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Tuesday, November 29, 2022

Trading Insights on Medican Enterprises Inc (OTCMKTS:MDCN)

Medican Enterprises Inc (OTCMKTS:MDCN) has been in steep decline in recent weeks hitting an all-time low of $0.0007. MDCN does have a history of big moves running from well under $0.50 to a high of $4.36 a share at the height of the pot stock boom at the beginning of 2014.

At the end of February MDCN announced today that 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.”

Many suggest that pot stocks will get hot soon; according to a recent report from MMJ Business Daily, 2015 is expected not only to see more investment dollars flow into the market but it could even outpace the growth rate seen in 2014. States like Nevada, Illinois, Massachusetts, Oregon, and Alaska have all been identified as industry drivers this year. Furthermore, the rise in “big money” from some major investment funds has just started to hit the sector.

The major catalyst however for 2015 is expected to be the rescheduling of marijuana out of its current Schedule I classification. In October U.S District Judge Kimberly Mueller heard testimonies during a five day evidentiary hearing aimed at determining if the Schedule I dangerous drug is unconstitutional.

The ruling is expected to come sometime later this year and many expect to see a domino effect for the entire pot sector culminating in treasury issuing rules and regulations for working with marijuana businesses. Once they are able to use banks the entire business is expected to really take off.

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.

In recent news MDCN said that it has signed an agreement to acquire a 67,000 square foot facility in Phoenix, Arizona which the company plans to lease as a pot growing and warehouse facility to licensed growers.

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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.

The Company also said that is has not been able reach a mutually acceptable agreement with the various parties involved. As a result, the parties have terminated the letter of intent and the refundable portion of the deposit funds have been returned to Medican.

Drew Milburn CEO of Medican US, Medican’s subsidiary in charge of United States operations said “The Phoenix, Arizona building will be a great launch to our real estate leasing strategy, and we are extremely pleased to have progressed to this milestone, Medican US is quickly gaining momentum in the real estate and leasing services to the legal marijuana sector, and we are seeking additional acquisitions in the near term.”

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MDCN has been in steep decline in recent months 1st dropping below a penny, then $0.001 and how testing $0.000 waters. Not surprising considering the 8k from earlier this year that said there will be a reverse stock split and AS will be raised from 100 million to 1 billion. 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.

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