BONSALL, CA — MCOA, (Marketwired) — 04/04/17 — 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.
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