FORT LAUDERDALE, Fla., Aug. 22, 2017 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 yesterday afternoon, which confirmed KAYS’ continued growth and detailed an agreement for an increase in funding with the Cayman Venture Capital Fund, which will be used for KAY’s purchase of property to build a Cannabis Production Facility in central Oregon.
“KAYS is pleased to confirm the filing of our 10Q for the period ending June 30, 2017. We are very excited by the growth components that we have developed over the quarter. We are looking forward to completing a targeted property purchase, on which we plan to relocate our grow and establish a state-of-the-art medical and recreational cannabis manufacturing facility," stated Kaya Holdings CEO Craig Frank. “Additionally, we secured additional financing to support the launch of Kaya Shack™ delivery services.”
“Difficulty in transitioning our Portland store from an OHA to an OLCC license resulted in a decline in sales for Q2, year over year, of approximately $50,000, however our cash and other assets have increased by nearly $1mm for the same period. As of June our monthly numbers are on pace to exceed last year’s average monthly revenues by 20%, on an annualized basis. We now have 3 OLCC Licensed Kaya Shack™ marijuana retail outlets, with the 4th location expected to open in Q-3”, continued Frank. “With our growth plan in place, including introducing home delivery service and relocating and expanding our grow and production facility, the Company is taking steps to broaden its market and increase revenues, while lowering costs through more in-house production."
The Company expects to release full details of the property purchase within the next 2 weeks.
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.