sq. Ft. Greenhouse Facility in Washington State
Escondido, California--(Newsfile Corp. - April 18, 2018) - MARIJUANA COMPANY OF AMERICA INC. (OTC Pink: MCOA) ("MCOA" or the "Company"
, an innovative hemp and cannabis corporation, is pleased to announce that its joint venture project, BV-MCOA Management, LLC, has completed the construction of three greenhouses totaling 7,000 square feet. This represents the completion of more than 23% of the total 30,000-square-foot cultivation facility.
The Company entered into the joint venture agreement with Bougainville Ventures, Inc. on March 16, 2017, and subsequently arranged for $800,000 funding for the purchase of the land and the construction of the greenhouses. Transfer of ownership of the property to the joint venture is pending completion of the final subdivision of the property by the Okanogan County Assessor.
The construction team constructed a total of 7,000 sq. ft. in greenhouse space in preparation for the 2018 planting season. Final inspection of the security system and greenhouse construction is expected to be completed in the coming weeks. Once the final inspection is approved, the licensed tenant can occupy the facility and begin cultivation.
Donald Steinberg, MCOA CEO said, "We are pleased to see the completion of the first phase of the greenhouse facilities. Once the security system is in place, we are confident the site will pass final inspection allowing our tenant-growers to occupy the facility and begin operations. MCOA continues to explore opportunities to replicate this business model and expand our real estate portfolio."
The joint venture will lease the turnkey property to a licensed tenant, thereby acting solely as a landlord. As a turnkey landlord, the joint venture aims to provide an ideal cultivation environment for its future tenant, and it is anticipated that greenhouse will be completed by the beginning of Q3 2018. The completed 30,000 square foot cultivation facility will have a capacity of approximately 4,000 plants.
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 tenant-growers and luxury crop growers who will lease the facilities for production and processing. Bougainville does not "touch the plant" and only provides growing infrastructure as a landlord for licensed marijuana growers.
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.
About BV-MCOA Management, LLC
On March 16, 2017, the Company and Bougainville Ventures, Inc. entered into a joint venture agreement that included the purchase of land in Washington State, and plans to build out facilities on the land to support leased agricultural growth, including licensed cannabis operators. As amended on November 6, 2017, the Company's financial commitment to the joint venture was fixed at contributing $800,000, and the issuance of 15 million shares of restricted common stock to Bougainville. The Company completed its payment on November 9, 2017. The funding arranged for by the Company provided consideration for the purchase of the land and contributed to the build out of the facility. The land is pending legal transfer to the joint venture after subdivision is completed by the Okanogan County Assessor. The Company and Bougainville are currently revising and restating their joint venture agreement to resolve certain discrepancies and inconsistencies. The Company and Bougainville expect to complete this restatement shortly and once completed, the Company will disclose it on Form 8-K filed with the Securities and Exchange Commission. For more information about MCOA and BV-MCOA Management, Inc., please refer to the Company's disclosures with the Securities and Exchange Commission (www.sec.gov).
Escondido, California--(Newsfile Corp. - April 18, 2018) - MARIJUANA COMPANY OF AMERICA INC. (OTC Pink: MCOA) ("MCOA" or the "Company"
, an innovative hemp and cannabis corporation, is pleased to announce that its joint venture project, BV-MCOA Management, LLC, has completed the construction of three greenhouses totaling 7,000 square feet. This represents the completion of more than 23% of the total 30,000-square-foot cultivation facility. The Company entered into the joint venture agreement with Bougainville Ventures, Inc. on March 16, 2017, and subsequently arranged for $800,000 funding for the purchase of the land and the construction of the greenhouses. Transfer of ownership of the property to the joint venture is pending completion of the final subdivision of the property by the Okanogan County Assessor.
The construction team constructed a total of 7,000 sq. ft. in greenhouse space in preparation for the 2018 planting season. Final inspection of the security system and greenhouse construction is expected to be completed in the coming weeks. Once the final inspection is approved, the licensed tenant can occupy the facility and begin cultivation.
Donald Steinberg, MCOA CEO said, "We are pleased to see the completion of the first phase of the greenhouse facilities. Once the security system is in place, we are confident the site will pass final inspection allowing our tenant-growers to occupy the facility and begin operations. MCOA continues to explore opportunities to replicate this business model and expand our real estate portfolio."
The joint venture will lease the turnkey property to a licensed tenant, thereby acting solely as a landlord. As a turnkey landlord, the joint venture aims to provide an ideal cultivation environment for its future tenant, and it is anticipated that greenhouse will be completed by the beginning of Q3 2018. The completed 30,000 square foot cultivation facility will have a capacity of approximately 4,000 plants.
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 tenant-growers and luxury crop growers who will lease the facilities for production and processing. Bougainville does not "touch the plant" and only provides growing infrastructure as a landlord for licensed marijuana growers.
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.
About BV-MCOA Management, LLC
On March 16, 2017, the Company and Bougainville Ventures, Inc. entered into a joint venture agreement that included the purchase of land in Washington State, and plans to build out facilities on the land to support leased agricultural growth, including licensed cannabis operators. As amended on November 6, 2017, the Company's financial commitment to the joint venture was fixed at contributing $800,000, and the issuance of 15 million shares of restricted common stock to Bougainville. The Company completed its payment on November 9, 2017. The funding arranged for by the Company provided consideration for the purchase of the land and contributed to the build out of the facility. The land is pending legal transfer to the joint venture after subdivision is completed by the Okanogan County Assessor. The Company and Bougainville are currently revising and restating their joint venture agreement to resolve certain discrepancies and inconsistencies. The Company and Bougainville expect to complete this restatement shortly and once completed, the Company will disclose it on Form 8-K filed with the Securities and Exchange Commission. For more information about MCOA and BV-MCOA Management, Inc., please refer to the Company's disclosures with the Securities and Exchange Commission (www.sec.gov).
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