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Marijuana Company Of America Inc (OTCMKTS:MCOA) Update On Its Grow Facility

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Marijuana Company Of America Inc (OTCMKTS:MCOA) reported that its joint venture associate, Bougainville Ventures, Inc., commenced construction on a 30,000 square foot grow facility in the state of Washington. The delivery of the initial pre-designed greenhouses, with full reporting and tracking protocols, is anticipated to be completed soon for the I-502 facility. The location will eventually comprise of 6 greenhouses offering a total of 30,000 square feet, of grow area. The construction is projected to be completed in February 2018.

The details

This one-acre footprint of greenhouse is projected to be a technologically developed and predominantly automated cannabis production center. Marijuana Company of America also has an alternative to buy additional contiguous acreage and hence may select to expand its leasehold in the region. Bougainville Ventures, Inc. expects the facility to be efficient of producing in surplus of 12,000 lbs. of top quality cannabis yearly once the grow area is fully established. The site of the new facility offers access to industrial infrastructure, transportation, gas, courier services, power and water.

Donald Steinberg, the CEO of Marijuana Company of America, reported that they have raised eight hundred thousand dollars as well as have issued 15 million shares of the firm’s common stock, as per the revised deal with Bougainville. The tenant is in the course of getting approval of plans and release of permits from WSLCB and Okanogan County to authorize construction on the preliminary phase of the assignment.

This deal allows the joint venture to install four of the six design automated greenhouse arrangements. Mr. Steinberg added that the attainable objective for the joint venture is to close the finished project in Q1 2018 so that their tenant can start generating revenues shortly thereafter.

In the last trading session, the stock price of Marijuana Company of America gained more than 6% to close the day at $0.0302.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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