LAS VEGAS--(BUSINESS WIRE)--Medican Enterprises Inc. (OTCBB: MDCN) a leading developer, distributor and marketer of pharmaceutical grade cannabis is pleased to announce its wholly owned subsidiary Canaleaf Systems Inc. through its joint venture partner International Herbs Medical Marijuana Ltd (IHMML) signed a Purchase & Sale Agreement to purchase a 400,000 square foot facility located at 12 Comeau Avenue, Atholville, NB, effective closing on May 31, 2014.
The large-scale industrial facility, is currently undergoing renovations and will be retrofitted to ensure it meets Health Canada’s requirements for security, quality assurance and clinical requirements. The site is currently fully serviced and includes: electricity, municipal water, sewer facilities, telephone and high speed internet. Subject property will be upgraded to a security level 10 as defined by the Province in New Brunswick (this is equivalent to level 11 in British Columbia and Ontario). To date a total of $5M retrofit contracts have been issued as IHMML has already taken control of the property.
“This is a tremendous milestone in our development. A facility of this size establishes Medican as a large-scale medical marijuana producer, enables us to rapidly enter the market and to capitalize on the increasing market demand,” said Ken Williams, CEO of Medican Enterprises. “The IHMML team has been working closely with local, provincial and federal government officials. Further, we are committed to work along side educational, industry and community partners as well. We are pleased by the support given by both the county of Restigouche and the province of New Brunswick and are committed to a world class operation in Atholville.”
About Medican Enterprises Inc.
Medican Enterprises is a
bio-pharmaceutical company focused on developing, distributing and
marketing pharmaceutical grade cannabis to the emerging global medical
marijuana market. It’s wholly owned subsidiary Canaleaf Systems Inc. is
an industry leader in the design, construction and operation of Medical
Marijuana and Cultivation Centers across Canada. Traded on the OTCBB,
Medican drives shareholder value through its scalable business model and
commitment to scientific research, operational excellence and regulatory
compliance. For more information visit: www.medicaninc.com.
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