OREGON: FutureLand Corp, a leading provider of strategic real estate investment, grow facilities and material solutions to the global cannabis industry, announced today that its subsidiary, FutureLand Oregon LLC, has agreed to purchase 49% ownership in Groovy Groves, LLC, an Oregon recreational cannabis license holder.
Cameron Cox, CEO of FutureLand Corp., said, “This has always made a lot sense to me as we have another site only about 10 miles away with the same partners. So, I’m very happy about this deal. Currently the company has 70+- lbs. curing on the site and ready to be sold from the previous crop worth somewhere between $120,000-$140,000. Getting this license is very strong for FUTL because it finally allows us to begin booking revenue, and I know the shareholders have been waiting for this for a long time. It also puts us in a fairly unique position where, if I’m not mistaken, we may well be the first public company to have a license in the recreational grow market in the entire United States of America. So, this is big news!”
The license is currently a Tier II grow license which allows 40,000 sq. ft. of outdoor grow. This means that we can have 40,000 sq. ft. of flowering plants at any one time. Which also means the company can be vegging and cloning separate from that designated flowering space which gives us a fantastic opportunity to cycle a large amount of marijuana throughout the year. FutureLand will pay $100,000 dollars in stock (10,000,000 shares), based upon the closing price of the company’s common stock on Nov. 14th, 2016, to John C. Miller for his 49% of the Groovy Groves, LLC license.
The company will begin the process of transferring the license immediately which could take a few weeks to accomplish as background checks via fingerprints and the like need to be taken and approved. Once this is completed, the shares will be issued to Mr. Miller and the company will make plans to sell the product to local dispensaries as well as getting various parts of its team up to speed on the seed to sale tracking classes available in Medford, Oregon. In the future, we may modify the license to be either a hybrid of greenhouse and outdoor or simply construct a 10,000 sq. ft. greenhouse for the flowering product. In the end this will likely lift revenues as there won’t be seasonal limitations on growing. Right now we are expecting 2017 revenues on this site to be in the neighborhood of $3,000,000-$4,000,000.