LOS ANGELES, CA--(Marketwired - April 09, 2014) - MediSwipe, Inc. (www.MediSwipe.com) (MWIP), a leader in Compassionate Care Technology and indoor/outdoor agricultural solutions for the medicinal marijuana industry, today announced that the Company has entered into an agreement to purchase an additional eighty acres through its wholly owned subsidiary Agritech Venture Holdings, Inc. for a second managed cultivation facility in Colorado. The Company expects to close on the property within thirty days, contingent upon satisfaction regarding the water rights to the property, standard due diligence and subject to the closing conditions.
The additional estimated 80 acres also located in Pueblo County, Colorado will be planned as the Company's second managed facility, bringing total acres and zoned agricultural property managed by MediSwipe to approximately one-hundred and sixty acres through the joint venture recently featured in the Wall Street Journal.
Pursuant to acquiring the new agricultural land purchase the Company will sublease individual parcels of the additional 80 acre managed and secure agricultural facility to fully-licensed and compliant growers and dispensaries within the regulated medicinal and recreational market within state of Colorado. The individual parcels will consist of build to suit greenhouse technology and security infrastructure such tenants.
"We have begun the process of executing leases on our first managed facility, and due to the response we have received, we felt it was in our best interest to move quickly on a second, and what we feel is an extremely valuable parcel of land zoned for agricultural use. Given the amount of water our first commercial tenants expect to consume, we thought it prudent to seek out and acquire other properties at present market rates with decreed water rights. This new parcel of eighty acres holds a rare type of water right known as a 'decreed non-tributary well.' With this new right, we have access to substantial amounts of water which we will lease to licensed producers on our properties throughout the Arkansas Valley. We look forward to be able to conclude the purchase and bring this property into the rental market to meet the demand," stated B. Michael Friedman, CEO of MediSwipe.
Finding substantial water to grow commercially in Colorado is a major challenge. Colorado's distance from the Pacific Ocean, or any other major source of water, causes it to be arid. With the mountain peaks west of the most populated cities any precipitation that makes it across Arizona and Utah tends to get caught up in the 14,000 foot peaks leaving the cities high and dry. The populated areas of Colorado are mainly classified as high desert plateaus, so it should come as no surprise that finding water is a challenge. Even in computer controlled greenhouse conditions, the water consumption can be enormous.
"To meet the anticipated needs of commercial dispensary producers we will continue to seek out other non-tributary sources of commercial and municipal water and properties in and around the major river basins of Colorado. With this potential second property acquisition, we believe we will then manage and control the largest amount of property and zoned land within the medical and recreational marijuana space. We believe this strategy, once infrastructure is in place, will bring additional value to our shareholders, to what appears to be an undervalued market capitalization within the sector," further stated Friedman.
About MediSwipe, Inc.
MediSwipe, Inc. (www.MediSwipe.com) provides innovative patient solutions and is the leader in Compassionate Care Technology for the medicinal marijuana industry. MediSwipe provides real estate management and health and wellness product lines including beverages, vaporizers and accessories. MediSwipe does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe, Inc. to be materially different from the statements made herein.