A consortium of Oklahoma marijuana investors has announced that it will build a lucrative marijuana cultivation facility in Tulsa. According to a press release from the state’s Marijuana Policy Group, it will be the first cannabis cultivation facility in Oklahoma and part of a larger $10 million investment into the state’s burgeoning cannabis industry.
Millennium Investment & Acquisition Company, Inc. Vice President of Operations: “We are a cannabis cultivation company based out of Oklahoma. We have already been in operation for 5 years, and we have acquired and leased numerous properties. We have started acquiring properties in Oklahoma, with a focus on the CBD industry. This is due to the legalization of CBD in Oklahoma. There is a lot of opportunity in the CBD industry.”
The cannabis industry is starting to move out of the shadows—or at least their front doors. It took some time to get to this point, but the industry is on the verge of getting the red carpet treatment in many parts of the country.
Old Bethpage, New York, 11. June 2021. (GLOBE NEWSWIRE) — Millennium Investment & Acquisition Co. Inc. (US-OTC: MILC) (MILC or the Company) announced today that it has agreed to invest in a cannabis startup operator, VinCann LLC (VC). As part of this agreement, ICML has agreed to invest $750,000. The investment will be in the form of a preferred stock, which will receive a full return of invested capital plus a 12.5% preferred return, after which MILC will own 77.5% of the shares. The remaining subordinated part is held by the VC management team. In conjunction with MILC’s investment, VC entered into a 20-year lease (lease) for a 9.35-acre property consisting of an approximately 40,000 square foot greenhouse, 3,000 square feet of office space and 100,000 square feet of fully fenced open space with over 20,000 square feet of tire space, acquired from Power REIT (NYSE-American: PW). This location has significant potential to become a low-cost producer of high-quality cannabis that can effectively compete in the Oklahoma market. Oklahoma is a relatively new market for cannabis and presents an interesting opportunity because of its open licensing. It is also known as the Wild West of cannabis and is expected to grow rapidly in the coming years. These investments provide CILM with attractive risk-adjusted returns, and the partnership with Power REITs provides significant leverage on the investments. David Lesser, President and CEO of CILM, stated: CILM recently announced its cannabis business with a deal in southern Colorado. This transaction expands MILC’s entry into the cannabis cultivation market as MILC transitions from an investment company under the Securities Exchange Act of 1940 to an operating company. As previously reported, CILM has completed the sale of its sole equity investment and is now focusing on two areas: sustainable greenhouse cannabis cultivation and activated charcoal production. CILM is excited about the prospects in both regions and the expansion of its portfolio to include investments in Oklahoma. I look forward to announcing more exciting events in the near future. VC is led by Jared Schrader, an experienced cannabis operator who has been able to increase sales at his Colorado facility from $150,000 a year to more than $150,000 a week (or more than $8 million a year) in two years. Jared Schrader, president of VinCann, commented: This cannabis cultivation facility is already in operation and has significant growth potential on a vacant lot that could easily be developed to expand the business. This allows VC to pursue a strategy that focuses on revenue velocity. Given the nature of the Oklahoma cannabis license, which is based on an unlimited number of plants per location, VC has the potential to increase sales quickly. Based on the initial configuration of the site, VC plans to quickly grow about 32,000 cannabis plants that can be harvested about five times a year. Based on current cannabis prices in Oklahoma, this could mean more than $8 million in annual revenue. De-registration under the 1940 Act The 14th. On October 20, 2020, the shareholders approved a proposal to change the nature of the Company’s business from an investment company registered under the Investment Company Act of 1940 (the 1940 Act) to a holding company focused primarily on owning and managing active coal companies and acquiring other private companies (the Deregistration Proposal). The Company is in the process of executing an application to deregister, which will cause it to cease to be an investment company under the 1940 Act, and has filed with the SEC an order under the 1940 Act that the Company cease to be an investment company (the Deregistration Order). While the Company seeks to fully implement the deregistration proposal, it remains subject to regulatory approval and the ability to reconfigure the Company’s portfolio to deregister as an investment company. The time required to reconfigure the Company’s portfolio may be affected by, among other things, the COVID 19 pandemic and associated market volatility, capital preservation decisions, the Company’s ability to identify and pursue desirable acquisition opportunities, and applicable regulatory, creditor and governance requirements. The conversion process can take up to 24 months; and there is no assurance that a proposal to deregister, even if fully implemented, will improve the performance of the company. In addition, the SEC could decide not to grant the company’s de-registration application, which would significantly alter the company’s plans for its operations. As previously announced, CILM has completed the liquidation of its only equity investment, an investment in SMC, and intends to invest the proceeds in existing businesses. ABOUT