Marijuana Company of America Inc. (OTC: MCOA), an innovative hemp and cannabis corporation, this morning announced that it has completed its financing of $800,000 in cash and 15 million shares of the company’s common stock in full satisfaction of the amended terms of its joint venture agreement with Bougainville Ventures, Inc. (“BV”). Per the terms of the agreement and with the completion of funding, MCOA has secured a 50 percent equity stake in BV-MCOA Management, LLC and will receive 50 percent of the net profits from leasing the planned facility, which will accommodate a contracted cannabis production and processing tenant with an approved Tier 3, I-502 license. “We are pleased to complete funding for this joint venture and we are looking forward to the beginning of the construction of the greenhouses,” Donald Steinberg, CEO of MCOA, stated in the news release. “As more states, most notably California in 2018, legalize recreational cannabis, MCOA is exploring opportunities to replicate this business model and develop our real estate portfolio.”
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About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products containing CBD under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
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