DENVER, CO--(Marketwired - Sep 12, 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 cannabis sector, is pleased to announce that the Company has completed all pre-closing due diligence regarding its previously announced letter-of-intent to acquire the 2.38 acre property and related structures in Pueblo, Colorado, known as the Greenhorn Property.
"We are excited to have successfully confirmed all the required title, zoning, water, and power related due diligence surrounding our planned acquisition of this outstanding development property in Pueblo," stated Alan Smith, President of Mountain High Acquisitions Corp. "With this due diligence work behind us, we anticipate completing a definitive acquisition agreement with the vendors and closing the deal within the next 7-10 days."
The 2.38 acre Greenhorn Property is ideally located adjacent to the Pueblo Freeway and meets all zoning requirements of the municipal authorities for the cultivation of marijuana and preparation of marijuana related products. The property currently holds an approximately 2,800 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.
Mr. Smith added, "Our immediate Phase 1 development and improvement plans for the Greenhorn property include engineering and building an initial 20,000 sq. ft. state-of-the-art greenhouse space and also securing a lease agreement with an experienced cannabis cultivator and dispensary license holder. Longer term plans for Greenhorn include an additional 60,000 sq. ft. of greenhouse expansion. We will discuss our additional strategic development plans for the property following closing of the acquisition."
In addition, the Company has allowed the agreement with Deep Blue Enterprises LLC regarding the acquisition of three properties located in Colorado to expire. "The decision to not proceed with the Deep Blue transaction will allow the Company to more fully focus its energy towards continuing to build a first-rate portfolio of cannabis focused properties and other related assets," concluded Smith.
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.