Business
Marijuana Company of America Transitions into Cultivation and Processing With New Agreement
Marijuana Company of America Transitions into Cultivation and Processing With New Agreement.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\n \n \n Marijuana Company of America Transitions into Cultivation and Processing With New Agreement\n \n \nMarijuana Company of America Transitions into Cultivation and Processing With New Agreement\n \n BONSALL, CA--(Marketwired - Feb 15, 2017) - MARIJUANA COMPANY OF AMERICA (\"MCOA\" or the \"Company\") (OTC: MCOA), an innovative cannabis and hemp marketing and distribution Company, is pleased to announce that it has entered into a non-binding Letter of Intent (\"LOI\") while performing due diligence to finalize a joint venture agreement with Bougainville Ventures, Inc. (\"BV\") for the purpose of housing tenant growers engaging in the cultivation, processing and commercial availability of legal marijuana in the State of Washington.\n Subject to the execution of a final definitive agreement, the terms of the LOI are that MCOA will invest up to $1 million in cash in a newly formed entity and receive 50% equity ownership and 50% share in net profits produced by the joint venture. Bougainville Ventures, Inc. will contribute its expertise in establishing facilities related to the production, processing and management for tenant growers utilizing an I-502 Tier 3 license, with leased property, established partnerships, licensing agreements and marketing relationships.\n Donald Steinberg, MCOA President and CEO said, \"We are looking forward to getting seed in the ground and ramping up this partnership with Andy Jagpal and Bougainville Ventures. This partnership further strengthens our supply chain and enables MCOA to produce the highest quality products at the lowest possible prices.\"\n \"We couldn't be happier than to have aligned ourselves with the outstanding team at MCOA,\" said Jagpal, President of Bougainville Ventures, Inc. \"With the management expertise that the highly skilled professionals at MCOA bring, we have insured the certainty of expanding our Washington State Greenhouse Campuses while achieving our revenue and profitability goals.\"\n This joint venture project is solely for the purpose of cultivation, processing and commercial availability of legal marijuana within the State of Washington only and not beyond its borders.\n \"As each new partnership is formed, synergistic benefits will develop organically,\" said Steinberg. \"Our human, agricultural and technical resources will expand with the end result bei...