DENVER, CO--(Marketwired - Mar 18, 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 it has completed the irrevocable cancellation of 113,500,000 restricted common shares of the Company.
This share cancellation is part of the previously executed Share Exchange Agreement and Addendum (the "Agreement") between the Company and Canna-Life Corporation ("Canna-Life"), the current holder of options to acquire three properties zoned by the State of Colorado and the respective municipal authorities for the cultivation of marijuana. As a result of the Agreement, Canna-Life has become a wholly-owned subsidiary of Mountain High (see Form-8K filed March 10, 2014).
Following the aforementioned cancellation of the 113,500,000 restricted common shares and the issuance of 8,096,000 restricted common shares as part of the acquisition of Canna-Life, there are a total of 23,884,000 common shares of the Company outstanding.
"These acquisitions position the Company for rapid growth as we build out each property," stated Mr. Alan Smith, President of Mountain High Acquisitions Corp. "In addition, the Company intends to develop other complementary revenue streams from the advantageous position as landlord and primary services provider to our properties."
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.
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.
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 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.