Kaya Holdings Inc. (OTCMKTS:KAYS) is down 27% in a week. The company closed the sale of its Eugene, Oregon-based cannabis facility for $1.325 million.
On Tuesday, KAYS stock slid 1.25% at $0.1381 with more than 10.81K shares, compared to its average volume of 19.21K shares. The stock has moved within a range of $0.0915 – 0.1677 after opening the trade at $0.1225.
Already the funds have cleared escrow, and now Kaya has committed capital infusion to repay particular debt and strengthen its balance sheet. The funds will also offer initial phase capital for some of Kaya’s US and international expansion initiatives, including the anticipated cultivation sites in Israel and Greece.
CEO Craig Frank said the company is prioritizing the funds received from the sale to advance revenue generation, including product/brand launches and other activities at the licensed Israeli and Greek projects.
Frank said that the funds would also enable the company to finalize its 26-acre marijuana production facility’s initial building and licensing in Lebanon, Oregon. In addition, the company has been honing its skills needed to master the core competencies (cultivation, processing, distribution retail, brands, and technology) identified as vital in creating a future cannabis industry leader. KAYS is establishing itself internationally, and it’s worth watching.