Marijuana Company Of America Inc (OTCMKTS:MCOA)
Marijuana Company Of America Inc (OTCMKTS:MCOA) has announced finalizing a joint venture agreement with Bougainville Ventures, Inc. (“BV”) in Washington State. Marijuana Company of America Inc specializes in marketing and distribution of innovative cannabis and hemp products.
Following the agreement, Marijuana Company Of America Inc (OTCMKTS:MCOA) has rolled out $1 million in cash investment in the newly formed company. Bougainville Ventures, Inc will be tasked with contributing expertise to the ongoing construction of as well as management of the 30,000-sq. ft. greenhouse project which is expected to house a Tier-3 production and processing I-502 plant. Bougainville Ventures, Inc boasts of high experience spanning for decades plus a proven track record of quality and consistency. As part of the agreement, the two companies will share equity and profits from the new venture equally.
As landlords, MCOA and Bougainville Ventures will offer the I-502 tenant with a highly innovate state-of-the-art facility which creates a conducive environment for cultivation which they can move in and start operation immediately. This will enable the tenants to focus on producing high quality products without the worry of facility maintainenance. Marijuana Company of America President and CEO Donald Steinberg said the project will be helpful in expanding the company’s business in Washington State market. He added that the company is working completing the PCAOB audit which has been significant pillars in increasing the company’s shareholding.
The implementation of the agreement is the last step in making the Letter of Intent formal and fully operational. The main purpose behind the formation of the joint venture is to oversee the construction and management of greenhouses as well as commercial leasing to I-502 licensed growers in Washington State. The facility will be leased to cultivators in Washington State only.
Bougainville Venture Inc specializes in converting irrigated farmland which was traditionally used for growing marginally high profit feed crops, into new farmland states with state-of-the-art greenhouses used for cultivation of luxury crops with the focus on high-yielding and high-density crops. The company is engaged in the provision of agricultural services that focuses on offering cultivators with highly innovated computerized greenhouses and processing plants. Marijuana Company Of America Inc (OTCMKTS:MCOA) offers fully built and installed turnkey solutions to growers in addition to providing them with growing support and infrastructure.
Marijuana Company Of America Inc (OTCMKTS:MCOA) stock lost 4.41% to close at $0.0325 on a volume of 10.45 million shares.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.