LAS VEGAS--(BUSINESS WIRE)--Medican US, the U.S. subsidiary of Medican Enterprises Inc. (OTCBB:MDCN) (“Medican” or “the Company”), a merchant bank and bio-pharmaceutical company in the emerging global marijuana industry, today announced that the Company has executed and closed a lease agreement expanding its real estate and leasing business into California with Breeding Rare Cannabis Original Genetics Inc. (“BRCOG”).
This new agreement specifies that BRCOG will lease the indoor warehouse, outdoor greenhouse and R&D property for $9000 USD per month for a minimum initial lease term of five years, and the first right of refusal for an additional five-year term. Under the terms of the agreement, Medican will provide lease improvements by way of financing, equipment and grow technologies.
“We are pleased to have secured a lease agreement with an experienced industry leader such as Medican,” said Mr. R. White, CEO of BRCOG. “I am excited about the synergies this new relationship with Medican brings and look forward to maximizing the productivity of our production and R&D businesses.”
The property is located in Anza, California and is the first of several planned projects. According to market research by the ArcView Group the cannabis marketplace grew 74% in 2014 to $2.7 billion in the U.S., with California comprising 49 percent of the market.
“We are thrilled to be working with BRCOG in the California market,” stated Ken Williams, CEO of Medican Enterprises. “Finding and developing leasing locations such as this, provide Medican with geographically desirable and lucrative business opportunities. We have several more projects planned in California in the coming weeks and look forward to expanding our relationship with BRCOG as we continue to drive value for shareholders.”
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 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 results of the Company’s efforts to acquire and integrate Future Harvest 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.