Medican Enterprises Inc. Signs Definitive Purchase Agreement Acquiring 50% of International Herbs Medical Marijuana Ltd.
Date : 04/10/2014 @ 8:00AM
Source : Business Wire
Stock : Medican Enterprises (QB) (MDCN)
Quote : 4.15 0.0 (0.00%) @ 5:32AM
Medican Enterprises Inc. Signs Definitive Purchase Agreement Acquiring 50% of International Herbs Medical Marijuana Ltd.
Print
Alert
Medican Enterprises Inc (OTCBB:MDCN)
Intraday Stock Chart
Today : Thursday 10 April 2014
Click Here for more Medican Enterprises Inc Charts.
Company strengthens cultivation and distribution capabilities
Medican Enterprises Inc. (OTCBB: MDCN) a bio-pharmaceutical company in the emerging global medical marijuana industry is pleased to announce its wholly owned subsidiary Canaleaf Systems Inc. (the Company) has signed a definitive purchase agreement to acquire 50 percent of International Herbs Medical Marijuana Ltd. (“IHMML”).
In a move designed to signal the on-going development of the Company’s cultivation operations and further expand its sales activities, the acquisition gives Medican immediate access to 400,000 sq. ft. of industrial cultivation space in Atholville, NB and ownership of a direct distribution channel to this medical sector.
“The industry economics are very attractive and the medical marijuana sector is positioned for solid long-term growth,” said Kevin Coft, CEO of IHMML. “We are excited to build our business with Medican Enterprises and strive to become the premier cultivator and distributor of pharmaceutical grade medical marijuana in Canada.”
Through the acquisition, Medican has gained access to highly skilled contractors working on the retrofit of a large scale Research, Cultivation and Distribution Center in Atholville New Brunswick, Canada. In addition IHMML has contracts to purchase an approximately 300,000 sq. ft. (with the potential to expand to a total of 600,000 sq. ft.) facility in Pokemoush, NB and a 25,000 sq. ft. facility in Delta, BC.
In addition, Medican now has the ability to extend distribution channels and fulfillment technologies across all corporate interests. These platforms allow Doctors to quickly and efficiently prescribe medical marijuana to their patients, and enable them to safely order and receive pharmaceutical grade cannabis directly from the Company. By integrating fulfillment capabilities, Medican continues to demonstrate its commitment to innovate around the convergence of R&D, cultivation and distribution of pharmaceutical grade medical marijuana to patients.
“We are pleased to announce this transaction is now complete,” said Ken Williams, CEO of Medican Enterprises. “In terms of strategic goals the two businesses are well aligned and our complimentary strengths provide significant opportunity to further create value for our investors. Together our combined offering provides a well financed research and cultivation facility, cutting-edge fulfillment technologies and a direct distribution channel for our products.”
With the close of the acquisition, the IHMML team joins the Medican Enterprises management team and bring with them strong operational experience and professional services skills to support the Company’s business goals.
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 Canaleaf 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.
For More Information
Medican Enterprises Inc.
Ken Williams, 1-800-416-8802
AI
