FUTURELAND CORP. (NASDAQ:FUTL) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
The Company is excited to announce that on November 14, 2016,
FutureLand Corp., FutureLand Oregon, LLC, Groovy Groves, LLC and
Hspendleton, LLC have assign a Memorandum of Understanding (MOU)
whereas FutureLand (FUTL) will become a 49% recreational license
holder in the State of Oregon making it one of the few fully
reporting public companies to own and operate a recreational
license facility in United State. The detail of the MOU are as
follows;
| 1. |
FutureLand Oregon, LLC will purchase 49% of the Oregon recreational cannabis grow license held by Hspendleton, LLC. For $100,000 in FutureLand Corp. (FUTL) restricted common stock, |
| 2. |
FutureLand Oregon, LLC will also pay $250,000 for 50% ownership in the land known as 300 Shanks Creek Rd. Wolfs Creek, Oregon (Approximately 265 acres) with a $80,000 deposit, $100,000 paid through a convertible note on an acceptable term and $70,000 cash paid in spring 2017. |
The agreement also includes;
| 1. |
FutureLand Oregon, LLC and Hspendleton will work collaboratively to operate a successful legal recreational cannabis grow through its mutual ownership and license of Groovy Groves, LLC. |
| 2. |
FutureLand Corp will raise the capital along with Hspendleton to fund the Grow going forward. |
| 3. |
There is approximately 70lbs – (the entirety of the first crop on the property) of product curing on site which is to be sold to the Oregon wholesale market on behalf of Groovy Groves, LLC after this transaction is completed, in which case, it will be the first revenues generated and placed upon the books for the FutureLand Corp (FUTL). |
| 4. |
Upon execution of this MOU, FutureLand is thus granted a forty five (45) day period of exclusivity for the closing of the transaction through final documentation, final diligence and payment under the contemplated final agreement. Such exclusivity shall exist where FutureLand shall be the only Party to such contemplated transaction, and no Party shall offer or in any other way make such matters available to any outside Party. |
The Company, post completion of this agreement, will be one of
the few fully reporting public companies to own and operate a
recreational license facility in United States. The Company will
continue exercise its business plan to become a defacto property
and facility owner and manager in the marijuana industry
throughout United States.
About FUTURELAND CORP. (NASDAQ:FUTL)
