Business
CaliPharms Announces completion of Cannabis Grow Acquisition - Company supports Trademarking of Cannabis Products
CaliPharms Announces completion of Cannabis Grow Acquisition - Company supports Trademarking of Cannabis Products.
About this update from Kleangas Energy Technologies Inc
[{"type":"text","content":"CaliPharms, Inc. (OTCPink:KGET), a Company targeting acquisitions in the Cannabis Industry, is pleased to announce it has completed its first acquisition of a Northern California medical marijuana farm. The Northern California outdoor marijuana grower Country Junction Farms is now majority owned by CaliPharms, Inc.\n\nIn 2017 Country Junction Farms is projecting to grow about 4500 pounds of flower and 4700 pounds of trim. The trim is to be sold for use in cannabis oil concentrate production. The projected revenue is $4,275,000 from the flower and $337,500 from the trim. These projections are based on the current mean average of prices and subject to change throughout the year.\n\nPresident and CEO Bo Linton stated, “We are very pleased with the agreement and look forward to a long lasting and productive relationship with Cipriano Sulamo, the owner-operator of Country Junction Farms.” Linton continued, “This is just the beginning of our plans for rapid growth and expansion throughout the legal marijuana industry. We are working with very experienced professionals in the booming cannabis industry and are planning to be a leader in California and the United States for years to come.”\n\nCountry Junction Farms President Cipriano Sulamo stated, \"Bo Linton (CaliPharms CEO) and I have formed a very positive and proactive working relationship together and I am excited that we now have this formalized agreement in place.\" Mr. Sulamo continued, \"County Junction Farms has been legally growing medical marijuana since 2010 and this symbiotic relationship between CaliPharms and Country Junction Farms is just the beginning of our master plan together. We plan to build a legalized marijuana company that will be the envy of all California cannabis companies. We are experts in getting the necessary permits and we plan to offer CaliPharms branded products and services across the board.”\n\nThe total purchase price for the farm as per the stock purchase agreement is $1,750,000 USD in the form of a promissory note. The promissory note is to be deducted from KGET’s 51% ownership and secured by 175 shares in Preferred C Series Stock Issued as security for the Promissory Note until the note is paid in full. Preferred C Shares have a market value when converted to common of $10,000 per share. This acquisition structure affords CaliPharms the op...