Editor's Note: In April 2015, Kaya Holdings, Inc. (formerly Alternative Fuels Americas, Inc.) filed a Form 8-K with the Securities and Exchange Commission (the “SEC”), disclosing its new name and change in OTCQB ticker symbol from AFAI to KAYS to reflect “management’s decision to focus on the legal marijuana segment of [the company’s] business, and to cease pursuing [its] biofuels business,” according to the filing. KAYS clarified in that it would engage in both growing and selling marijuana, making Kaya Holdings arguably the first seed-to-sale company to publicly report to the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Cannabis Business Times covered Kaya's IPO in its November 2015 issue. However, at press time (and to date), the company had yet to file a Form S-1 registration statement -- without which it cannot offer and sell any free trading shares that it may issue to the public.
Investors can now buy shares in the first publicly traded marijuana dispensary that handles the product from cultivation to storefront. TerraTech, an agriculture company with a focus on cannabis has acquired Black Oak Gallery, known as Blüm Oakland, a retail medical cannabis dispensary located in Oakland California.
TerraTech paid 1.5 x the 12 month forward revenue, which is expected to be over $14 million, making the purchase price approximately $21 million. However, 80 percent of the equity will be held in escrow subject to performance adjustments at the end of that 12 months. So, the price could rise. Blüm Oakland services roughly 1,000 patients a day and has over 42,000 registered patients.
Read more
