CaliPharms Expands its Operations with the Acquisition of Pacific Cannabis Growers
Riverside, CA -- March 28, 2017 -- InvestorsHub NewsWire --
CaliPharms, Inc. (OTCPink:KGET),
a Company operating in the California Medicinal Cannabis industry,
publicly traded under its former name “Kleangas Energy
Technologies, Inc.” is pleased to announce it has duly executed the
definitive stock purchase agreement with Pacific Cannabis Growers
(PCG), a Humboldt County California Medical Cannabis Farm.
(www.pcgrowers.com)
PCG is a medical cannabis farm that is currently in the process
of permitting land in Humboldt County for cultivation of medical
cannabis. PCG currently is fully funded for one year of the
projected cultivation schedule. Currently seedlings are being grown
as shown on the PCG website and a cannabis cultivation permit is
expected to be issued sometime in late April. Upon the permit being
issued, PCG will build fencing and prepare the area for
cultivation. PCG expects to get 2 harvests in 2017 if the permit
comes in during April 2017.
CaliPharms has purchased 51% stock ownership of PCG in a
structured buy out over a 5 year period. The terms of the agreement
are based on the profitability of PCG. The final purchase price is
based on the actual profit margin of PCG. In the event the market
conditions change in the cannabis growing industry, the agreement
with the parties has the flexibility to adjust the final purchase
price. The agreement is based on a ten times multiple in its
profits and it is payable in CaliPharms preferred series stock. The
preferred stock will be eligible to be sold in a leak out agreement
over a 5 year period after it has been issued and aged under the
applicable SEC rules.
Joshua Clark, President of Pacific Cannabis Growers,
stated "We are very pleased to be joining up with Calipharms. This
deal is performance driven, which will benefit us, Calipharms and
it's shareholders in the long run. To be involved with a group as
excited about the cannabis industry as we are is a blessing. We
plan to produce top quality cannabis for the medical market and we
value the long term goals of Calipharms growth and
sustainability."
CaliPharms CEO Bo Linton stated, “Pacific Cannabis Growers is a
very important part of our long term plan for continued growth.
Joshua Clark is now a valuable part of the CaliPharms team and I
couldn’t be more pleased to have his expertise, knowledge, and
experience on our side.” Linton continued, “Joshua knows this
California industry as good as or better than anyone and our goals
and interests are aligned which is great news for all of our
shareholders. This shareholder friendly deal structure only works
because Joshua understands the long term value of our fledgling
company and we are in it for the long run.”
CaliPharms long term business plan includes acquiring numerous
cannabis production facilities and product lines. This will allow
us to supply our other business ventures with the raw materials
needed to make award winning cannabis products, and to create a new
market suppling other canna-ventures with the raw material they
need to produce their products. Securing CaliPharms cannabis
supply/production capability is our top priority. This will help
establish CaliPharms as an industry leader in the near
future.
Pacific Cannabis Grower's permit type (Mixed-Light) will allow
for multiple harvest year round, in fully automated greenhouses.
Giving this acquisition additional value for Calipharms.
The farm will be operating a 10,000 sq ft “mixed light”
commercial cannabis cultivation permit. *Mixed light is growing in
greenhouse with artificial light supplementation this allows for
multiple harvests through the year. The estimated total 2017
Gross Harvest/Income value is $1,868,160.
For up to date information on the company please follow us @
facebook.com/CaliPharms
twitter.com/CaliPharms
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 business. The Company
operates through its 51% owned subsidiary County Junction Farms,
Inc., and Pacific Cannabis Growers, 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 cannabis 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 cannabis within the State of California.
About Pacific Cannabis Growers, Inc.
PCG is a medical cannabis farm that is currently in the process
of permitting land in Humboldt County for cultivation of medical
cannabis. PCG currently is fully funded for one year of
cultivation.
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.
Company Contact:
CaliPharms, Inc. (KGET)
www.CaliPharmsInc.com
facebook.com/CaliPharms
twitter.com/CaliPharms
Telephone 1-949-800-6645
Email: info@CaliPharmsInc.com
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