Cannabis Company Kaya Holdings, Inc.
(OTCQB:KAYS)
Announces Preliminary
Agreement to Purchase
Eugene, Oregon Marijuana Grow and
Manufacturing Facility in $1.55
Million Deal
Agreement includes purchase of 12,000
square foot indoor
facility, including grow
and production equipment for
$1.3mm in KAYS stock and $250,000 seller
investment in KAYS.
Ft
Lauderdale, Fl -- July 31,
2018 --
InvestorsHub NewsWire -- Kaya Holdings, Inc. (OTCQB:
KAYS)
announced today that it has
reached a
preliminary agreement
to purchase a 12,000
square foot indoor marijuana grow and manufacturing facility in
Eugene, Oregon, which has a current
capacity to grow in
excess of 800 pounds
of high
quality medical
and recreational cannabis
annually. The
seller also holds
a production license for the manufacture of extracts, oils and
edibles, as well as the machines and equipment necessary to begin
production, which
will be included as part of the real estate
purchase.
KAYS and
the seller, who is the current property
mortgage holder, are in the
process of conducting their
respective due diligence and, subject
to satisfactory results there from and the drafting and negotiation
of definitive documentation, expect to
complete the entire transaction in the coming weeks. The parties
completed the first stage of the transaction
this week
with the seller's purchase of 2,500,000 restricted shares in
KAYS in a
private transaction for
$250,000. The funds are earmarked
for capital improvements
to
the
facility to provide
for increased
grow
production
and
more
efficient
product manufacturing.
"Approximately
2-weeks ago we entered into a non-binding preliminary
agreement
to purchase the building and related grow and
manufacturing assets
$1.3mm in
KAYS restricted stock from
the
seller,"
stated Craig
Frank, CEO of KAYS. "We
believe that this
acquisition,
when successfully completed will expedite
our ability to achieve
a
number
of our objectives. It
accelerates our time to harvest significantly (we
now expect our first
harvest to be in September),
it
hastens our path to production of oils,
concentrates and
edibles so that
we can
produce
our own signature brands
of
high-quality
cannabis products and
it gives us the depth and capacity we prefer to have as we prepare
for a potentially
protracted
process to enforce
our rights to grow cannabis at our 26
acre farm in Linn
County,
Oregon
where our
land is properly zoned
and the
growing of cannabis is an outright permitted use.
About Kaya Holdings, Inc.
(www.kayaholdings.com)
KAYS
(OTCQB: KAYS), through subsidiaries, produces, distributes or sells
legal premium medical and recreational cannabis products, including
flower, concentrates and oils, and cannabis-infused
foods.
In 2014,
KAYS, became the first publicly traded company to own and operate a
Medical Marijuana Dispensary. KAYS presently operates four Kaya
Shack OLCC licensed marijuana retail stores to service the legal
medical and recreational marijuana market in Oregon
(www.kayashack.com).
Additionally,
KAYS recently acquired a 26-acre parcel,
which it has
targeted for development of the Kaya Farms Marijuana Grow
Complex.
IMPORTANT
DISCLOSURE: KAYS is planning execution of its stated business
objectives in accordance with current understanding of State and
Local Laws and Federal Enforcement Policies and Priorities as it
relates to Marijuana (as outlined in the Justice Department's U.S.
Attorney General Jeff Sessions Memo dated January 4, 2018, and
subsequent commentary from the U.S. Attorney for the District of
Oregon Billy Williams), and plans to proceed cautiously with
respect to legal and compliance issues. Potential investors and
shareholders are cautioned that KAYS and MJAI will obtain advice of
counsel prior to actualizing any portion of their business plan
(including but not limited to license applications for the
cultivation, distribution or sale of marijuana products, engaging
in said activities or acquiring existing Cannabis production/sales
operations). Advice of counsel with regard to specific activities
of KAYS, Federal, State or Local legal action or changes in Federal
Government Policy and/or State and Local Laws may adversely affect
business operations and shareholder value.
Forward Looking Statements
This press release includes
statements that may constitute "forward-looking" statements,
usually containing the words "believe," "estimate," "project,"
"expect" or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, acceptance of the Company's current and future products
and services in the marketplace, the ability of the Company to
develop effective new products and receive regulatory approvals of
such products, competitive factors, dependence upon third-party
vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission. By making
these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
For more
information contact Investor Relations: 561-210-7664