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FutureLand's (FUTL) Subsidiary, FutureLand Oregon LLC, Closes on Land Deal in Oregon with Active Cannabis Grow License -- 50% Ownership in 265 Acres in Southern Oregon to Grow Recreational Cannabis
FutureLand's (FUTL) Subsidiary, FutureLand Oregon LLC, Closes on Land Deal in Oregon with Active Cannabis Grow License -- 50% Ownership in 265 Acres in Southern Oregon to Grow Recreational Cannabis.
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[{"type":"text","content":"\n \n \n FutureLand's (FUTL) Subsidiary, FutureLand Oregon LLC, Closes on Land Deal in Oregon with Active Cannabis Grow License -- 50% Ownership in 265 Acres in Southern Oregon to Grow Recreational Cannabis\n \n \nFutureLand's (FUTL) Subsidiary, FutureLand Oregon LLC, Closes on Land Deal in Oregon with Active Cannabis Grow License -- 50% Ownership in 265 Acres in Southern Oregon to Grow Recreational Cannabis\n \n DENVER, CO--(Marketwired - Dec 19, 2016) - FutureLand Corp. (OTCQB: FUTL), a leading provider of strategic real estate investment, grow facilities and material solutions to the global cannabis industry, announced today that its subsidiary, FutureLand Oregon LLC, has closed on the purchase of 50% of 265 acres in southern Oregon with now partner, Hspendleton, LLC., the previous owner of the land and part owner of the recreational license.\n Cameron Cox, CEO of FutureLand Corp. said, \"Little chunks. Grow the company, and its assets, in little chunks, if necessary. FutureLand has always believed in real estate. Especially real estate in our business. Now we are holding 78 acres in Grants Pass, Oregon, 265 acres in Wolf's Creek Oregon and 240 acres in southern Colorado. So then, here is where we sit: while we grow marijuana and build a house to inculcate massive revenues, we are also going to keep stock piling our real estate holdings to ensure the longevity of our various enterprises.\"\n The company closed on the property today with $80,000 down, $100,000 convertible note and another $70,000 owed late spring for a total of $250,000. The property is currently holding an active outdoor recreational grow facility and license owned by Groovy Groves, LLC, of which, FutureLand Oregon, LLC, owns 49% with an option to buy another 1% over the next couple years. The license is currently a Tier II grow license which allows 40,000 sq.ft. of outdoor grow. Effectively this means, we can be growing 40,000 sq.ft. of flowering plants at any one time. Which also means the company can be vegging and cloning separate from that designated flowering space which gives us a fantastic opportunity to cycle a large amount of cannabis throughout the year. We expect revenues in the neighborhood of $3,000,000 to $4,000,000 on this property next year. We will likely begin planting the next crop in late Janua...