Primco Management Inc. (OTC: PMCM), a medical marijuana real estate management and multimedia company, recently announced that it entered into an agreement with private land owners to acquire two five acre parcels zoned for medical marijuana cultivation in Snohomish County, Washington, where it plans to build two 30,000 square foot cannabis production facilities.
To manage the production and sale of medical cannabis, the company engaged Alton LLC and Lano LLC pending the issuances of their Tier 3 licenses. The management agreements include 99-year terms with the company retaining approximately 98% of the gross revenue. Once its completed, the project is expected to provide cultivation of up to five tons of medical marijuana per year.
“The acquisition of land and subsequent construction of at least two separate 30,000 [square] foot facilities coupled with the acquisition of Suzie Q’s, cements our position in the Washington State market,” said Primco CEO David Michery. “Although Tier 3 licensing allows for the production of recreational cannabis, we continue to stress … [our] plan calls for the production of medical marijuana only.”
On April 1, 2014, the company announced that it had begun construction on its Suzie Q dispensary in Washington. Improvements to the dispensary have been completed in compliance with the Washington State Liquor Board and traceability and security measures are now being installed. Additions to the space allow for increased horticulture, dispensary, and caretaker space.
In addition to its cannabis-related business activity, the company has historically been involved in the entertainment and real estate industries. The real estate division is working on a joint venture to create 60 upscale “Tuscany Villas” in Corona, California, while the entertainment division is involved with music production and distribution deals after acquiring top labels.
Shares of Primco Management Inc. (OTC: PMCM) are trading up more than 20% during Wednesday’s session and nearly 150% over the past month.
CannabisFN.com, owned by TDM Financial, is a leading provider of cannabis news and insights. CannabisFN.com may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. View Full Disclaimer