The Big “M” stands for “massive”, as is evidenced by the real estate acquisition by a holding company based in Costa Mesa, Calif., and the sudden bolt in its stock prices on Thursday.
M Line Holdings, Inc. (OTC:MLHC) has signed a Letter of Intent to acquire 37.7 acres of land in Golden Valley located at 3743 US Highway 93, Golden Valley, Arizona, 86413 and 0.6 acres of land in Dolan Springs, Arizona, one operating restaurant and event center in Golden Valley and two operating restaurants in Dolan Springs, Arizona.
The land at Golden Valley was appraised earlier this year for $2.9 million by a reputable firm out of Irvine, California. The land at Dolan Springs is estimated to be worth approximately $500,000. The revenue of the restaurants through October exceeds $800,000 with net profit over 20% of revenue.
Said M Line CEO Tony Anish “Although this is a slightly different business than those we have acquired to date, we are securing strong assets to strengthen our balance sheet and good cash flow from the restaurants and event center as well as the gas station as soon as we can get it built. In addition, some of the land can potentially be used to cultivate hemp that can be turned into THC-free CBD for use by our joint venture partner who is manufacturing the 'Rise' CBD line of products."
M Line controls subsidiaries involved in the Beverage Branding and Distribution industry that includes its VEA and TORQUE® branded drinks, and has now expanded into the Cannabis Industry with the acquisition of its C-Pod manufacturing business.
The stock price gathered one-100ths of a cent, or 16.7% late Thursday, to seven-100ths of a cent, on volume of 65.1 million shares.