LAS VEGAS--(BUSINESS WIRE)--Medican Enterprises, Inc. (OTCBB:MDCN), a bio-pharmaceutical company focused on manufacturing and selling pharmaceutical grade cannabis in Canada, continues to update the public on its acquisition of a 51% interest in International Herbs Medical Marijuana Ltd. (IHMML).
IHMML is a Canadian company that has applied for a commercial medical marijuana license under the recently established Canadian Marihuana for Medical Purposes Regulations (MMPR). The MMPR came into effect on April 1, 2014 and is a federal program that legalizes the commercial production of medical marijuana for medical use. IHMML is currently owned by Zenabis Limited Partnership, a Canadian partnership owned by affiliates of International Herbs Ltd. (IHL), a leader in the production of fresh herbs and specialty produce in Canada, and The Monark Group (Monark). The IHL and Monark teams are integral to establishing IHMML’s contemplated business, namely, to acquire certain lands, retrofit and/or build a marijuana growing operation and engage in the growing, research and development, training, distribution and retail sale of medical marijuana in Canada as regulated by Health Canada.
Medican continues to work with Ellenoff Grossman & Schole LLP (New York based securities law firm) to consummate the relevant agreements with the Zenabis Limited Partnership and IHMML. We anticipate that the completion of the Master Structuring Agreement will be consummated by September 30, 2014.
“We continue to move toward closing our transaction with IHMML. Given the cross-border nature of the transaction, legal, corporate governance and various tax issues required the use of various professionals,” said Ken Williams, Medican’s CEO. “We look forward to finalizing this transaction in an expeditious manner and are excited about the market opportunity in Canada.”
About Medican Enterprises Inc.
Medican Enterprises is a bio-pharmaceutical company focused on developing, distributing and growing pharmaceutical grade cannabis in Canada. Through its interest in International Herbs Medical Marijuana Ltd., Medican is seeking to acquire certain lands, retrofit and/or build a marijuana growing operation and attend to the growing, research and development, training, distribution and retail sale of medical marijuana in Canada as regulated by Health Canada. For more information visit: www.medicaninc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release and statements of representatives of Medican Enterprises, Inc. (the “Company”) related thereto includes forward-looking statements within the meaning of the U.S. federal securities laws. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control), which could cause actual results to differ from the forward looking statements. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management but are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the timing for and results of the proposed transaction described herein) may differ from those set forth in the forward-looking statements. Except as required by applicable law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.