Cannabis-Rx Provides Business Activity Update for Second Half of 2014
04 Diciembre 2014 - 7:30AM
Business Wire
Adds eight investments to portfolio
Cannabis-Rx (OTCQB:CANA) opportunistically acquires,
rehabilitates, sells and leases distressed real estate. The Company
also caters to the property needs of the regulated cannabis
industry, in states where such business is licensed and permitted.
The Company today announces that in the second half of 2014 it
acquired eight properties for an aggregate of $3.5 million. The
properties are located in Washington, Colorado, Michigan, Florida
and Arizona.
Cannabis-Rx acquired a 22,570 square foot warehouse located in
Aurora, Colorado, which is properly zoned for a marijuana
dispensary pursuant to the laws of the State of Colorado. Since
July 1, Cannabis-Rx has sold 14 properties for total proceeds of
$6,150,650. None of these properties were affiliated with the
cannabis industry. The gross profit to the Company in relation to
those sales was $619,879. The properties were located in Florida,
Washington, California and Illinois.
“We continue to make solid progress selectively acquiring
distressed properties at a significant discount to replacement cost
and leveraging our proven real estate expertise to unlock
incremental value,” said Llorn Kylo, Chief Executive Officer of
Cannabis-Rx. “We remain confident in our ability to maximize the
value of the properties in our portfolio and we are very positive
on the fundamentals driving the growth of the regulated cannabis
space. With recent voting efforts successfully legalizing cannabis
for recreational use in Oregon and Alaska on the state level and
allowing possession for recreational use in Washington D.C., we are
closely evaluating investment opportunities in those regions.”
Cannabis-Rx’s current portfolio consists of 31 properties
located across Arizona, Washington, California, Florida, Illinois
and Michigan. 11 properties are currently listed for sale, five are
under contract to be sold, 14 are in the process of being
rehabilitated, and one is leased.
About Cannabis-Rx, Inc.
Cannabis-Rx (OTCQB: CANA) opportunistically acquires,
rehabilitates, sells and leases distressed real estate. The Company
also caters to the property needs of the regulated cannabis
industry, in states where such business is licensed and permitted.
In addition to strategically purchasing properties at a significant
discount to replacement cost and rehabilitating the assets to
enhance their value, the Company provides licensed cannabis-based
businesses with capital and real estate opportunities to advance
their growth objectives. The Company does not, nor does it intend
to, grow, distribute or sell cannabis. For additional information,
please visit www.cannabis-rx.co
Cannabis-Rx, Inc.Phil Denning and Jason Chudoba,
203-682-8200cannabisrx@icrinc.comcannabis-rx.co
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