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Mountain High Completes Milestone Master Property Agreement for Acquisition of Isabelle, Madison, and Pueblo Marijuana Properties in Colorado
|By Marketwired .
|May 5, 2014 04:20 AM EDT
DENVER, CO -- (Marketwired) -- 05/05/14 -- 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.
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