MILLENNIUM INVESTMENT AND ACQUISITION COMPANY INC. Millennium Investment and Acquisition Co. Inc. (Ticker: MILC) is an internally managed, non-diversified, closed-end investment company. In 2020, CILM announced its intention to terminate its registration as an investment company governed by the Investment Company Act of 1940. CILM is currently seeking a ruling from the SEC that it is no longer an investment company, as it no longer meets the definition of investing in securities, but has focused on direct investments in operating companies. CILM is currently focusing on sustainable cannabis cultivation and opportunities for the production of activated carbon. For more information about the ICML, see the website: www.millinvestment.com. ABOUT MOTORISED DRIVING Power REIT is a specialized real estate investment trust (REIT) that owns sustainable properties linked to infrastructure assets, including controlled environment agriculture, renewable energy and transportation assets. Power REIT is actively seeking to expand its portfolio of agriculture-related properties in a controlled environment for growing food and cannabis. Power REIT focuses on the triple bottom line of profit, planet and people. For more information on Power REIT, please visit their website at www.pwreit.com. VORSICHTSHINWEIS ZU ZUKUNFTSGERICHTETEN AUSSAGEN This document contains forward-looking statements under U.S. securities laws. Forward-looking statements are statements that predict or describe future events or trends and do not relate solely to historical facts. Forward-looking statements are generally identified by statements containing the words believe, expect, anticipate, intend, estimate, project, plan, assume, pursue, or other similar expressions, or the negative equivalents of these expressions, although not all forward-looking statements contain these identifying words. All statements in this document that relate to our future strategy, future operations, prospects, the future of our industries and the results that may be obtained based on management’s current or future plans and objectives are forward-looking statements. You should not place undue reliance on forward-looking statements because the matters described therein are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on information currently available to us and apply only as of the date of this document. Over time, our actual results, performance, financial condition or achievements may differ from those anticipated, expressed or implied in our forward-looking statements, and such differences may be material and adverse to the holders of our securities. CONTRACT: David H. Lesser, President and CEO [email protected] 212-750-0371 301 Winding Road Old Bethpage, NY 11804 www.millinvestment.com The Millennium Investment and Acquisition Company, Inc. (MII) announced today that it has established a cannabis cultivation facility in the state of Oklahoma. The facility, located in the Central City area of Oklahoma City, will cultivate, process, and distribute medical-grade cannabis products.. Read more about millennium trust phone number and let us know what you think.
Frequently Asked Questions
What is Millennium investment?
On November 20, 2017, we announced our plan to acquire a cultivation facility in Oklahoma. This is our first in-state cultivation site, and it will be among the largest in the state; it will also be used to supply our existing operations. We have yet to choose a final location in Oklahoma, and we hope to do so soon. Long before anyone in Oklahoma knew about the benefits of medical marijuana, a group of Oklahomans had already felt the effects of marijuana. This small group of people loved the plant so much that they decided to invest in the industry, and they have been quietly growing marijuana since 1977.
What type of fund is Millennium?
The company’s website states that the company will explore “all phases of cannabis cultivation, processing, manufacturing, and distribution of medical and adult-use cannabis products”, and that the company will “maintain and develop a portfolio of projects that will meet the evolving needs of domestic and international markets. We are proud to announce the launch of our new company, the Millennium Investment & Acquisition Company, Inc. (MMJ). The company will focus on cultivating, processing, and distributing cannabis-related products and has selected Oklahoma as its location to open a cultivation facility. This will be the company’s first cultivation facility, with plans to build additional facilities in the state as well as across the country. The company has purchased a 4 acre site in a rural area of Tulsa and has begun the planning, permitting and construction process for the facility.
How do I invest in Millennium Management?
Marijuana legalization is spreading across the U.S., with more states considering the idea of legalizing use or sale of the drug. Just this week, Oklahoma joined the list of states that have legalized medical marijuana, following the passage of a bill by state legislators. This is the first state to legalize marijuana for medical use. However, Oklahoma seems to be on the forefront of marijuana legalization, as the state has now legalized the growing and sale of marijuana for medicinal and recreational purposes, and it is expected to become one of the main marijuana growing hubs in the country. The State of Oklahoma is finally making marijuana legal, and in doing so, will provide a lot of business opportunities for cannabis business owners. While I’m not an attorney, I think it is safe to assume that the investment opportunities in the State of Oklahoma will be limited to medicinal cannabis, as alcohol and tobacco will remain illegal.
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