But it really isn't much of a comparison because the property to be used in this comparison was promised but never ever purchased!!! Medican Enterprises Extends Closing on Two Phoenix Area PropertiesPress Release | 04/17/2015 Medican Enterprises Inc. (OTCBB:MDCN) (“Medican” or “the Company”), a merchant bank and bio-pharmaceutical company in the emerging global marijuana industry, is pleased to announce that it continues to raise capital in the market place and has extended the option to purchase two facilities in the Phoenix, AZ, area.
The first facility located in Phoenix has a total retail footprint of 7,200 sq. ft. and is currently leased to a licensed medical marijuana dispensary. Subject dispensary currently pays $15,000 a month in rent, plus additional rent of 30% of gross sales. A real-estate appraisal conducted by Kalinowski & Associates dated December 24, 2014, values the property at $2,385,000. Note this is a conservative valuation as it only considers the guaranteed lease income of $15,000 a month and not the additional rent from gross sales. Business at this dispensary is progressing solidly, and Medican believes it has tremendous potential to increase sales due to the growth of the surrounding area.
The second site is also located in the Phoenix area and has a total building footprint of 66,000 sq ft. Medican plans to acquire the site and lease it to a licensed medical marijuana grower as a fully built facility. Commercial terms pertaining to the lease are still being finalized. An appraisal report by Kalinowski & Associates dated February 9, 2015, confirms an evaluation of $2,340,000 without any additional consideration as a medical marijuana facility.
Oh for those of you doing any DD at all this never happened either!!
Medican Enterprises CEO Kenneth Williams Updates ShareholdersPress Release | 07/01/2015 Medican Enterprises, Inc. (OTCQB:MDCN) announces that it is in the process of relocating the corporate offices to Ypsilanti, Michigan, a city that Medican CEO, Kenneth Williams knows very well. According to Mr. Williams, “We believe there are opportunities here that offer Medican Enterprises excellent opportunities to offer our products and services in a state that has laws very favorable to the medical marijuana industry.” For this move to Michigan, we plan to purchase a building in Ypsilanti that is already zoned appropriately for our business. We will update investors as we move forward on this. In the location we have chosen we plan to create a wellness center that will operate as a dispensary and will have a wellness center for professionals to consult with their patients. “We are very excited about closing on this project. We believe we will be closing shortly and the possibilities to extend our brand in Michigan are tremendous”, stated Mr. Williams. After careful consideration the company has determined that it is in the company’s best interest to focus current expansion plans in Michigan. According to Mr. Williams, “We determined that we needed to concentrate in a market we know well where we will have the greatest chances for immediate success. Of course, we remain active in other areas as well. We are simply very enthused about Michigan, given my personal familiarity, the favorable regulatory climate, and the lack of high profile competition that exists in other states more widely known as being friendly to our industry.”
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