RIVERSIDE, CA--(Marketwired - Feb 7, 2017) - CaliPharms, Inc. (OTC PINK: KGET), a Company targeting acquisitions in the Cannabis Industry, is pleased to announce it has completed its first acquisition of a Northern California medical marijuana farm. The Northern California outdoor marijuana grower Country Junction Farms is now majority owned by CaliPharms, Inc.
In 2017 Country Junction Farms is projecting to grow about 4500 pounds of flower and 4700 pounds of trim. The trim is to be sold for use in cannabis oil concentrate production. The projected revenue is $4,275,000 from the flower and $337,500 from the trim. These projections are based on the current mean average of prices and subject to change throughout the year.
President and CEO Bo Linton stated, "We are very pleased with the agreement and look forward to a long lasting and productive relationship with Cipriano Sulamo, the owner-operator of Country Junction Farms." Linton continued, "This is just the beginning of our plans for rapid growth and expansion throughout the legal marijuana industry. We are working with very experienced professionals in the booming cannabis industry and are planning to be a leader in California and the United States for years to come."
Country Junction Farms President Cipriano Sulamo stated, "Bo Linton (CaliPharms CEO) and I have formed a very positive and proactive working relationship together and I am excited that we now have this formalized agreement in place." Mr. Sulamo continued, "County Junction Farms has been legally growing medical marijuana since 2010 and this symbiotic relationship between CaliPharms and Country Junction Farms is just the beginning of our master plan together. We plan to build a legalized marijuana company that will be the envy of all California cannabis companies. We are experts in getting the necessary permits and we plan to offer CaliPharms branded products and services across the board."
The total purchase price for the farm as per the stock purchase agreement is $1,750,000 USD in the form of a promissory note. The promissory note is to be deducted from KGET's 51% ownership and secured by 175 shares in Preferred C Series Stock Issued as security for the Promissory Note until the note is paid in full. Preferred C Shares have a market value when converted to common of $10,000 per share. This acquisition structure affords CaliPharms the opportunity to pay for the acquisition with revenue and reduces dilution to its common stock. The agreement has a safety clause that will allow CaliPharms to revert to a management agreement if at anytime it becomes federally illegal to own a company that handles marijuana products.
CaliPharms intends to support the legislation just introduced in California that creates statewide trademarks for branded cannabis products. These trademarks will help protect the intellectual property that is being created in California as a market leader in the cannabis industry worldwide. The California Cannabis industry is expected to grow to $7 Billion by 2020. CaliPharms has started the process to trademark its company name so it can be used for branding its future planned products.
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About CaliPharms, Inc.
CaliPharms Inc., trading under the symbol (KGET) which trades under its former name "Kleangas Energy Technologies, Inc." is a medical marijuana-cannabis businesses. The Company operates through its 51% owned subsidiary County Junction Farms, Inc. within the State of California. The Company currently is focused within the medical marijuana-cannabis industry. The second tier of development for the company will be to expand into other sectors that support the legalized marijuana industry. The company intends to expand its operations as the laws for each individual State change and allow.
About Country Junction Farms, Inc.
Founded in 2010, Country Junction Farms is a fully permitted cultivator of medical marijuana within the State of California.
Safe Harbor Statement:
Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as CaliPharms or KGET or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Investment into a microcap company is a high risk investment and it should only be considered if you are able to afford a total loss of the investment. Laws and Regulations of Marijuana are currently in direct contradiction between California and Federal Law and these factors should be a part of your consideration when making an investment into KGET.