LAS VEGAS--(BUSINESS WIRE)--Medican Enterprises, Inc. (OTCBB:MDCN), announced the formation of Medican (US) Systems Inc., a wholly owned subsidiary formed to pursue business activities in the Untied States medical marijuana and recreational marijuana sectors.
The new entity, operating out of Las Vegas, NV, will:
- seek investments in commercial real estate which it can lease to marijuana growers in states where growing is legal;
- provide dispensary management and professional consulting services to the medical marijuana and recreational marijuana sectors; and
- offer a broad range of leasing and financing solutions to dispensaries, kitchens and cultivations centers.
Ken Williams, CEO of Medican Enterprises, stated “We are excited to position Medican for a strategic entry into the U.S. marijuana sector and seek to execute on promising opportunities in the United States in the near term. We believe in the present and future of legal marijuana businesses, and thus we will strive to find the best opportunities in this space to build value for our shareholders.”
The legalized marijuana industry in the Untied States is thriving. According to a November 2013 report from ArcView Market Research, the national legal marijuana market in the United States projected to grow from $1.3 billion to $10.2 billion by 2018.
Medican also provided an update on the proposed acquisition by its subsidiary Canaleaf Systems of a majority interest in Canada-based International Herbs Medical Marijuana Ltd. (IHMML), which is pursuing the creation of a 400,000 square foot cultivation facility in Athoville, New Brunswick, subject to approval by Canadian regulatory authorities.
“As previously announced, we were hoping to close on our acquisition of an interest in IHMML by September 30” stated Mr. Williams. “Unfortunately, we have faced structuring and regulatory issues that are making the consummation of this transaction, for both ourselves and our Canadian partners, challenging at this time. We will continue to monitor and explore this opportunity as we believe in its potential, but we must also now turn to address other opportunities, including in the U.S. through the creation of our new subsidiary. We look forward to providing additional updates on our efforts to establish our business in the near future.”
About Medican Enterprises Inc.
Medican Enterprises is a bio-pharmaceutical company focused on pursuing business opportunities in the growing medical and recreational marijuana sector. Through its subsidiaries, Medican is seeking to invest in our businesses associated with the growing, marketing, research and development, training, distribution and retail sale of medical and recreational marijuana, both in the United States and Canada. For more information visit: www.medicaninc.com.
Cautionary Note egarding 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 results of the Company’s efforts to establish a business in the U.S. as 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.