Medican Enterprises Establishes New Subsidiary in United States
September 30 2014 - 8:00AM
Business Wire
Company to seek medical and recreational
marijuana investment opportunities in the $1.3 Billion legal
marijuana market in the U.S. market
Company also provides update on its proposed
Canadian medical marijuana acquisition
Medican Enterprises, Inc. (OTCBB:MDCN), announced
the formation of Medican (US) Systems Inc., a wholly owned
subsidiary formed to pursue business activities in the Untied
States medical marijuana and recreational marijuana sectors.
The new entity, operating out of Las Vegas, NV, will:
- seek investments in commercial real
estate which it can lease to marijuana growers in states where
growing is legal;
- provide dispensary management and
professional consulting services to the medical marijuana and
recreational marijuana sectors; and
- offer a broad range of leasing and
financing solutions to dispensaries, kitchens and cultivations
centers.
Ken Williams, CEO of Medican Enterprises, stated “We are excited
to position Medican for a strategic entry into the U.S. marijuana
sector and seek to execute on promising opportunities in the United
States in the near term. We believe in the present and future of
legal marijuana businesses, and thus we will strive to find the
best opportunities in this space to build value for our
shareholders.”
The legalized marijuana industry in the Untied States is
thriving. According to a November 2013 report from ArcView Market
Research, the national legal marijuana market in the United States
projected to grow from $1.3 billion to $10.2 billion by 2018.
Medican also provided an update on the proposed acquisition by
its subsidiary Canaleaf Systems of a majority interest in
Canada-based International Herbs Medical Marijuana Ltd. (IHMML),
which is pursuing the creation of a 400,000 square foot cultivation
facility in Athoville, New Brunswick, subject to approval by
Canadian regulatory authorities.
“As previously announced, we were hoping to close on our
acquisition of an interest in IHMML by September 30” stated Mr.
Williams. “Unfortunately, we have faced structuring and regulatory
issues that are making the consummation of this transaction, for
both ourselves and our Canadian partners, challenging at this time.
We will continue to monitor and explore this opportunity as we
believe in its potential, but we must also now turn to address
other opportunities, including in the U.S. through the creation of
our new subsidiary. We look forward to providing additional updates
on our efforts to establish our business in the near future.”
About Medican Enterprises Inc.
Medican Enterprises is a bio-pharmaceutical company focused on
pursuing business opportunities in the growing medical and
recreational marijuana sector. Through its subsidiaries, Medican is
seeking to invest in our businesses associated with the growing,
marketing, research and development, training, distribution and
retail sale of medical and recreational marijuana, both in the
United States and Canada. For more information visit:
www.medicaninc.com.
Cautionary Note egarding Forward-Looking Statements
This press release and statements of representatives of Medican
Enterprises, Inc. (the “Company”) related thereto includes
forward-looking statements within the meaning of the U.S. federal
securities laws. Forward looking statements are statements that are
not historical facts. Such forward-looking statements are subject
to significant risks and uncertainties that are subject to change
based on various factors (many of which are beyond the Company's
control), which could cause actual results to differ from the
forward looking statements. Such statements may include, without
limitation, statements with respect to the Company's plans,
objectives, projections, expectations and intentions and other
statements identified by words such as "projects," "may," "will,"
"could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "potential" or similar
expressions. These statements are based upon the current beliefs
and expectations of the Company's management but are subject to
significant risks and uncertainties, including those detailed in
the Company's filings with the Securities and Exchange Commission.
Actual results (including, without limitation, the results of the
Company’s efforts to establish a business in the U.S. as described
herein) may differ from those set forth in the forward-looking
statements. Except as required by applicable law, the Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Medican Enterprises Inc.Ken Williams,
CEO1-800-416-8802investors@medicaninc.com
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