Mountain High Acquisitions Corp. Signs Letter of Intent to Acquire Prime Cannabis Zoned Property in Pueblo, Colorado
DENVER, CO--(Marketwired - July 22, 2014) - Mountain High Acquisitions Corp. (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 cannabis sector, is pleased to announce that the Company has signed a letter-of-intent to acquire property and related structures in Pueblo, Colorado.
The 2.38 acre parcel of industrial land is ideally located adjacent to the Pueblo Freeway and has been zoned by the State of Colorado and municipal authorities for the cultivation of marijuana and preparation of marijuana related products. The property currently holds an approximately 6,000 sq. ft. industrial use structure, and includes full grow rights for municipal water and a zoning allowance to build the entire footprint of the property two stories high with no set back.
"This Pueblo property will make an excellent acquisition and we expect that an experienced licensed marijuana producer will commence grow operations at the location within the next 120 days," stated Alan Smith, President of Mountain High Acquisitions Corp. "Based on our current assessment of the land, zoning allowances, and discussions with potential lessees, we believe that the property has the potential to be expanded a minimum of an additional 60,000 square feet of leasable greenhouse space over the next 24 months."
Mr. Smith added, "The Company has spent considerable effort to evaluate the economics and potential returns of many properties in the state of Colorado. This current transaction represents just one of the several possible new marijuana focused property acquisitions that the Company is negotiating. We anticipate releasing additional information regarding these negotiations over the next several weeks."
This acquisition remains subject to, among other things, Mountain High completing customary pre-closing due diligence and signing of a definitive agreement with the vendor. The parties anticipate having a definitive agreement completed within the next 30 days.
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.
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.