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Players Network (OTCMKTS:PNTV) Signs Binding Letter Of Intent To Acquire A 56,000-Square-Foot, Fully Operating Greenhouse Complex

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Players Network (OTCMKTS:PNTV), a leading integrated and diversified cannabis holding company has announced that it has signed a binding Letter of Intent to purchase a fully operational greenhouse facility measuring 56,000 sq. ft. The company will use the facility licensed for cannabis cultivation in Salinas Valley California.

Players Network has paid $5,000,000 in cash for the complex. The amount will be paid out in installments that will be calculated basing on a payment schedule for several months. The transaction is expected to be completed before the end of this month.

The acquired assets will include the complex, its marijuana licenses which will be transferred to a subsidiary of PNTV, all existing inventory, fixed assets, supplies and business relationships and plans.

Mark Bradley, the CEO of PNTV said that at the start of this year, the company launched plans to invest into the California market and the investment would be made through a project in Desert Hot Springs. Bradley says that the company has put the plan on hold for some time owing to its long payback period plus other risk factors that come with it.

However, Bradley said that making public their plans to invest in California enabled the company to discover other profitable ventures for acquisition and they are optimistic that this is the best region for cultivation of marijuana.

The Salinas Valley has a conducive climatic conditions for year-round cultivation of marijuana. The region also has modest infrastructure and utility costs. Bradley said that are very hopeful that the acquisition will be able to produce quick and sustainable returns which will help push the company to another level. The greenhouse, according to Bradley, is accompanies with a vibrant operational team as well as sales channels which the company intends to retain and build on its capacity.

According to Geoffrey Lawrence, the Chief Finance Officer of PNTV, the company will generate around $800,000 in the month of May from the facility. This projection, he says is based on the track record of the greenhouse. He says that the company will be working on reorganizing these revenues as per the agreed terms of the agreement.

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