MYHI weed news! -- Mountain High Acquisitions Corp. Signs Letter of Intent to Acquire Prime Cannabis Zoned Property in Pueblo, Colorado
Date : 07/22/2014 @ 4:20AM
Mountain High Acquisitions Corp. Signs Letter of Intent to Acquire Prime Cannabis Zoned Property in Pueblo, Colorado
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Mountain High Acquisitions Corp. (OTCQB: MYHI) ("Mountain High" or the
"Company"), a strategic real estate holding company whose primary focus is the
acquisition and development of commercial properties in the cannabis sector, is
pleased to announce that the Company has signed a letter-of-intent to acquire
property and related structures in Pueblo, Colorado.
The 2.38 acre parcel of industrial land is ideally located adjacent to the
Pueblo Freeway and has been zoned by the State of Colorado and municipal
authorities for the cultivation of marijuana and preparation of marijuana
related products. The property currently holds an approximately 6,000 sq. ft.
industrial use structure, and includes full grow rights for municipal water and
a zoning allowance to build the entire footprint of the property two stories
high with no set back.
"This Pueblo property will make an excellent acquisition and we expect that an
experienced licensed marijuana producer will commence grow operations at the
location within the next 120 days," stated Alan Smith, President of Mountain
High Acquisitions Corp. "Based on our current assessment of the land, zoning
allowances, and discussions with potential lessees, we believe that the property
has the potential to be expanded a minimum of an additional 60,000 square feet
of leasable greenhouse space over the next 24 months."
Mr. Smith added, "The Company has spent considerable effort to evaluate the
economics and potential returns of many properties in the state of Colorado.
This current transaction represents just one of the several possible new
marijuana focused property acquisitions that the Company is negotiating. We
anticipate releasing additional information regarding these negotiations over
the next several weeks."
This acquisition remains subject to, among other things, Mountain High
completing customary pre-closing due diligence and signing of a definitive
agreement with the vendor. The parties anticipate having a definitive agreement
completed within the next 30 days.
About Mountain High Acquisitions Corp. (MYHI)
Mountain High Acquisitions Corp. is a strategic real estate holding company
whose primary focus is the acquisition and development of commercial properties
to be leased and utilized by the marijuana industry.
Disclaimer/Safe Harbor: This Mountain High Acquisitions Corp. news release
contains forward-looking statements within the meaning of the Securities
Litigation Reform Act. The statements reflect the Company's current views with
respect to future events that involve risks and uncertainties. Among others,
these risks include failure to meet schedule or performance requirements of the
Company's contracts, the Company's ability to raise sufficient development and
working capital, the Company's liquidity position, the Company's ability to
obtain new contracts, the emergence of competitors with greater financial
resources and the impact of competitive pricing. In the light of these
uncertainties, the forward-looking events referred to in this release might not
occur as planned or at all. The Company does not and will not grow, harvest,
distribute, or sell cannabis or any substances that violate United States law or
the Controlled Substances Act, nor does it intend to do so in the future.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor/Media Contact:
Mountain High Acquisitions Corp.
Investor Relations
(844) 686-0420 (Toll-free)
E-mail: investors@moutainhighac.com
Website: www.mountainhighac.com
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