Medical Marijuana Explosion Continues as Company Agrees to Purchase 83,000 S/F Complex in AZ
CORAL SPRINGS, Florida, February 19, 2014 /PRNewswire/ --
Alternative care industry sees growth as medical marijuana companies continue expansion: Zoned Properties, Inc. (OTC: ZDPY), Growlife, Inc. (OTCBB: PHOT), Advanced Cannabis Solutions, Inc. (OTCBB: CANN) Chelsea Therapeutics International Ltd. (NASDAQ: CHTP) and GW Pharmaceuticals plc (NASDAQ: GWPH)
Zoned Properties, Inc. (OTC: ZDPY) http://www.zonedproperties.com, a lessor of land, facilities and equipment to the medical marijuana market has entered into a definitive agreement and opened escrow on a multi-tenant industrial complex in Tempe, Arizona. The company is currently in the due diligence period and expects to close on the property within sixty (60) days. The facility has several tenants including a state licensed Arizona medical marijuana cultivator. The 83,000 square foot facility sits on 5.3 acres and is being purchased for $4.6 million.
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Newly appointed V.P. of Operations and C.S.O. Bryan McLaren stated "This purchase represents the type of commercial transaction that Zoned Properties, Inc. aspires to accomplish. This property is in the heart of downtown Tempe, Arizona located in very close proximity to Phoenix Sky Harbor Airport as well as many major highways. We believe a purchase like this gives us a great asset base to build off as we continue to execute our strategy of acquiring uniquely zoned properties."
Growlife, Inc. (OTCBB: PHOT) a diversified company operating in the legal cannabis industry which develops, markets and deploys products and services of legal cannabis is pleased to announce that shares sufficient to constitute a quorum under the Company's Bylaws were present either in person or by proxy at the February 7, 2014, special meeting of shareholders and, therefore, the Company transacted business. The preliminary voting results indicate 506,035,500 shares of the common stock of the Company voted in favor of the proposal. This represents 88.2% of the shares entitled to vote on the sole proposed item, which was an amendment of the Company's Certificate of Incorporation increasing the number of shares of common stock the Company is authorized to issue from 1,000,000,000 to 3,000,000,000.
Advanced Cannabis Solutions, Inc. (OTCBB: CANN) recently signed a definitive agreement with Full Circle Capital Corporation, a closed-end investment company. The agreement provides that the investment fund will initially provide $7.5 million to the Company in the form of Senior Secured Convertible Notes, subject to certain conditions. An additional $22.5 million can be borrowed by Company with the mutual agreement of the Company and the investment company. At least 95% of the loan proceeds will be used to acquire properties which the Company, consistent with its business plan, will lease to licensed cannabis growers. The six-year loan will be secured by real estate acquired with the loan proceeds, and will require interest-only payments at a rate of 12% per year.
Chelsea Therapeutics International Ltd. (NASDAQ: CHTP) announced that the U.S. Food and Drug Administration (FDA) granted accelerated approval of NORTHERA[TM] (droxidopa)for the treatment of symptomatic neurogenic orthostatic hypotension (NOH). NORTHERA is the first and only therapy approved by the FDA which demonstrates symptomatic benefit in patients with NOH. NORTHERA is indicated for the treatment of orthostatic dizziness, lightheadedness, or the "feeling that you are about to black out" in adult patients with symptomatic NOH caused by primary autonomic failure (Parkinson's disease, multiple system atrophy and pure autonomic failure), dopamine beta hydroxylase deficiency and non-diabetic autonomic neuropathy.
GW Pharmaceuticals plc (NASDAQ: GWPH) a biopharmaceutical company, together with its subsidiaries, is engaged in discovering, developing, and commercializing cannabinoid prescription medicines. The company operates through three segments: Sativex Commercial, Sativex Research and Development, and Pipeline Research and Development. The company primarily offers Sativex, an oromucosal spray for the treatment of MS symptoms, cancer pain, and neuropathic pain. It also focuses on the Phase III clinical development program of Sativex for use in the treatment of cancer pain. In addition, the company's product pipeline includes an orphan childhood epilepsy program, as well as other product candidates in Phase I and II clinical development for the treatment of glioma, ulcerative colitis, type-2 diabetes, and schizophrenia. It has a strategic alliance with Otsuka Pharmaceutical Co., Ltd. On Tuesday, GWPH closed down 1.66% on over 300 thousand shares traded.
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