Oregon: Kaya Holdings Inks Agreement For Next Marijuana Grow
Kaya Holdings, Inc. on Friday announced that it has reached an agreement to acquire assets from OC Harley Gardens, a Portland based marijuana grow, which, according to Kaya, "produces high quality, connoisseur-grade, medical marijuana as the countdown to legal recreational sales in Oregon continues."
The assets include an existing duly licensed patient base with associated plants and grower licenses, unique genetics, equipment, and use of the facility on a rent-free basis.
"This asset purchase is part of our plan to expand our production capacity prior to the introduction of legal recreational marijuana use in Oregon, which could be as early as October 2015 or sooner," said Kaya Shack CEO Craig Frank. "OC Harley Gardens produces excellent marijuana and grows unique varieties with THC ranging from 20-27 percent which will further add to our wide selection.
"Our Kaya Farms grow operation permits us to maintain a consistent selection and high quality standards," Frank said.k "We believe the assets of OC Harley Gardens, which will be integrated into the Kaya Farms, will support the Kaya Shack™ supply chain, and further enhance our efforts in this regard.
"The planned acquisition of OC Harley Gardens' assets will double the Company's current grow capacity and add an additional highly sought after strains to the Kaya Farms portfolio," Frank said. "With the expected launch of our second retail outlet (the first Kaya Shack™ Marijuana Superstore) and the effect of potential early legal recreational sales on the market, we expect demand to increase substantially and are taking steps to expand our production capacities and our product line."
Consummation of the purchase agreement will happen after the drafting and signing of definitive transaction documentation, according to Kaya.
Kaya Holdings made history this year with the filing of their 10-K and 10-Q as the first fully reporting U.S. publicly traded company to report revenues as a vertically integrated retailer and grower of medical marijuana in the United States.