$MDCN Las Vegas, May 26, 2015 – a KEY PR,,,
Medican US, the U.S. subsidiary of Medican Enterprises Inc. (OTCBB:MDCN) (“Medican” or “the Company”), a merchant bank and bio-pharmaceutical company in the emerging global marijuana industry, today announced that the Company has executed and closed a lease agreement expanding its real estate and leasing business into California with Breeding Rare Cannabis Original Genetics Inc. (“BRCOG”).
This new agreement specifies that BROCG will lease the indoor warehouse, outdoor greenhouse and R&D property for $9000 USD per month for a minimum initial lease term of five years, and the first right of refusal for an additional five-year term. Under the terms of the agreement, Medican will provide lease improvements by way of financing, equipment and grow technologies.
“We are pleased to have secured a lease agreement with an experienced industry leader such as Medican,” said Mr. R. White, CEO of BRCOG. “I am excited about the synergies this new relationship with Medican brings and look forward to maximizing the productivity of our production and R&D businesses.”
The property is located in Anza, California and is the first of several planned projects. According to market research by the ArcView Group the cannabis marketplace grew 74% in 2014 to $2.7 billion in the U.S., with California comprising 49 percent of the market.
“We are thrilled to be working with BRCOG in the California market,” stated Ken Williams, CEO of Medican Enterprises. “Finding and developing leasing locations such as this, provide Medican with geographically desirable and lucrative business opportunities. We have several more projects planned in California in the coming weeks and look forward to expanding our relationship with BRCOG as we continue to drive value for shareholders.”
