Riverside, CA -- March 28, 2017 -- InvestorsHub NewsWire -- CaliPharms, Inc. (OTCPink:KGET), a Company operating in the California Medicinal Cannabis industry, publicly traded under its former name “Kleangas Energy Technologies, Inc.” is pleased to announce it has duly executed the definitive stock purchase agreement with Pacific Cannabis Growers (PCG), a Humboldt County California Medical Cannabis Farm. (www.pcgrowers.com)
PCG is a medical cannabis farm that is currently in the process of permitting land in Humboldt County for cultivation of medical cannabis. PCG currently is fully funded for one year of the projected cultivation schedule. Currently seedlings are being grown as shown on the PCG website and a cannabis cultivation permit is expected to be issued sometime in late April. Upon the permit being issued, PCG will build fencing and prepare the area for cultivation. PCG expects to get 2 harvests in 2017 if the permit comes in during April 2017.
CaliPharms has purchased 51% stock ownership of PCG in a structured buy out over a 5 year period. The terms of the agreement are based on the profitability of PCG. The final purchase price is based on the actual profit margin of PCG. In the event the market conditions change in the cannabis growing industry, the agreement with the parties has the flexibility to adjust the final purchase price. The agreement is based on a ten times multiple in its profits and it is payable in CaliPharms preferred series stock. The preferred stock will be eligible to be sold in a leak out agreement over a 5 year period after it has been issued and aged under the applicable SEC rules.
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