BONSALL, CA--(NewMediaWire - Feb 15, 2017) - MARIJUANA
COMPANY OF AMERICA ("MCOA" or the "Company") (OTC: MCOA), an innovative cannabis and hemp
marketing and distribution Company, is pleased to announce that it
has entered into a non-binding Letter of Intent ("LOI") while
performing due diligence to finalize a joint venture agreement with
Bougainville Ventures, Inc. ("BV") for the purpose of housing
tenant growers engaging in the cultivation, processing and
commercial availability of legal marijuana in the State of
Washington.
Subject to the execution of a final definitive agreement, the
terms of the LOI are that MCOA will invest up to $1 million in cash
in a newly formed entity and receive 50% equity ownership and 50%
share in net profits produced by the joint venture. Bougainville
Ventures, Inc. will contribute its expertise in establishing
facilities related to the production, processing and management for
tenant growers utilizing an I-502 Tier 3 license, with leased
property, established partnerships, licensing agreements and
marketing relationships.
Donald Steinberg, MCOA President and CEO said, "We are looking
forward to getting seed in the ground and ramping up this
partnership with Andy Jagpal and Bougainville Ventures. This
partnership further strengthens our supply chain and enables MCOA
to produce the highest quality products at the lowest possible
prices."
"We couldn't be happier than to have aligned ourselves with the
outstanding team at MCOA," said Jagpal, President of Bougainville
Ventures, Inc. "With the management expertise that the highly
skilled professionals at MCOA bring, we have insured the certainty
of expanding our Washington State Greenhouse Campuses while
achieving our revenue and profitability goals."
This joint venture project is solely for the purpose of
cultivation, processing and commercial availability of legal
marijuana within the State of Washington only and not beyond its
borders.
"As each new partnership is formed, synergistic benefits will
develop organically," said Steinberg. "Our human, agricultural
and technical resources will expand with the end result being the
ability to cultivate superior products for the cannabis consumer in
each state in accordance with their respective laws."
With more than half of the United States now allowing for some
form of legal medicinal or recreational cannabis use, there is an
urgent need to establish cutting edge cultivation facilities and
programs to service the continually growing demand for cannabis and
CBD products.
"Knowing how to manage the many individual cannabis markets
effectively and simultaneously will be the key to success for
MCOA's national rollout," said Steinberg. "By integrating and
aggressively harnessing the collective resources of our companies,
we are confident that we will be making a significant impact on
sales and distribution in Washington State."
ABOUT BOUGAINILLE 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 I-502 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 in the
state of Washington. Bougainville has a strong management team with
relevant experience and education in place with a focus on
build-out and occupancy of its planned greenhouses in Oroville, WA.
Strategic plans to expand its land bank, greenhouse campus and
I-502 tenant-grower clients are scheduled for expanding
operations.
SAFE HARBOR STATEMENT
This release contains forward-looking statements that are based
upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance or guarantee that such expectations and assumptions
will prove to have been correct. Forward-looking statements are
generally identifiable by the use of words like "may," "will,"
"should," "could," "expect," "anticipate," "estimate," "believe,"
"intend," or "project" or the negative of these words or other
variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties, including but not limited to: adverse economic
conditions, competition, adverse federal, state and local
government regulation, international governmental regulation,
inadequate capital, inability to carry out research, development
and commercialization plans, loss or retirement of key executives
and other specific risks. To the extent that statements in this
press release are not strictly historical, including statements as
to revenue projections, business strategy, outlook, objectives,
future milestones, plans, intentions, goals, future financial
conditions, events conditioned on stockholder or other approval, or
otherwise as to future events, such statements are forward-looking,
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made.
For more information, please visit the Company's websites
at:
MarijuanaCompanyofAmerica.com
hempSMART.com
agoracom.com/ir/MarijuanaCompanyofAmerica