FORT LAUDERDALE, Fla., Jan. 06, 2017 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS) (the “Company” or “KAYS”) announced today that it has been awarded its first full recreational marijuana retailer license from the Oregon Liquor Control Commission (the “OLCC”) for its existing South Salem Kaya Shack™ Marijuana Superstore. The Company also announced that KAYS has secured a $2.1 million funding commitment to implement the Company’s 2017 growth plan.
“We appreciate the hard work of the dedicated folks at The Oregon Liquor Control Commission, which is responsible for regulating and licensing adult use marijuana enterprises in Oregon. We realize they have been creating an infrastructure from scratch that seeks to meet and satisfy diverse and sometimes competing sets of interests. We understand and respect the steps the OLCC has taken to ensure the legality and integrity of the emerging legal cannabis sector in Oregon,” commented Craig Frank, KAYS CEO.
“We are pleased we have received our first license to sell legal adult use marijuana in our existing South Salem Kaya Shack™ Marijuana Superstore, and now that our public company ownership structure has been approved, we expect to confirm the issuance of licenses for the two new Kaya Shack™ Marijuana Superstores we are developing in Salem as soon as construction is complete and they are inspected,” Mr. Frank continued. “Additionally, we hope to have resolution of our Portland, Oregon city licensing issue within the very near future so that we may resolve the location of our marijuana production and processing facility as well as convert our existing Medical Marijuana Dispensary in Portland to full OLCC recreational status.”
“We are equally thrilled that we have secured a $2.1 million financing commitment from our existing institutional funding sources that we believe will enable us to execute on our 2017 growth plan. The funds are targeted to expand the capacity of our manufacturing and grow facility, open new stores and introduce Kaya owned brands. We are grateful for the opportunity this funding provides us.”
About Kaya Holdings, Inc. (www.kayaholdings.com)
KAYS (OTCQB:KAYS) through its subsidiaries, owns and operates Kaya Shack™ (www.kayashack.com), the first legal marijuana dispensary owned and operated by a U.S. publicly traded company. KAYS creates and establishes its own brands that produce, distribute and/or sell premium cannabis products under proprietary brands, including flower, concentrates, and cannabis-infused baked goods and candies. The Company also operates its own Grow facility.
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 KAYS and its subsidiaries 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 its subsidiaries, 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.