FORT LAUDERDALE, Fla., April 18, 2017 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), announced that it has disclosed fiscal year 2016 results of operations by filing its Annual Report on Form 10-K for the year ended December 31, 2016 with the SEC. Results of operations in the Form 10-K show that for 2016, KAYS’ 2016 revenues were just under $1 million, a year-over-year increase of approximately 200% in comparison to 2015.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5ce196b1-6565-4669-9334-40c7179fab56
During 2016, KAYS operated two Kaya Shack™ retail outlets in Portland and South Salem, Oregon, respectively, the second of which in Salem is KAYS’ initial Kaya Shack™ Marijuana Superstore. Since the results reported in the 2016 10-K, KAYS opened its third retail outlet and second Kaya Shack™ Marijuana Superstore in North Salem, Oregon in March 2017 and anticipates opening its fourth retail outlet and third Kaya Shack™ Marijuana Superstore in Central Salem within the next 30-60 days.
Additionally, KAYS reported that they expect their Portland, Oregon location (Kaya Shack #1) to have its OLCC Marijuana Retailer License activated within the next 2 weeks so that recreational sales can commence at that location, which has been limited to medical sales only since January 1 of this year as the new licensing regulations commenced. The activation of this OLCC License, in conjunction with the licensing and opening of the retail outlet in Central Salem, Oregon would bring KAYS to a total of 4 OLCC Licensed Kaya Shack™ retail marijuana stores able to serve both medical patients and recreational customers.
In a related announcement, KAYS confirmed that it has received licensure to operate an unlimited number of Kaya Car™ Home Delivery Vehicles in both Portland and Salem, Oregon and recently took delivery of its first four Fiat 500 cars to begin building their Kaya Car™ Home Delivery Service fleet. The cars are presently being customized with distinctive Kaya Shack™ vehicle wrapping featuring the Company’s branding logos and colors, and the Company is developing the Kaya Shack™ Delivery App for use by its customers to order “Fast, Free Delivery” of the complete line of both medical and recreational grade Kaya Shack™ cannabis products.
“We intend to initiate Kaya Car™ Home Delivery Service within the next 30-60 days, contemporaneously with a grand opening celebration for all four then OLCC-Licensed Kaya Shack™ retail marijuana stores and to commence to move to the next stage of branding and retail development,” stated KAYS’ CEO Craig Frank. “In addition to providing added value and convenience for our customers, extending visibility and building brand recognition for the Kaya Shack™ brand, we believe that Kaya Shack™ Home Delivery provides greater market penetration, by allowing sales throughout the geographic area that our stores are licensed in. There is no limit to the number of delivery vehicles that can service an individual area using just one store as a home base, so in effect we intend to use this service to construct dozens of additional “virtual” Kaya Shacks™ without the added costs of additional brick and mortar locations.”
A copy of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, complete with pictures, store information and product testing as filed with the SEC, is available online at www.sec.gov.
About Kaya Holdings, Inc. (KAYS)
Kaya Holdings, Inc. (OTCQB:KAYS) owns and operates Kaya Shack™ legal marijuana dispensaries in Oregon as well as grow and manufacturing operations, which produce, distribute and/or sell premium legal cannabis products under the Company’s own brands, including flower, concentrates, and cannabis-infused baked goods and candies. KAYS is the first publicly-traded U.S. company to own and operate legal marijuana dispensaries and a vertically integrated legal cannabis grow and manufacturing operation.
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 the Company will obtain advice of counsel prior to actualizing any portion of its 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, 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.
For more information email info@kayaholdings.com or call 561-210-5784, or visit www.kayaholdings.com and sign up for investor updates.