Medican Enterprises Signs LOI to Acquire 50% Stake in Canadian Firm Seeking MMPR
March 27th, 2014
News, Top Story
Medican Enterprises, Inc. (OTC: MDCN), a bio-pharmaceutical company in the emerging global medical marijuana industry, has made a lot of progress building its footprint in the cannabis industry. For instance, in the first quarter alone the company added a former New Mexico Governor to its Board of Directors and a cannabis industry veteran David Tobias joined its Board of Advisors rounding out its team.
This week, the company announced a letter of intent to purchase a 50% stake in Canadian firm that has applied for a MMPR license. International Herbs Medical Marijuana Ltd. was founded by the owners of Western Canada’s largest fresh herb grower, importer, distributor and a leading specialty herb producer in North American, providing significant expertise in a highly related industry.
Investors may want to take a closer look at Medican Enterprises given these recent developments. Successful acquisition of an MMPR license could yield significant revenue over the coming quarters as the program gears up for an April 1st launch.
Read the entire press release discussing the LOI here:
Medican Enterprises, Inc. (MDCN) a bio-pharmaceutical company in the emerging global medical marijuana industry is pleased to announce its wholly owned subsidiary Medican Systems Inc. has signed a letter of intent (LOI) to purchase 50% of International Herbs Medical Marijuana Ltd. (“IHMML”). IHMML has applied as a licensed producer under the Health Canada, Marijuana for Medical Purposes Regulations program.
IHMML was founded by the owners of International Herbs Ltd (“IHL”), Western Canada’s largest fresh herb grower, importer, distributor and a leading specialty herbal produce grower in North America; and the Monark Group (“Monark”), a full service provider of marketing, IT solutions and outsourced service centers focused on the pharmaceutical industry. Under the terms of the agreement the management team of IHMML would stay intact and will continue to provide day to day management services.
IHMML has entered into contracts for the purchase of two facilities in New Brunswick, Canada. The first building is 393,000 square feet with 300,000 square foot growing space. The second is a 273,000 square foot facility with potential to expand to a total of 600,000 sq ft.
In addition to the real estate purchase, IHMML will build a direct sales channel and enable Consumers to purchase products via the company’s website, enhanced through SEO; and will work to develop the Medical Professional Channel working closely with Doctors, Nurse Practitioners and Naturopaths to provide educational and awareness training to recommend the high grade products that IHMML will produce.
“This acquisition would be an important step in the company’s strategic plan to design, construct and operate Medical Marijuana Cultivation and Research Centers across Canada,” said Ken Williams, CEO of Medican Enterprises. “Medican Enterprises benefits from immediate access to a large scale industrial facility and an established marketing and distribution channel. It is a critical time in the Company’s development and as one of the first movers into the commercial production of medical marijuana, Medican is positioned to swiftly scale its operations resulting in a very steady revenue base.”
“In a short amount of time Medican Enterprises has demonstrated a strategic and best-in class approach to the medical marijuana industry,” said Kevin Coft, CEO of IHMML. “We are excited to be joining the Medican family and are looking forward to a successful partnership.” The definitive agreement is subject to certain customary terms and conditions and is expected to be executed on March 28, 2014.
About Medican Enterprises Inc.
Medican Enterprises is a bio-pharmaceutical company focused on developing, distributing and marketing pharmaceutical grade cannabis to the emerging global medical marijuana market. It’s wholly owned subsidiary Medican Systems Inc. is an industry leader in the design, construction and operation of Medical Marijuana and Cultivation Centers across Canada. Traded on the OTCBB, Medican drives shareholder value through its scalable business model and commitment to scientific research, operational excellence and regulatory compliance. For more information visit: www.medicaninc.com.
Forward-Looking and Cautionary Statements
Certain statements contained herein contain “forward-looking statements” within the meaning of Section 27A of Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medican Enterprises Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Medican Enterprises Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov.
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