Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today announced that Northern Lights Distribution LLC (“NLD”) has signed a Letter of Intent (“LOI”) with Alpha Private Equity & Capital LLC to form a joint venture (“JV”) called Magnolia Extracts LLC for large-scale expansion operations to start distribution, delivery and manufacturing of its cannabis products in the city of Lynwood, California. In April 2019, MCOA announced that it has secured a 20% ownership interest and signed a joint venture agreement with Natural Plant Extract of California (“NPE”) to establish a premier cannabis delivery company called Viva Buds. NLD, a subsidiary of NPE, entered into this partnership and will cover costs up to $1.5 million in phased expenditures to significantly build out a new production facility and make the most of the 18,000 square foot building space to generate superior efficiency and capacity for its operations. “As our portfolio of legal cannabis and industrial hemp investments and joint ventures represent a significant portion of our growth strategy, we believe this step represents a strong move forward to establishing our foothold in the market,” Marijuana Company of America CEO Don Steinberg stated in the news release. “This allows us to advance into the next phase of our business plan through NPE, gaining access to over 18,000 square feet of building space. We are confident this joint venture will serve very beneficial for us as well as our investment partner, NLD.”
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About Marijuana Company of America Inc.
MCOA participates in: (1) product research and development of legal hemp-based consumer products under the brand name hempSMART, which targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry as the legalized markets and opportunities in this segment mature and develop. For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com.
NOTE TO INVESTORS: The latest news and updates relating to MCOA are available in the company’s newsroom at http://cnw.fm/MCOA
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The post CannabisNewsBreaks – Marijuana Company of America Inc. (MCOA) Portfolio Company Inks LOI to Form Magnolia Extracts LLC, Substantially Build Out Cannabis Facility appeared first on CannabisNewsWire.
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