Medican Enterprises Inc (OTCMKTS:MDCN) said that for the facility located in Phoenix Arizona, the company has obtained zoning approval. The new facility is now zone compliant to carry out the legal medical marijuana businesses. Ken Williams, the CEO said that with the zoning approval in hand, the commercial deal fulfills the company’s criteria. The company is moving forward to complete the due diligence process. The property in Arizona is located few minutes from the I-17 and Hwy 60, It features outstanding visibility in a high traffic center. It is one of the most appealing properties that the company was looking for. The deal is planned for closure by the end of 1Q2015.
Medican Enterprises is a growing firm that is looking for attractive opportunities in the emerging recreational and medical marijuana market. Through its subsidiaries, it intends to invest in businesses associated with the marketing, growing, training, research and development, sale and distribution of medical and recreational pot, both in Canada and the United States.
The growing industry
Many experts suggest that marijuana stocks will result in strong gains in coming years. As per a report from MMJ Business Daily, 2015 will witness significant investment dollars flow into the industry. The expectations are for strong growth that will even outpace the rate recorded in 2014. States like Nevada, Alaska, Illinois, Oregon and Massachusetts have all been acknowledged as industry drivers in 2015. The increase in big money from major investment funds has just begun to hit the sector. It is encouraging news for Medican Enterprises Inc (OTCMKTS:MDCN) and other companies in the related sector.
The experts expect the major catalyst for 2015 to be the rescheduling of marijuana from its Schedule I classification. The ruling on the case is anticipated to come later this year. Many participants are expecting a domino effect for the entire marijuana industry culminating in treasury issuing regulations and rules for working with marijuana businesses. In last trading session Medican Enterprises stock price surged 240% to close at $0.00340.