Subsidiary, Sangre AgroTech, Receives Commercial Redevelopment Permit for BioScience Research Center in La Veta, Colorado
TUCSON, AZ / ACCESSWIRE / March 13, 2018 / WEED, Inc. (OTC PINK: BUDZ) (the "Company" or "WEED"), a current alternative reporting public company focused on the development and application of cannabis-derived compounds for the treatment of human disease, announced that it has completed the previously announced purchase of its 4-acre property in La Veta, Colorado, where its wholly-owned subsidiary, Sangre AgroTech, is engaged in the previously announced 5-year, $15+ million Cannabis Genomic Study. Under the terms of the original purchase agreement, the Company paid $525,000 down, including 25,000 shares of common stock, and was obligated to pay an additional $400,000 in cash and issue an additional 75,000 shares of common stock over the next two years in order to pay the remainder of the purchase price. On January 12, 2018, the Company entered into an amendment to the $475,000 principal amount promissory note issued by the Company to the seller of the property in connection with the original purchase agreement, under which both parties agreed to amend the purchase and the promissory note to allow the Company to pay off the note in full if $100,000 in cash was paid on or before January 15, 2018 and the seller was issued 125,000 shares of the Company’s common stock, restricted in accordance with Rule 144, on before January 20, 2018. The Company carried out the actions outlined in the amendment leading to full satisfaction of all amounts owed by the Company under the note, in exchange for a full release of the deed of trust that was securing the promissory note. The Company now owns the La Veta property without encumbrances.
In connection with the La Veta, CO, property, the Company received unanimous approval of the La Veta Town Council for a Commercial Redevelopment Permit to begin planned renovations and construction of the Bioscience Research Center for the operations of Sangre AgroTech to convert the existing buildings into laboratory facilities necessary for Sangre to conduct its research, along with additional security and ground buildout. Initial property renovations are expected to be completed by the end of Q3 of 2018 at a cost of $1.3M. And the full buildout is currently scheduled for the end of Q1 2019, at an additional cost of $3.13M. In order to complete these buildouts, the Company will need to raise additional funds. Additionally, approximately $1.5M of scientific equipment has been ordered for genomic sequencing and product extraction. Dr. Patrick Williams, President and Chief Science Officer of Sangre AgroTech, stated, “We are excited to begin the buildout of our bioscience research facility, and look forward to our staff working in the new state-of-the-art laboratory facilities we are constructing. We plan to utilize the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available."
The Company also announced that it has extended its offer to purchase approximately 43 acres of property located in Westfield, New York for a total purchase price of $800,000. This property has unlimited water extraction rights from the State of New York. The Company plans to use this property as they progress into the New York hemp and infused beverage markets in the future. The property acquisition is expected to close May 1, 2018.
The Company announced that it conducted its first 2018 Board of Directors meeting in Tucson, AZ, on January, 23, 2018, where it discussed the establishment of an Executive Committee, approved compensation packages and consulting agreements, ratified and confirmed the appointment of attorneys for trademark work and Canadian operations, and approved real estate acquisitions.
The Company announced that it purchased on January 3, 2018, a condominium in La Veta, CO, for the purchase price of $140,000 in cash, and was acquired for the purpose of housing personnel who are vital to the 5-year Cannabis Genomic Study.
About WEED, Inc.
WEED, Inc. (OTC PINK: BUDZ) is currently a USA-based alternative reporting public company that filed an S-1 Registration with the SEC on August 11, 2017. WEED Inc. is a multi-national, multi-faceted, vertically-integrated world class Cannabis organization. WEED is structured as a holding company doing business through its divisions, wholly-owned subsidiaries, and strategically placed collaborative partners to achieve and promote our global brand. WEED is dedicated to its global goals and outreach across the full spectrum of the Cannabis industry to find treatments and medical cures utilizing the Cannabaceae plant family. WEED does not grow, harvest, produce, or sell any substance in violation of US Federal law under The Federal Controlled Substances Act, and meets all standards of international law for WEED, Inc. subsidiaries in foreign locations. For additional information about WEED, Inc., please visit www.weedin.co.
About Sangre AT, LLC
Sangre AT, LLC (dba "Sangre AgroTech") is a plant genomic research and breeding company comprised of top-echelon scientists with extensive expertise in genomic sequencing, genetics-based breeding, plant tissue culture, and plant biochemistry, utilizing the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available. For additional information about Sangre AgroTech, please visit www.sangreagrotech.com.
Forward-Looking Statements:
This release contains forward-looking statements. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could," or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business, including that we have a limited operating history and very limited funds, are dependent upon key personnel whose loss may adversely impact our business, some of our potential business activities, while believed to be compliant with applicable state law, may be illegal under federal law because they violate the Federal Controlled Substances Act, and we may be subject to the risks related to the cost, delays and uncertainties associated with potential future scientific research, product development, clinical trials and the regulatory approval process. We may not be able to enter into binding agreements related to the subject matter of this press release on terms favorable to us or at all. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.
For more information, contact:
Glenn E. Martin at (520) 818-8582 or [email protected]
SOURCE: WEED, Inc.