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FutureLand to buy 50% stake in Oregon cannabis co

FutureLand Corp. affiliate FutureLand Oregon LLC agreed to buy a 50% stake in Groovy Groves LLC and acquired 50% of 265 acres in Wolf's Creek, Oregon.

FutureLand will buy out Groovy Groves partner John Miller in exchange for 10 million shares of FutureLand common stock, subject to approval from the Oregon Liquor Control Commission. Upon completion of the deal, Miller will transfer the growing license to FutureLand Oregon LLC.

Upon transfer of the license, Groovy Groves will file for a renewal that includes a plan for a hybrid Tier 2 license with 5,000 square feet of indoor space and 20,000 square feet of outdoor space, allowing year-round farming.

FutureLand provides real estate investment, grow facilities and other material solutions to the global cannabis industry.