FORT LAUDERDALE, Fla., May 23, 2017 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), filed its Quarterly report and a 8-K after close of market yesterday afternoon. Developments include a $5.8 mm financing agreement reached with the Cayman Venture Capital Fund (an institutional investor that has previously furnished KAYS with approximately $3.3mm in financing), as well as receipt of its third Marijuana Retailer and Delivery Licenses from the Oregon Liquor Control Commission (“OLCC”).
“KAYS is pleased to announce that it has received its OLCC and City recreational marijuana retail licenses for its Portland store where it has resumed recreational sales. This brings us to 3 fully-licensed and operational Kaya Shack™ OLCC retail marijuana stores, with the 4th expected to be completed over the next 60 days,” reported Kaya Holdings CEO Craig Frank. “Additionally, we have ordered more Fiat 500 cars to build our Kaya Car™ Home Delivery Service which we intend to launch contemporaneously with a grand opening celebration for all four OLCC-Licensed Kaya Shack™ retail marijuana stores.”
“While sales were down approximately $100,000 for Q-1 2017 versus the same period in 2016 (as we were only able to conduct recreational sales at one outlet as compared to two outlets in the same period in 2016), our cash position has increased by over 700% to in excess of $1.2mm as of the close of Q-1, for the same relevant periods,” continued Frank. “We are excited to secure this additional funding and believe it provides us with the resources necessary to develop more Kaya Shack™ store locations, construct a large scale state-of-the-art facility for Kaya Farms™, begin seeking worthwhile opportunities in other states, and introduce products and innovations that continue to define Kaya as a concept pioneer in the cannabis sector.”
About Kaya Holdings, Inc. (KAYS)
Kaya Holdings, Inc. (OTCQB:KAYS) owns and operates Kaya Shack™ legal marijuana dispensaries in Oregon as well as grow and manufacturing operations, which produce, distribute and/or sell premium legal cannabis products under the Company’s own brands, including flower, concentrates, and cannabis-infused baked goods and candies. KAYS is the first publicly-traded U.S. company to own and operate legal marijuana dispensaries and a vertically integrated legal cannabis grow and manufacturing operation.
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 the Company will obtain advice of counsel prior to actualizing any portion of its 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, 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.
For more information please review the latest 8-K and Quarterly filings available at www.sec.gov, email info@kayaholdings.com, call 561-210-5784 or visit www.kayaholdings.com and sign up for investor updates.