BONSALL, CA--(NewMediaWire - Apr 4, 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 finalized the joint venture agreement with Bougainville
Ventures, Inc. ("BV") in Washington State.
MCOA will invest $1 million in cash in a newly formed entity.
Bougainville Ventures, Inc. will contribute its expertise in the
construction and management of a 30,000 sq. ft. greenhouse
facility, which will accommodate a Tier-3 production and processing
I-502 tenant that has decades of experience and a proven track
record of consistency and quality. MCOA and BV will split equity
and profits equally, 50/50.
As turnkey landlords, MCOA and BV will provide our I-502 tenant
with a state-of-the-art facility that creates an ideal cultivation
environment that they can move into and be fully operational on day
one. This enables our tenants to focus on what they do best,
producing top quality products and not worrying about maintaining
their infrastructure.
Donald Steinberg, MCOA President and CEO, said, "This project
will help to expand our operations as an ancillary business into
the Washington State market. Achieving this milestone of closing
this deal, as well as completing our PCAOB audit at the end of the
first quarter are two more pillars of the strong foundation we are
building for our shareholders."
The execution of the agreement is the final step in formalizing
the Letter of Intent that was publicly announced on February 15,
2017. This joint venture partnership is formed for the purpose of
greenhouse construction, management and commercial leasing to I-502
licensed producers within Washington State only and not beyond its
borders.
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 high-density and high-yielding
crops. 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 tenant-growers and
provides growing infrastructure, as well as landlord services for
licensed I-502 producers and processors in the state of
Washington.
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