WASHINGTON: Med-Cannabis Pharma, Inc. (OTCQB: MCPI), a Nevada Company specializing in Medical cannabis sales will be opening several Medical cannabis stores through its subsidiary Cannabis Hemporium in various towns on the Olympic Peninsula in the State of Washington during the month of August. The towns include Port Townsend, Port Hadlock and the Hood Canal location where work has been continuing for opening.
The announced acquisition of the Port Townsend Herbal Collective on April 21, 2014 has been canceled by mutual agreement between the Company and James Loe due to the inability of the Company to complete the audit of Loe and Associates. Due to the nature of the Medical Marijuana business it is very difficult to conduct an audit of a previous business when all transactions are in cash. The Company’s new Point of Sale system will solve that problem in the future. The previously announced 126 million shares of stock to be issued in conjunction with that transaction have also been canceled.
James Loe has agreed to remain with Med-Cannabis in his position as a Director and Vice President /COO. In Connection with that decision a shareholder (South Beach Live, Inc.) has agreed to transfer to James 10,000,000 shares of Restricted Common Stock that it owns. That will leave the total outstanding Common Stock for Med-Cannabis Pharma, Inc. at approximately51 Million shares with no commitment for additional stock to be issued.
Currently the Company is in discussions with parties in New Mexico, Montana and Oregon to lease stores and open Medical Dispensaries in those states. In addition, the Company has negotiated a lease for space to open the only dispensary at the entrance and exit to a ferry landing with 4 million cars a year loading and unloading onto the peninsula.