PORTLAND, Ore., June 26, 2015 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), confirmed today that it has been awarded a license by the Oregon Medical Marijuana Program to open its second Kaya Shack™. KAYS has met all of the criteria for the license, and final approval is subject to pre-opening inspection scheduled to occur within sixty days. The license for the new Kaya Shack Marijuana Superstore coincides with the Oregon Legislature Joint Marijuana Committee’s unanimous passing of an amendment to permit MMP dispensaries to sell marijuana to adults 21 and above beginning October 1, 2015.
Terms of the amendment unanimously approved by the Joint Marijuana Committee (which still must be approved by both the House and Senate and be signed into law by Governor Kate Brown) allow for temporary sales of marijuana starting Oct. 1, 2015 to adult recreational consumers through existing medical marijuana dispensaries in Oregon. There is widespread support for the amendment as lawmakers seek to prevent black market sales and establish a tax base from the sale of legal marijuana.
“Legislators on the House-Senate Marijuana Committee have crafted this solution to fix the fact that although Marijuana is legal to possess and use in Oregon by adults over the age of 21 starting July 1, 2015, yet there is no legal way for Oregonians to acquire the cannabis until the Oregon Liquor Control Commission issues licenses for recreational shops to open, which won’t be ready until the last half of 2016”, stated Craig Frank, CEO of Kaya Holdings. “We are proud and excited to be a part of this historic process.”
“This second license, which we applied for earlier this month, permits the Company to open a Kaya Shack™ Marijuana Superstore with unique features and a wider selection of product,” continued Frank. “We are dedicated to growing the Kaya Shack brand and this new store is our next step. Last week we acquired Grow assets to increase our production capacity and product offering. This week we received our license to operate our second store,” continued CEO Craig Frank. “We are building the first truly vertically integrated publicly traded legal marijuana enterprise in the United States.”
Kaya Shack™ features more than 40 popular strains of marijuana, a wide selection of concentrates and oils, a variety of creams and lotions, and a broad assortment of infused cookies, candies and cakes.
KAYS made history this year with the filing of their 10-K and 10-Q as the first fully reporting U.S. publicly traded company to report revenues as a vertically integrated retailer and grower of medical marijuana in the United States. To view exclusive pictures and find out more about the launch of our new Kaya Shack™ Marijuana Superstore please click here.
About Kaya Holdings, Inc. (KAYS)
KAYS (OTCQB:KAYS) through its subsidiary, Marijuana Holdings Americas, Inc. (“MJAI”), owns and operates Kaya Shack™ - the first legal marijuana dispensary by a fully reporting U.S. public company. Through its Kaya Farms Grow operations, KAYS creates and establishes it own brands that produce, distribute and/or sell premium cannabis products, including flower, concentrates, and cannabis-infused baked goods and candies.
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 AFAI and MJAI 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 MJAI, 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.