ESCONDIDO, Calif., April 18, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC:MCOA), an innovative hemp and cannabis corporation, is pleased to announce that its joint venture project, BV-MCOA Management, LLC, has completed the construction of three greenhouses totaling 7,000 square feet. This represents the completion of more than 23% of the total 30,000-square-foot cultivation facility.
The Company entered into the joint venture agreement with Bougainville Ventures, Inc. on March 16, 2017, and subsequently arranged for $800,000 funding for the purchase of the land and the construction of the greenhouses. Transfer of ownership of the property to the joint venture is pending completion of the final subdivision of the property by the Okanogan County Assessor.
The construction team constructed a total of 7,000 sq. ft. in greenhouse space in preparation for the 2018 planting season. Final inspection of the security system and greenhouse construction is expected to be completed in the coming weeks. Once the final inspection is approved, the licensed tenant can occupy the facility and begin cultivation.
Donald Steinberg, MCOA CEO said, "We are pleased to see the completion of the first phase of the greenhouse facilities. Once the security system is in place, we are confident the site will pass final inspection allowing our tenant-growers to occupy the facility and begin operations. MCOA continues to explore opportunities to replicate this business model and expand our real estate portfolio."
The joint venture will lease the turnkey property to a licensed tenant, thereby acting solely as a landlord. As a turnkey landlord, the joint venture aims to provide an ideal cultivation environment for its future tenant, and it is anticipated that greenhouse will be completed by the beginning of Q3 2018. The completed 30,000 square foot cultivation facility will have a capacity of approximately 4,000 plants.
About Bougainville Ventures, Inc.
Bougainville Venture Inc. is in the core business of converting irrigated farmland that was traditionally used to grow marginally profitable feed crops, to greenhouse-equipped farmland used to grow luxury crops with a primary focus on marijuana. Bougainville is an agricultural services company that focuses on providing growers with state-of-the-art computer controlled greenhouses and processing facilities. Bougainville offers fully built out turnkey solutions to licensed tenant-growers and luxury crop growers who will lease the facilities for production and processing. Bougainville does not "touch the plant" and only provides growing infrastructure as a landlord for licensed marijuana growers.
