KAYS Inks Agreement For Next Marijuana Grow; Increased Demand Expected From Launch Of Kaya Shack™ Marijuana Superstore And Potential Early Recreational Sales
PORTLAND, Ore., June 18, 2015 /PRNewswire/ -- Kaya Holdings, Inc. (OTCQB: KAYS) announced today that it had reached an agreement on the principal terms to acquire assets from OC Harley Gardens, a Portland based marijuana grow, which produces high quality, connoisseur-grade, medical marijuana as the countdown to legal recreational sales in Oregon continues. The assets include an existing duly licensed patient base with associated plants and grower licenses, unique genetics, equipment, and use of the facility on a rent-free basis.
"This asset purchase is part of our plan to expand our production capacity prior to the introduction of legal recreational marijuana use in Oregon, which could be as early as October 2015 or sooner," stated KAYS CEO Craig Frank. "OC Harley Gardens produces excellent marijuana and grows unique varieties with THC ranging from 20-27% which will further add to our wide selection. Our Kaya Farms grow operation permits us to maintain a consistent selection and high quality standards. We believe the assets of OC Harley Gardens, which will be integrated into the Kaya Farms, will support the Kaya Shack™ supply chain, and further enhance our efforts in this regard."
"The planned acquisition of OC Harley Gardens' assets will double the Company's current grow capacity and add an additional highly sought after strains to the Kaya Farms portfolio," continued Frank. "With the expected launch of our second retail outlet (the first Kaya Shack™ Marijuana Superstore) and the effect of potential early legal recreational sales on the market, we expect demand to increase substantially and are taking steps to expand our production capacities and our product line."
Consummation of the purchase agreement shall take place upon the drafting and signing of definitive transaction documentation.
KAYS made history this year with the filing of their 10-K and 10-Q as the first fully reporting U.S. publicly traded company to report revenues as a vertically integrated retailer and grower of medical marijuana in the United States. To view exclusive pictures and find out more about the launch of our new Kaya Shack™ Marijuana Superstore please click here.
About Kaya Holdings, Inc. (www.kayaholdings.com)
KAYS (OTCQB: KAYS) through its subsidiary, Marijuana Holdings Americas, Inc. (MJAI) owns and operates Kaya Shack™ (www.kayashack.com), the first legal marijuana dispensary owned and operated by a U.S. publicly traded company. KAYS also 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.
The Oregon Legislature is currently considering various initiatives that would allow for recreational sales to begin as early as July through October of this year. Additionally, the Oregon Liquor Control Board is also reviewing plans that would allow the first recreational marijuana sales licenses to be awarded to existing medical marijuana dispensaries as part of a phased rollout of Proposition 91. However, shareholders and potential investors should be cautioned there is no certainty that either of these events will take place, or if one or both were to occur, that KAYS would be able to allowed to participate in them, or if allowed to participate, that it would be economically beneficially to the company.
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
SOURCE Kaya Holdings, Inc.
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