Cannabis Company Kaya Holdings, Inc. (OTCQB:KAYS) Announces Preliminary Agreement to Purchase Eugene, Oregon Marijuana Grow and Manufacturing Facility in $1.55 Million Deal
Jul. 31, 2018
FORT LAUDERDALE, Fla., July 31, 2018 (GLOBE 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 therefrom 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