LAS VEGAS, April 17, 2015 – Medican Enterprises Inc. (MDCN) (“Medican” or “the Company”), a merchant bank and bio-pharmaceutical company in the emerging global marijuana industry, is pleased to announce that it continues to raise capital in the market place and has extended the option to purchase two facilities in the Phoenix, AZ, area.
The first facility located in Phoenix has a total retail footprint of 7,200 sq. ft. and is currently leased to a licensed medical marijuana dispensary. Subject dispensary currently pays $15,000 a month in rent, plus additional rent of 30% of gross sales. A real-estate appraisal conducted by Kalinowski & Associates dated December 24, 2014, values the property at $2,385,000. Note this is a conservative valuation as it only considers the guaranteed lease income of $15,000 a month and not the additional rent from gross sales. Business at this dispensary is progressing solidly, and Medican believes it has tremendous potential to increase sales due to the growth of the surrounding area.
The second site is also located in the Phoenix area and has a total building footprint of 66,000 sq ft. Medican plans to acquire the site and lease it to a licensed medical marijuana grower as a fully built facility. Commercial terms pertaining to the lease are still being finalized. An appraisal report by Kalinowski & Associates dated February 9, 2015, confirms an evaluation of $2,340,000 without any additional consideration as a medical marijuana facility.
“We appreciate the patience demonstrated by the sellers of the two sites. It is apparent that industry participants believe in our vision, and we are keen to close both transactions,” stated Ken Williams, CEO of Medican Enterprises.
Medican Enterprises continues to evaluate new business opportunities on a regular basis and marijuana business opportunities with Medican Nations Inc., our first nations division.
In December 2014, the US Department of Justice instructed all United States Attorneys not to prevent the growing or sale of marijuana on sovereign tribal land. Timothy Purdon, the U.S. attorney for North Dakota and the chairman of the Attorney General’s Subcommittee on Native American Issues, stated, “The tribes have the sovereign right to set the code on their reservations.”
Medican is aware of the problems alcohol has brought to Native Americans and desires to work with tribes in developing cannabis in ways that protect the First Nations and respect their rights, including the right not to develop it.
About Medican Enterprises, Inc.
Medican Enterprises is a company seeking promising pharmaceutical and other business opportunities in the emerging medical and recreational marijuana sector. Through its subsidiaries, Medican is seeking to invest in businesses associated with the growing, marketing, research and development, training, distribution and retail sale of medical and recreational marijuana, both in the United States and Canada. For more information visit: www.medicaninc.com.
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Ken Williams, CEO | Medican Enterprises Inc.
Cautionary Note Regarding Forward-Looking Statements
This press release and statements of representatives of Medican Enterprises, Inc. (the “Company”) related thereto includes forward-looking statements within the meaning of the U.S. federal securities laws. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control), which could cause actual results to differ from the forward looking statements. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management but are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results of the Company’s efforts to launch and expand Medican Nations) may differ from those set forth in the forward-looking statements. Except as required by applicable law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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