The acquisition in the Salinas Valley is currently on track to generate over $11,000,000 per year in revenue and solidify Company’s presence in California.
LAS VEGAS, NV (May 10th, 2018) Player’s Network, Inc. (OTCQB:PNTV), a leading diversified and integrated cannabis holding company, announced today that it entered into a binding Letter of Intent to acquire the assets of a 56,000 sq. ft. fully operational greenhouse complex licensed for cannabis cultivation in Salinas Valley California.
The purchase price for the complex is $5,000,000 in cash to be paid out in tranches based on a payment schedule over several months and is estimated to close before the end of May. The purchased assets will include the facility, its temporary marijuana licenses that ultimately will be transferred to a PNTV subsidiary, fixed assets, all existing inventory, plus supplies and business plans and relationships.
PNTV CEO Mark Bradley stated, “Earlier this year we announced that we were going to invest into the California market through a project in Desert Hot Springs. We have tabled that development for now due to its long payback period and other risk factors. However, by signaling publicly our interest in California, we were able to discover other acquisition targets in what we believe is the best region to cultivate marijuana in the entire nation. The Salinas Valley offers the perfect climate to cultivate year-round with very modest utility and infrastructure costs. We believe this acquisition will produce immediate and ongoing returns that will push PNTV to new heights.
This greenhouse is pristine and has a great existing operational team and sales channels that we plan to retain and build upon.”
PNTV CFO Geoffrey Lawrence stated, “We estimate that this facility will generate about $800,000 in total revenue for the month of May based on its existing track record and PNTV will be able to recognize those revenues starting May 1, per the negotiated agreement. We certainly hope to grow those revenues even further and plan for this acquisition to be the first of many fully operational cultivation facilities to join the PNTV family. We have spent the past several months engaged in comprehensive strategic planning to develop our new, cohesive growth strategy and this acquisition will be the crown jewel. We couldn’t be happier.”
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About Player’s Network (PNTV)
Player’s Network, Inc. (symbol: PNTV) is a leading diversified and integrated cannabis holding company. PNTV focuses on two main business segments: seed-to-sale operations and cannabis lifestyle. All seed-to-sale operations are held by PNTV’s subsidiary, Green Leaf Farms Holdings, and our cannabis entertainment and lifestyle ventures such as WeedTV are held by MJ Media Corp.. Follow PNTV on Twitter at @PlayersNetwork and follow us on Facebook www.fb.com/PlayersNetwork.
Information about Forward-Looking Statements
This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company’s need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company’s products, and other risks that are detailed from time-to-time in the Company’s filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Player’s Network Contacts:
Brett H. Pojunis, Director
David Klepinger, Strategic Relationships Manager