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Tuesday, May 23, 2017 9:20:52 AM
https://finance.yahoo.com/news/marijuana-company-kaya-holdings-10-125700591.html
FORT LAUDERDALE, Fla., May 23, 2017 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (KAYS), filed its Quarterly report and a 8-K after close of market yesterday afternoon. Developments include a $5.8 mm financing agreement reached with the Cayman Venture Capital Fund (an institutional investor that has previously furnished KAYS with approximately $3.3mm in financing), as well as receipt of its third Marijuana Retailer and Delivery Licenses from the Oregon Liquor Control Commission (“OLCC”).
“KAYS is pleased to announce that it has received its OLCC and City recreational marijuana retail licenses for its Portland store where it has resumed recreational sales. This brings us to 3 fully-licensed and operational Kaya Shack™ OLCC retail marijuana stores, with the 4th expected to be completed over the next 60 days,” reported Kaya Holdings CEO Craig Frank. “Additionally, we have ordered more Fiat 500 cars to build our Kaya Car™ Home Delivery Service which we intend to launch contemporaneously with a grand opening celebration for all four OLCC-Licensed Kaya Shack™ retail marijuana stores.”
“While sales were down approximately $100,000 for Q-1 2017 versus the same period in 2016 (as we were only able to conduct recreational sales at one outlet as compared to two outlets in the same period in 2016), our cash position has increased by over 700% to in excess of $1.2mm as of the close of Q-1, for the same relevant periods,” continued Frank. “We are excited to secure this additional funding and believe it provides us with the resources necessary to develop more Kaya Shack™ store locations, construct a large scale state-of-the-art facility for Kaya Farms™, begin seeking worthwhile opportunities in other states, and introduce products and innovations that continue to define Kaya as a concept pioneer in the cannabis sector.”
Recent KAYS News
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