Medican Enterprises Inc (OTCMKTS:MDCN) reported that it has finalized a joint venture with El Encanto Vineyards. It is a recently bought, wholly-owned subsidiary firm of UNIVERSAL APPAREL & TEXTILE COMPANY (OTCMKTS:DKGR). The deal is signed so as to create a newly branded Moscato wine to complement the cannabis brands that company will be launching in near term.
At a time when the wine industry in California is witnessing a tough time, El Encanto Vineyards holds a strong position in New Mexico. It is due to the fact that the company possess adequate geothermal water that is essential for its vineyards to make a perfect wine for its clients. For the purpose, Medican has finalized a deal with El Encanto. In addition to Michigan, Medican intends to target various other states including Colorado, Washington and Alaska for the distribution of cannabis products. The wine products will be sold in the entire U.S.
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Kenneth Williams, the CEO commented, that he is extremely delighted to work with Eugene Turner, the CEO of Universal Apparel and the respected Anthony Silveira in establishing this brand. There are twenty acres of property in New Mexico that is to be immediately set for cultivating the grapes for company’s wine as part of this JV.
Meanwhile, Moscato will be accessible from local Universal licensed vineyards to support distribution in sixty days boosting the Medican brand. The CEO also said that the land is available for company’s patrons to possess their own segment of vineyard to create the brand. The objective is to have a branded wine for customers. The “D420” label will focus on acquiring a market share of the huge $1.2 trillion yearly “black hip hop” retail industry. This strategic measure will result in a first item in an extended line of vintages to be included under Medican labels.
In early morning trade on Monday, the stock price of Medican opened flat at $0.00010.