Medican Enterprises Inc (MDCN)

[dholmes791]

I refer to a previous post...
Straight from the 10K
"On December 2, 2014, the Company signed an agreement to acquire a 67,000 square foot facility in Phoenix, Arizona which the company plans to lease as a marijuana growing and warehouse facility to licensed growers. The industrial building sits on 2.55 acres of industrial zoned land. The anticipated final purchase price for the property is $2,340,310 and a closing is planned during the second quarter of 2015 pending, among other closing conditions, a variance to zone the building for the cultivation of marijuana."

"On January 20, 2015, the Company entered into a purchase agreement to acquire a 7,200 square foot retail and commercial property in Phoenix, Arizona. The property is currently leased through August 2018 to an Arizona state licensed medical marijuana dispensary. Per the purchase agreement, the lease agreement will be assigned to Medican. The rental amount of the current lease is in excess of $200,000 annually, triple net. The lease provides for two five-year tenant renewal options. The lease rate increases at 3 percent per year or CPI, whichever is greater. Total purchase price for the property is $2,250,000, which Medican expects to pay through a combination of mortgage debt and an $850,000 convertible promissory note secured by the property. The property’s value has been appraised at $2,385,000 and was substantiated by an independent appraiser. As per the Amendment No. 2 and 3 to the original agreement, the closing for the purchase of this property is expected to occur on or before May 31, 2015"

While we all here wish to here an update of some sort, this company doesn't just put out fluff PR's to please shareholders. If and when an update comes, it will have substance.. Definite news of closings/extension or lack their of. I wouldn't be surprised if we didn't hear anything this week. Just my opinion based on the 10K

Long mdcn