Marijuana Company Of America Inc (OTCMKTS:MCOA), an innovative hemp and cannabis marketing and distribution company reported that it has completed due diligence and finalized a binding joint venture deal with GateC Research, Inc. for the objective of engaging in the farming of legal marijuana in Adelanto.
The terms of the deal comprise that MCOA will invest stock and cash in a newly formed company, and get a 50% equity and part in the net profits recorded in the joint venture deal in Adelanto, where GCR owns an approval for cultivation. A 3-person board of managing participants will oversee businesses of the newly formed company. GCR will use its expertise in marijuana grow, and establish licensing agreements and partnerships that will allow the legal cultivation of pot in the State of California.
Donald Steinberg, the CEO and President of Marijuana Company of America, reported that they are thrilled to work with the GateC team, and they anticipate strengthening their supply chain pipeline in California. The company has some extremely exciting marketing concepts to implement as regulations permit.
Adam Agathakis of GateC Research said that their associates have managed numerous successful and legally compliant grow assignments in California and they are looking forward to growing our operations with Marijuana Company of America’s help into Adelanto County and commencing a cultivation model that they plan to successfully replicate with company.
This joint venture assignment is solely for the objective of processing, distribution and cultivation of legal marijuana within California and not beyond its borders. GateC Research is a California based firm that has obtained a permit to cultivate medical pot in Adelanto County.
The firm’s principals are successful forerunners in the Washington and California state medicinal marijuana market that have successfully owned and managed several successful cultivation and pre-ico dispensaries facilities.