Marijuana Company of America Inc (MCOA)

[Ryan13]

Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today announced that Northern Lights Distribution LLC (“NLD”) has signed a Letter of Intent (“LOI”) with Alpha Private Equity & Capital LLC to form a joint venture (“JV”) called Magnolia Extracts LLC for large-scale expansion operations to start distribution, delivery and manufacturing of its cannabis products in the city of Lynwood, California. In April 2019, MCOA announced that it has secured a 20% ownership interest and signed a joint venture agreement with Natural Plant Extract of California (“NPE”) to establish a premier cannabis delivery company called Viva Buds. NLD, a subsidiary of NPE, entered into this partnership and will cover costs up to $1.5 million in phased expenditures to significantly build out a new production facility and make the most of the 18,000 square foot building space to generate superior efficiency and capacity for its operations. “As our portfolio of legal cannabis and industrial hemp investments and joint ventures represent a significant portion of our growth strategy, we believe this step represents a strong move forward to establishing our foothold in the market,” Marijuana Company of America CEO Don Steinberg stated in the news release. “This allows us to advance into the next phase of our business plan through NPE, gaining access to over 18,000 square feet of building space. We are confident this joint venture will serve very beneficial for us as well as our investment partner, NLD.”