* Marijuana Co of America (OTC: MCOA
) shares set a new yearly low of $0.01 this morning.
MCOA will establish a joint venture to operate a California cannabis delivery service named Viva Buds.
Under the terms of the LOI, MCOA has committed to contribute USD 2m in total cash to the project, as well as common shares of the company with a value of USD 1m.
In exchange, MCOA will own a 20% equity position in NPE.
As part of the JV with NPE's distribution company NLD, MCOA formed a wholly owned subsidiary called Viva Buds Inc.
During the second quarter, MCOA will start introducing BudzPlus branded products through Club Harmoneous, as the firm completes the development of its proprietary product formulations.
Donald Steinberg, MCOA president, said, 'We are very happy to be launching the BudzPlus brand under Club Harmoneous.
In 1984, the MCOA
decided to mount operas once again, and hired Peter Hemmings to help create a new company.
Donald Steinberg, CEO of MCOA
, stated "Kim's experience gives us an excellent opportunity to greatly expand the marketing strategy for the hempSMART brand and product line.
Monaco's over-the-counter ticker symbol is MCOA
. The stock closed at 4' cents per share Wednesday, down 2 cents per share from Tuesday.