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Marijuana Holdings Americas Announces First License Awarded For Medical Marijuana Facility In Oregon
HOLLYWOOD, Fla., April 10, 2014 /PRNewswire/ -- Alternative Fuels Americas, Inc. (AFAI) announced today that its subsidiary Marijuana Holdings Americas, Inc. has been granted a provisional license to open a Medical Marijuana Facility (MMF) in Portland, Oregon. MJAI now has until May 20, 2014 to file its security and operational plans, upon which the State issues its certification so the MMF can begin lawful operations as MJAI's first Medical Marijuana Dispensary.
"We are pleased that our application has been approved. We plan for this to be the first of many," states CEO Craig Frank. "We have secured our lease and our security system installation and operations manuals are on schedule. We are completing the site improvements and ordering all store fixtures. Our plan is to develop a powerful and appealing brand and provide a friendly and knowledgeable consumer experience, making our MMFs the first choice for all medical marijuana patients in Portland."
This license marks the implementation of the Company's business plan that calls for activity in the legal marijuana sector in select states. The Company has also targeted states with pending legislation, including its home state, Florida, where a referendum on medical marijuana is schedule to be on the ballot in November.
"We have our game plan and what we believe to be a well-conceived strategy which we are thoughtfully executing," continues Mr. Frank, "This license is the fulfillment of our stated goal and demonstrates we have the will and the skill to execute."
In a related matter, the Company announces that it received $250,000 of institutional funding in the first quarter of 2014. These funds will be earmarked for the Company's subsidiary Marijuana Holdings Americas, Inc. The funding was an equity transaction and did not involve convertible debt.
