FORT LAUDERDALE, Fla., July 31, 2018 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB: KAYS) announced today that it has reached a preliminary agreement to purchase a 12,000 square foot indoor marijuana grow and manufacturing facility in Eugene, Oregon, which has a current capacity to grow in excess of 800 pounds of high quality medical and recreational cannabis annually. The seller also holds a production license for the manufacture of extracts, oils and edibles, as well as the machines and equipment necessary to begin production, which will be included as part of the real estate purchase.
KAYS and the seller, who is the current property mortgage holder, are in the process of conducting their respective due diligence and, subject to satisfactory results therefrom and the drafting and negotiation of definitive documentation, expect to complete the entire transaction in the coming weeks. The parties completed the first stage of the transaction this week with the seller’s purchase of 2,500,000 restricted shares in KAYS in a private transaction for $250,000. The funds are earmarked for capital improvements to the facility to provide for increased grow production and more efficient product manufacturing.
“Approximately 2 weeks ago we entered into a non-binding preliminary agreement to purchase the building and related grow and manufacturing assets $1.3mm in KAYS restricted stock from the seller,” stated Craig Frank, CEO of KAYS. “We believe that this acquisition, when successfully completed will expedite our ability to achieve a number of our objectives. It accelerates our time to harvest significantly (we now expect our first harvest to be in September), it hastens our path to production of oils, concentrates and edibles so that we can produce our own signature brands of high-quality cannabis products and it gives us the depth and capacity we prefer to have as we prepare for a potentially protracted process to enforce our rights to grow cannabis at our 26 acre farm in Linn County, Oregon where our land is properly zoned and the growing of cannabis is an outright permitted use."
About Kaya Holdings, Inc. (www.kayaholdings.com)
KAYS (OTCQB: KAYS), through subsidiaries, produces, distributes or sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods.
