Medican Enterprises Inc (MDCN)

[beer$$money]

Old news but good news! Legit business model & a key fit, to grow by acquisitions!


Medican Enterprises Signs Binding Letter of Intent to Acquire Indoor Growing and Hydroponic Equipment Manufacturer Future Harvest Development
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Las Vegas, October 21, 2014 – Medican Enterprises Inc. (OTCBB:MDCN), a bio-pharmaceutical company in the emerging global marijuana industry, is pleased to announce that, in line with its mandate to acquire revenue generating assets, its wholly owned subsidiary Medican Systems has entered into a binding letter of intent to acquire Future Harvest Development Ltd., a leading Canadian manufacturing company in the home and garden, indoor growing, and hydroponic sectors.

Under the terms of the letter of intent, Medican Systems will acquire a 70% interest in Future Harvest (with an option to acquire the remaining 30%) for approximately $5 million in a combination of cash and Medican Enterprises common stock in a transaction involving Prestige Worldwide Holdings Inc., an entity which currently holds an option to acquire Future Harvest. The acquisition is subject to the preparation and execution of definitive documentation and an audit of Future Harvest.

Based in Kelowna, British Columbia, Future Harvest is a pioneer in the indoor gardening sector. For 14 years, Future Harvest has been a leading manufacturer and a supplier of home and garden equipment, medical marijuana growing equipment, nutrients, fertilizers and additives to more than 75 distributors in Canada, the United States and Europe. Future Harvest has annual revenue of between $4 and $5 million, derived mostly from sales in Canada, with gross profit margins in excess of 30%. Sales to date in 2014 are up 50% and are projected to surpass $10 million for the year ended December 31, 2014.