PORTLAND, Oregon, Aug. 18, 2015 /PRNewswire/ -- Kaya Holdings, Inc. (OTCQB: KAYS), announced today that it has filed a license application for its third marijuana dispensary license with the Oregon Medical Marijuana Program (OMMP). The third dispensary is a planned Marijuana Superstore in North Salem, Oregon. In a related announcement, the company confirmed that its has increased production at its newly-acquired Marijuana Manufacturing Facility in Portland, Oregon as it prepares for the October 1st commencement of recreational marijuana sales.
The Company has completed a letter of intent to secure this 3rd retail location and has filed for the corresponding provisional license from the OMMP. The conclusion of the lease and the awarding of the license are anticipated in the coming weeks, enabling the Company to fast track site build-out and final licensing procedures so as to position Kaya Shack™ with 3 operating marijuana retail outlets alongside Kaya Farms™, and complete vertical integration to best capitalize on the Oregon Early Recreational Marijuana Sales program.
"This location provides us with excellent coverage in Salem, a community with more than 400,000 people and comparatively few operating dispensaries. As with our South Salem store, this location is prime retail space, roughly three times the size of our first Kaya Shack™. Its size and location give us the opportunity to introduce and expand concept innovations and additional potential revenue streams," stated Craig Frank, CEO of Kaya Holdings.
"This third license is part of our planned expansion program, which we are executing more aggressively now that we have greater confidence in the regulatory environment within which we will operate" continued Frank. "The new law allowing recreational marijuana sales to adults 21 years of age and older, starting October 1, 2015, should mean a substantial boost in industry sales, for which we are well positioned to participate. We expect this to allow us the operational framework from which to continue our expansion, in Oregon and beyond."
Kaya Holdings is also pleased to announce that it continues to expand its Grow Operations, and now has 52 strains being grown. "This new facility", remarked Craig Frank, CEO, "provides us with the opportunity to continue to expand the number of varieties we offer, as well as make improvements in quality and production volumes. With the space to grow, as well as manufacture products, this new facility will permit us to continue our path of vertical integration and bring to Kaya Holdings distinction, respect and additional customers."
About Kaya Holdings, Inc. (KAYS)
KAYS (OTCQB: KAYS) through its subsidiary, Marijuana Holdings Americas, Inc. ("MJAI"), owns and operates Kaya Shack™ - the first legal marijuana dispensary by a fully reporting U.S. public company. Through its Kaya Farms Grow operations, KAYS creates and establishes it own brands that produce, distribute and/or sell premium cannabis products, including flower, concentrates, and cannabis-infused baked goods and candies.
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 Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI 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 and MJAI, 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.
As of the date of this release, KAYS has one operating Kaya Shack™ medical marijuana dispensary and the newly launched Kaya Farms Marijuana Manufacturing Facility in Portland, Oregon, a second Kaya Shack™ - a Marijuana Superstore - in final stages of build-out and licensing in South Salem, Oregon, and the third planned location in North Salem, as described above. While KAYS believes that the second store in South Salem will be completed and licensed shortly, and that the third store in North Salem will become licensed and operational as well, there can be no assurance that this will occur, or if it does occur that they can be operated profitably for the benefit of KAYS shareholders.
For more information visit www.kayaholdings.com, or contact Craig Frank, CEO, or Investor Relations: 561-210-7664
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.
SOURCE Kaya Holdings, Inc.