Kaya Holdings Inc. (OTCQB:KAYSD) agreed to buy a 50% interest in Athens, Greece-based Greekkannabis SA.
Through its subsidiary, Kaya Brands International Inc., the company initially acquired a 25% interest in Greekkannabis via a share transfer deal with current Greekkannabis shareholders on Jan. 11.
The remaining 25% interest is being issued to Kaya Brands in exchange for a minor compensation.
Greekkannabis is a cannabis company with a license to build a facility covering around 225,000 square feet of cannabis cultivation and 80,000 square feet of cannabis processing on a 15-acre property in Thebes.
Fort Lauderdale, Florida-based Kaya noted that this business move is “the cornerstone of KAYS planned Kaya Kannabis project” with the goal of setting up a base to reach the medical cannabis market from Greece, which is an EU member.
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FT. LAUDERDALE, FL / ACCESSWIRE / January 13, 2021 / Kaya Holdings, Inc., ( KAYS or the Company ) (OTCQB:KAYSD), the first U.S. publicly traded company to vertically integrate cannabis retail, cultivation and processing, announced today that its majority-owned subsidiary, Kaya Brands International, Inc. ( KBI ), has exercised its option to acquire a 50% Interest in Athens, Greece based Greekkannabis, SA ( GKC ).
Greece, along with its neighbor Israel are positioned to become the Silicon Valley for Medical Cannabis
KBI acquired a 25% interest in GKC through a share transfer agreement with existing shareholders of GKC, which was consummated at close of business on Monday, January 11, 2021. The remaining 25% interest is in process of being issued to KBI for a minor amount of paid in capital in recognition of KAYS and KBI s contributions to the project. The acquisition of the 50% interest in GKC is the cornerstone of KAYS planned Kaya Kannabis project, announced in late 2019 wi