Med-Cannabis Pharma Acquires CO Operation
Richard Battle
October 5th, 2015
News, Top News
[stockchart symbol=MCPI]
Med-Cannabis Pharma Inc. [stockquote symbol=MCPI], a marijuana retail distribution, cultivation, and infused product company, recently announced that it has entered into a purchase agreement with World of Weed Inc. whereby it will issue 50 million shares – representing about half of its total outstanding shares – for 100% ownership of the Colorado-based medical dispensary and grow facility – marking its entry into a second state.
Currently, the company has two dispensaries in Oregon with two more in various stages of development, as well as a joint venture with Royal Tree Organics to develop a grow facility called Emerald Mountain Organics. The grow facility will provide product to its company-owned or partnered dispensaries to help with price control, quality assurance, and improving profit margins with lower costs via cutting out the middle man.
Management has indicated that early sales resulting from Oregon’s recreational legalization, which went into effect on October 1st, have also been promising.
“I am pleased to announce that our preliminary results from participation in Oregon’s early adult recreational retail sales were better than expected,” said Graciela Moreno, CEO of Med-Cannabis Pharma Inc. “This is a huge opportunity and a major catalyst for our business and we’re honored to be a part of Oregon’s history.”
In its latest 10-Q SEC filing, the company reported $10,000 in revenue and a net loss of $120,471 as it begins to scale up its operations.
Shares of Med-Cannabis Pharma Inc. jumped more than 13% in early trading on Monday, October 5, 2015 following the news release.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Richard Battle
Mr. Battle has over a decade of experience in the financial markets as both a private investor and financial journalist.
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