ESCONDIDO, CA--(Marketwired - Aug 1, 2017) - MARIJUANA COMPANY OF AMERICA, INC. ("MCOA" or the "Company") (OTC PINK: MCOA), an innovative cannabis and hemp marketing and distribution company, announced today that it has signed an investment agreement with Tangiers Global, LLC ("Tangiers") for a Fixed Funding Commitment which will provide the Company with an equity investment of up to $5 million. The funding is subject to and contingent upon the Company filing an S-1 registration statement with the Securities and Exchange Commission, and having the Commission deem the registration effective. Concurrent with execution of the investment agreement, the Company also entered into a bridge loan facility with a face value of $250,000 pursuant to which it issued a 10% fixed price convertible promissory note. Proceeds of both the bridge loan and equity facilities may be used for working capital purposes and to pursue acquisitions or other strategic opportunities.
Donald Steinberg, President and CEO of MCOA, commented: "We are excited to partner with Tangiers. They have committed to providing us with the capital we require to rapidly grow the business. Their decades of experience and knowledge will provide us with the edge we need to effectively position the Company in the marketplace. They thoroughly understand MCOA, our industry and our ambitious goals -- our partnership will ensure that we meet those goals and maximize shareholder value."
The Director of Investments at Tangiers stated: "Marijuana Company of America, Inc.'s strong management team is executing MCOA's business plan in a highly effective manner and the Company is well positioned in an industry that is expanding at an extremely fast pace. We see significant upside potential in their operations and look forward to financing their expansion for the long-term with the money we have committed.
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