It is a significant time for the legal U.S. marijuana industry, and Medican Enterprises Inc (OTCMKTS:MDCN) wants to become an integral part of the changing trend in the nation. For expanding its offerings in the pot industry, the company’s subsidiary Medican US is looking for lucrative acquisitions in the several states in the U.S.
The new acquisition
The US subsidiary of Medican Enterprises had acquired a new facility in Phoenix, Arizona for $2.34 million. It will complete the entire formalities of the deal in the first quarter of 2015. The company wants to lease the newly acquired property to the licensed marijuana growers. The facility will have all the latest turnkey solutions required for marijuana cultivation. Medican Enterprises expects to fetch revenues of more than $1.4 million from the Phoenix facility.
Most of the companies in the recreational and medical marijuana market including CANNAGROW HOLDINGS (OTCMKTS:CGRW) are trying to make a distinct name in real estate leasing services to marijuana segment. They have every reason to do so. As per a report prepared by ArcView Market Research, the US legal pot industry is projected to rise from $1.3 billion to $ 10.2billion by 2018. There are 23 states in the US that have legalized marijuana for medical purposes. Even there are two states that have legalized recreational use of marijuana.
The subsidiary of Medican Enterprises is expanding its services under the guidance of the CEO Drew Milburn. He has got experience of more than ten years in the cannabis sector. He has designed and implemented various marijuana cultivation practices successfully. He is a man behind the successful launch of over 50 cultivation facilities in California. He was the person who received the first legal, medical pot dispensary license in Colorado Springs. He has got extensive knowledge of marijuana industry and is an asset to the company.