Mountain High Completes Milestone Master Property Agreement for Acquisition of Isabelle, Madison, & Pueblo Marijuana Properti...
05 Mayo 2014 - 3:20AM
Marketwired
Mountain High Completes Milestone Master Property Agreement for
Acquisition of Isabelle, Madison, and Pueblo Marijuana Properties
in Colorado
DENVER, CO--(Marketwired - May 5, 2014) - Mountain High
Acquisitions Corp. (OTCQB: MYHI) ("Mountain High" or the
"Company"), a strategic real estate holding company whose primary
focus is the acquisition and development of commercial properties
in the marijuana sector, is pleased to announce that Canna-Life
Corp., a wholly-owned subsidiary of the Company, has completed the
definitive Master Property Purchase and Sale Agreement (the
"Agreement") for the acquisition of three properties and
improvements thereon located in: (i) Lafayette, Boulder County,
Colorado, referred to as the "Isabelle Property," (ii) Avondale,
Pueblo County, Colorado, referred to as the "Pueblo Property," and
(iii) Denver, Denver County, Colorado, referred to as the "Madison
St. Property."
"We are extremely pleased to have progressed to complete this
milestone Agreement to acquire the highly sought after Isabelle,
Pueblo, and Madison Street properties in Colorado," stated Mr. Alan
Smith, President of Mountain High Acquisitions Corp. "With
this first phase of our property acquisition strategy now secured,
we will move forward with our plans to further develop and maximize
potential revenue streams from each of our portfolio
properties. Additionally, the Company will continue review
potential properties in the cannabis sector for future
acquisition."
The Isabelle Property consists of nine (9) acres of property,
improvements, and other assets located near Boulder,
Colorado. Since October 2012, the primary tenant at the
Isabelle Property has been one of the largest greenhouse marijuana
grow facilities in the State of Colorado, with a total of 42,000
sq./ft. under roof (approx. 1 acre). The current operation at
the Isabelle Property can produce in excess of 5,000 lbs. of up to
50 specific strains of marijuana for medical use over approximately
10 separate harvests. Mountain High expects to generate in
excess of $2.5 million in net annualized revenue from the Isabelle
Property in its current configuration without significant leasehold
improvements or expansion, subject to terms and conditions of the
agreement. In addition to lease revenues from the Isabelle
Property, the Company anticipates generating additional
complementary revenue streams related to its position as landlord
and primary services provider.
Mr. Smith concluded, "The Isabelle Property is without question
one of the best known established marijuana business locations in
Colorado, but we are equally excited about the acquisition and
revenue potential of the Pueblo and Madison St.
properties. With this in mind, we have already taken steps to
develop detailed build out strategies for each property and look
forward to starting to work with our partners to execute these
plans."
The Madison Property, located in Denver, Colorado, is an ideally
located 28,000 sq./ft. highly-reinforced building that was
previously used for storage of fracking sand and grain. Now
zoned for commercial marijuana cultivation, Mountain High intends
to fully develop the Madison Property to house up to 200
specialized grow "Pods" designed to be leased to licensed growers
for highly specialized medical marijuana cultivation. There
are presently no facilities or growing operations on the Madison
Property. At full capacity, 200 pods are estimated to
represent approximately $8.4 million in annually lease revenues at
current market rates.
The Pueblo Property, located at Avondale, Colorado, is 90 acres
of raw land surrounded by a former U.S. Army ammunition storage and
supply facility and now zoned and approved to become one of the
largest single locations for commercial marijuana cultivation in
the State. There are presently no facilities or growing
operations on the land. Once the required infrastructure of
roads, electrical, and water hookups is in place, the Company
intends to develop the land into 10 or more distinctive 5 acre
plots, collectively comprising a "Cannabis Campus." Each
five-acre plot will provide the licensed grower with access to all
required commercial growing facilities, including greenhouses,
hydroponics, laboratories, kitchens, and outdoors grow
operations.
About Mountain High Acquisitions Corp. (MYHI)
Mountain High Acquisitions Corp. is a strategic real estate
holding company whose primary focus is the acquisition and
development of commercial properties to be leased and utilized by
the marijuana industry. Mountain High's current portfolio
includes three Colorado properties zoned for commercial marijuana
cultivation: Isabelle, Madison, and Pueblo.
Disclaimer/Safe Harbor: This Mountain High Acquisitions Corp.
news release contains forward-looking statements within the meaning
of the Securities Litigation Reform Act. The statements
reflect the Company's current views with respect to future events
that involve risks and uncertainties. Among others, these
risks include failure to meet schedule or performance requirements
of the Company's contracts, the Company's ability to raise
sufficient development and working capital, the Company's liquidity
position, the Company's ability to obtain new contracts, the
emergence of competitors with greater financial resources and the
impact of competitive pricing. In the light of these
uncertainties, the forward-looking events referred to in this
release might not occur as planned or at all. The Company does
not and will not grow, harvest, distribute, or sell cannabis or any
substances that violate United States law or the Controlled
Substances Act, nor does it intend to do so in the future.
Investor/Media Contact: Mountain High Acquisitions Corp.
Investor Relations (844) 686-0420
(Toll-free) E-mail: Email Contact Website:
www.mountainhighac.com
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