Kaya Holdings, Inc. (OTCMKTS:KAYS) has submitted its third quarterly report for FY2016, in which the firm details its financial report from operations, the build-out and licensing status of the 2 new Kaya Shack pot superstores under development. The report also talked about forward looking growth strategies after legal marijuana’s ballot victory in seven states.

In a linked announcement, KAYS appointed David Kotler, an ex-Prosecutor, who has extensive experience in the initial phases of medical pot licensing in Florida, and many contacts countrywide in the cannabis industry.

The management speaks

Craig Frank, the CEO of Kaya, said that the revenue for 3Q2016 are up nearly 700% compared to 3Q2015 and revenue for the none-month period closing September 30, 2016 surged nearly 700% over same period closing September 30, 2015. They are maintaining the sales pace of $1 million for FY2016 to set as their target. The management is proud that all its revenues are recorded from the sale and production of legal cannabis, instead of coming from consulting, tomato farming or other non-cannabis linked endeavors often utilized to bolster revenues.

Additionally, in light of the latest electoral wins in the legal cannabis division which are projected to add more than $7 billion in sales to this market by 2020, Kaya Board has established David Kotler to lead its countrywide expansion team. He is an attorney with broad experience in the marijuana industry, with specific expertise in the sought-after market in Florida. With additional states targeted for firm growth, management has chosen to launch construction of a well-rounded and broader executive team.

The CEO added that they feel it is time for them to launch their active exploration of prospects beyond their continued growth and expansion in Oregon. Kotler will be instrumental in helping Kaya in navigating multi-state concerns. Furthermore, he is an extremely talented person who can serve as the presenter for businesses in Florida should the legal guidelines be inviting.