Primco Management Acquires Fully-License Medical Marijuana Collective in Seattle
Primco Management Inc. (OTCQB: PMCM) share volume shot through the roof Mar. 19, with 1,641,984,128 shares changing hands, more than 3.5 times its three-month average volume of 464,006,947 shares. The surge in volume is being fueled in part by the Mar. 19 announcement that the Century City, Calif.-based multi-media and real estate development company has acquired Seattle-based Suzie Q's, a medical marijuana collective fully licensed by the City of Seattle. Suzie Q's has been in operation for more than four years and serves over 1,500 patients. The agreement calls for the purchase of 100% of the assets of the co-op as well as the purchase and transfer of a Tier I Production License granted by the Washington State Liquor Board. “The acquisition of Suzie Q's, one of the first fully licensed facilities in Seattle, gives us a base of operations which tie in perfectly with our plans in nearby Vancouver,” stated Primco’s CEO David Michery. “Once we complete the acquisition of Suzie Q's, we believe that we can significantly increase the current revenue stream over the next few months. Primco is in the early stages of establishing a massive marketing campaign to launch our new brand. By delivering the highest quality medicine at competitive levels, the Suzie Q's brand will grow to become one of the most trusted names in medical cannabis,” he added. Getting Its Ducks in a Row This is just the latest move by Primco to enlarge its footprint in the medical marijuana industry. The company entered into a joint venture with British Columbia-based CanMed Ventures on Feb. 24 to build and operate a 30,000-square-foot cultivation facility for the production of medical marijuana. Primco said it expects to be fully licensed within 6 months and generating first-year revenues exceeding $20 million. This is just Primco Management’s latest move to develop various properties in order to lease them to companies growing or selling legal marijuana. Also Acquiring Property in Los Angeles On Feb. 12 the company said it also planned to initially acquire property in the greater Los Angeles area with subsequent plans to extend its operations to Western states where medical marijuana is permitted by state law. The leased facilities will meet all zoning and licensing requirements for the ongoing, legal dispensing of medical cannabis. Primco will not engage in the cultivation or sale of medical cannabis or any of its byproducts. PMCM’s share price closed at 0.0034 cents on Mar. 19, up 0.0014 cents, from its close of 0.002 cents the previous day.
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