Primco Management Enters Into Agreement to Acquire 10 Acre Parcel Zoned for Medical Marijuana in Northeast Seattle Area Company to Build and Manage Two 30,000 Sq Ft Tier 3 Producer/Processing Plants Under 99-Year Management Contracts with Pending Licensees
LOS ANGELES, April 16, 2014 /PRNewswire/ -- Primco Management Inc. (OTCQB: PMCM), a medical marijuana real estate management and multi-media company, today announced that the Company has entered into an agreement with private land owners to acquire two five acre parcels zoned for medical marijuana cultivation in Snohomish County, Washington, where the Company plans to build two 30,000 square foot production facilities. Primco has signed letters of intent with Alon LLC and Lano LLC to manage the production and sale of medical cannabis on the 2 parcels, pending the issuances of their respective Tier 3 licenses. Terms of the management agreements include terms of 99 years with Primco retaining 98% of gross revenues.
"The acquisition of land and subsequent construction of at least 2 separate 30,000 foot facilities coupled with the acquisition of Suzie Q's, cements our position in the Washington State market," stated David Michery, CEO. "Although the Tier 3 licensing allows for the production of recreational cannabis, we continue to stress the fact that Primco's business plans calls for the production of medical marijuana only and will continue to do so for the foreseeable future. The Suzie Q's brand has represented the highest quality medicine and our intention is to introduce additional strains into the marketplace and to make our medicine available to all patients in the state of Washington."
The Snohomish projects, once completed, will provide for the cultivation of up to 5 tons of medical marijuana on an annual basis.
"I am very pleased and excited to be working with such a positive, enterprising and expedient management company," stated Larry Nelson, President of Lano LLC. "I am sure that this will be a very profitable relationship for all involved. I am convinced that Primco's foresight and innovative skills will be envied by many in the industry for years to come."
Suzie Q's Update:
In further news, Primco announced that improvements on the Suzie Q's dispensary have been completed in compliance with the Washington State Liquor Board and that traceability and security measures are now being installed. Additions to the existing structure will allow for increased horticulture, dispensary and caretaker space.
About Primco Management Inc.:
Through its wholly-owned subsidiaries, ESMG Inc., Top Sail Productions and D & B Music, Inc., the Company operates as an integrated entertainment company with divisions in music and film production and distribution. Primco also operates in various aspects of the real estate industry. (For additional information, visit www.primcousa.com).
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
David Michery, CEO
SOURCE Primco Management Inc.