BONSALL, CA--(NewMediaWire - Mar 22, 2017) - MARIJUANA COMPANY
OF AMERICA ("MCOA" or the "Company") (OTC PINK: MCOA), an innovative cannabis and hemp
marketing and distribution company, is pleased to announce that it
has completed due diligence and entered into a binding joint
venture agreement with GateC Research, Inc. ("GCR") for the purpose
of engaging in the cultivation of legal marijuana in Adelanto,
California.
The terms of the agreement include that MCOA will invest cash
and stock in a newly formed entity, and receive a 50% equity and
share in the net profits produced in the joint venture in Adelanto,
California, where GCR owns a permit for cultivation.
A three-person board of managing members will oversee operations
of the newly formed entity. GCR will contribute its expertise in
marijuana cultivation, as well as establish partnerships and
licensing agreements that will enable the legal cultivation of
marijuana in the State of California.
Donald Steinberg, MCOA President and CEO, commented, "We are
excited to work with the GateC Research, Inc. team, and we look
forward to strengthening our supply chain pipeline in
California. We have some very exciting marketing ideas to
implement as regulations allow."
"Our partners have managed many successful and legally compliant
cultivation projects in California and we are looking forward to
expanding our operations with MCOA's assistance into Adelanto
County and starting a cultivation model that we intend to
successfully replicate with MCOA," said Adam Agathakis, an Officer
of GateC Research, Inc.
This joint venture project is solely for the purpose of
cultivation, processing and distribution of legal marijuana within
the State of California only and not beyond its borders.
GATEC RESEARCH, INC.
GateC Research, Inc. is a California based Mutual Benefit
Corporation that has secured a permit to grow medical marijuana in
Adelanto County. The Company's principals are successful pioneers
in the California and Washington state medical marijuana industry
that have successfully owned and operated numerous successful
pre-ico dispensaries and cultivation facilities. Eddie Manolos is
an advisor of GateC Research and has been on MCOA's advisory board
since early in 2016.
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
Harmoneous.com
agoracom.com/ir/MarijuanaCompanyofAmerica