Innovative hemp and cannabis corporation Marijuana Company of America (OTCQB: MCOA) today announced its entry into a letter of intent with Natural Plant Extract of California (“NPE”) and its subsidiary, Northern Lights Distribution, LLC (“NLD”), to acquire a 20 percent ownership interest in NPE and establish a joint venture to operate a California cannabis delivery service named Viva Buds. Per the update and under the terms of the LOI, MCOA will contribute $2,000,000 in total cash to the project, as well as common shares with a value of $1,000,000 in exchange for its 20 percent equity position in NPE. In addition, MCOA and NPE will share 50/50 profits from the formation of the JV to operate Viva Buds. “This partnership will enable MCOA to establish itself as a major player in the Cannabis arena,” MCOA CEO Donald Steinberg stated in the news release. “All licenses are in place to allow for vertical integration from farm to consumer. We are excited to expand our business model to now include marketing our new THC brand Viva Buds through our fully licensed partner NPE. The NPE team has a great deal of industry knowledge and has an industry disruptive business model. This is a huge strategic move for MCOA!”
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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.
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