PORTLAND, Ore., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (KAYS) announced today that it has filed its third quarterly report for 2016, in which the Company details its financial results from operations, the licensing and build-out status of the two new Kaya Shack Marijuana Superstores currently under development, as well as discusses forward looking growth plans for the Company after legal marijuana’s November 8th ballot victory in 7 states. In a related announcement, KAYS tapped David Kotler, a former South Florida Prosecutor who has significant experience in the early stages of medical marijuana licensing in Florida, as well as extensive contacts nationwide in the cannabis industry.
“KAYS’ revenues for Q-3 2016 are up approximately 700% versus Q-3 2015, and revenues for the 9 month period ending September 30, 2016 are up approximately 700% versus same period ending Sept 30, 2015,” stated Kaya Holdings CEO, Craig Frank. “We are maintaining the $1mm pace in sales for FYE 2016 to set as our target. We are proud that all our revenues are generated from the production and sale of legal cannabis, and not from tomato farming, consulting, or other non-cannabis related endeavors often used to bolster revenues”.
Further, in light of the recent electoral victories in the legal cannabis sector which are estimated to add over $7 billion in sales to the market by 2020, the Board has confirmed David Kotler to head our nationwide expansion team. Mr. Kotler is an attorney with extensive experience in the marijuana sector, with specific expertise in the coveted Florida market. With additional attractive states targeted for Company growth, management has elected to initiate construction of a broader and well-rounded executive team.
“We feel it is time for us to launch our active exploration of opportunities beyond our continued expansion and growth in Oregon”, stated Kaya Holdings CEO, Craig Frank. “David will be instrumental in assisting Kaya Holdings in navigating multi-state issues. Moreover, he is an extremely talented individual who can serve as the anchor for operations in Florida should the regulations be inviting”, Frank continues.
Mr. Kotler will be responsible for overseeing company licensing matters for growing, processing and retailing of marijuana in States permitting and licensing the Company to do so. Mr. Kotler will also advise the Company on compliance structures in other states, and assist with potential acquisitions.
“I am pleased to join the Kaya Holdings team and will do everything I can to assist in the growth and expansion of the company and its assets”, states Mr. Kotler. “I view my job as providing sound and thoughtful guidance on matters of licensing, but also to advise, connect and recommend as needed”.
David Kotler
David Kotler, Esq. is a partner in Cohen Kotler P.A., located in Boca Raton, Florida and is Of Counsel to The Hoban Law Group, a Denver, Colorado law firm with a national cannabis practice. Cohen Kotler P.A. contains a practice area established in 2014 as Medical Marijuana Business Lawyers LLC.
Mr. Kotler was one of the first attorneys in Florida to undertake representation of clients exploring operations in Florida under the Florida Compassionate Medical Cannabis Act of 2014 and after the legalization of full medical marijuana. He has a wide range of experience in the cannabis and hemp industries from license applications in multiple states to start-up and regulatory matters. David sits on the advisory boards of The Cannabis Marketing Lab a leading cannabis-marketing agency and the Florida Medical Cannabis Industry Association. Mr. Kotler also serves as General Counsel to the Florida Cannabis Industry Association. He has been interviewed by news sources including the Daily Business Review, Sarasota Herald-Tribune, National Public Radio in Miami, Florida and Marijuana Business Daily, among others. He writes a monthly column for the Cannabis Industry Journal, is a contributor to the South Florida Hospital News (CannabisNewsFlorida publication), and a member of the Editorial Board for the Cannabis Law Journal.
About Kaya Holdings, Inc. (www.kayaholdings.com)
KAYS (OTCQB:KAYS) through its subsidiary, Marijuana Holdings Americas, Inc. owns and operates the Kaya Shack (www.kayashack.com) , the first legal marijuana dispensary by a U.S. publicly traded company – Kaya Shack™. KAYS creates and establishes it own brands that produce, distribute and/or sell premium cannabis products, including flower, concentrates, and cannabis-infused baked goods and candies.
IMPORTANT DISCLOSURE: KAYS is planning execution of its stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department's Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing Cannabis production/sales operations). Advice of counsel with regard to specific activities of KAYS and MJAI, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.