Medican Enterprises Inc (OTCMKTS:MDCN) is exploding upwards on record breaking volume transforming in recent days from illiquid down in sub penny stock land to one of the top traded stocks on the entire exchange trading multiple pennies.
MDCN skyrocketed last week after the Company announced they have obtained zoning approval for their 67,000 square foot facility in Phoenix, Arizona which the company plans to lease as a pot growing and warehouse facility to licensed growers.
The Company filed a NT 10-K on March 26 which gives them 15 days form that date to file the 10k. The stock has also been halted temporarily in Canada but neither of these facts have slowed the stock down much at all.
Medican Enterprises Inc (OTCMKTS:MDCN) 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 Medican Systems Inc. is an industry leader in the design, construction and operation of Medical Marijuana and Cultivation Centers across Canada.
Medical Marijuana is a fast growing industry worth $2.34 billion in 2014 and according to Greenwave Advisors, if all 50 states legalize MJ and the federal government followed suit and made it legal, the combined sales for Medical and Recreational MJ would reach higher than 35Bln USD by 2020.
The big story on MDCN is the 67,000 square foot facility in Phoenix, Arizona which the company plans to lease as a pot growing and warehouse facility to licensed growers.
The industrial building sits on 2.55 acres of industrial zoned land. The anticipated final purchase price for the property is $2,340,310 and a closing is planned during the first quarter of 2015 pending, among other closing conditions, a variance to zone the building for the cultivation of marijuana.
The acquisition of this property will launch Medican’s real estate and leasing services business under which the company would lease real estate that is outfitted with turnkey solutions for legally compliant growing facilities to licensed growers. At current market rates the property is estimated to produce annual lease revenues of approximately $1,400,000.
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Ken Williams said at the time “We are pleased with the valuation at which we plan to consummate this cornerstone transaction for our leasing business, and we have identified several more strategic real estate assets in the United States where the production and sale of marijuana is legal and licensed. Medican is committed to maximizing shareholder value by effectively assessing and managing new and existing leasing and other potential marijuana-related business opportunities.
On March 25 MDCN said the 67,000 square foot facility located, in Phoenix Arizona, it is acquiring has received zoning approval and is now zone compliant for the operation of legal medical marijuana businesses.
CEO Ken Williams said “With the zoning approval in hand, this commercial transaction now meets our criteria and we are moving rapidly to finalize the due diligence process. Located just minutes from Hwy 60 and the I-17 and featuring excellent visibility in a high traffic center, this unique property represents the type of asset we are looking for.”
The transaction is planned for closure by the end of the first quarter of 2015.
MDCN had previously announced the Company and JTB Real Estate LLLP (“JTB”) have agreed to extend the closing date of the previously announced acquisition. The acquisition of the 7,200 square foot retail and commercial property in Phoenix, Arizona was detailed in the press release dated January 20, 2015. The building acquisition brings near-term revenue and cash flow potential. Both parties are aggressively working together to close on or before March 31, 2015.
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As MDCN comes back for round 2 after the spectacular run last week the Company has filed a late 10k and the stock was halted temporarily in Canada but neither of these facts have slowed this one down. Investor sentiment is just too positive concerning MDCN planned 67,000 square foot facility in Phoenix, Arizona which the company plans to lease as a pot growing and warehouse facility to licensed growers. MDCN also has a fast growing shareholder base that supports the stock and swears it goes higher. We will be updating on MDCN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MDCN.
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Disclosure: we hold no position in MDCN either long or short and we have not been compensated for this article.