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MD, when was the last time you bought

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lesgetrich Member Level  Friday, 10/06/17 11:22:45 AM
Re: MD-420 post# 89396
Post # of 93079 
MD, when was the last time you bought a house? This is the same kind of deal. You make an offer, the seller accepts, then you wait a month or more for the closing while the title transfer paperwork is prepared. You tell people you bought a house as soon as the offer is accepted and you've made your down payment. THERE'S NOTHING FUZZY ABOUT IT AT ALL.

Once the seller accepts the down payment, he's committed to the deal and can't accept any other offers. The buyer can't back out without losing the down payment.

Yes, there are often contingencies built into the agreement, for example if the buyer can't get financing the deal falls through. In this case, even if banks won't lend to mCig, that doesn't prevent a private lender from supplying the funding. I'm sure that mCig would have had the funding lined up before they signed such a deal.

As for making it contingent on mCig getting a license, I doubt that the seller would have wanted to tie up his property for months waiting to see if mCig could get a license. Paul probably feels comfortable that he'll be able to get a license or buy one if necessary or he wouldn't have signed the deal. He didn't wait this long because he wasn't being careful LOL.

As for the license, medical marijuana licenses have been available in California for years. Those license holders will have first priority in getting a commercial license. The commercial license regulations will be issued by the state in November or December with the licenses granted after January 1. Then, producers need to get local government permits and approvals. Many localities have been waiting to see how others do before issuing their own regs. The market in California will evolve slowly during 2018 with few commercial operations until later in the year. It seems like Kern County may be trying to get ahead of the game...

New proposed project would regulate marijuana cultivation, distribution in Kern County

It will probably take at least six months before we see any cultivation revenue from this project and a lot more before mCigs facility is fully operational. However, investors can now see a path to $1/share and more over the next year or two.


Les
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