True Leaf has exercised its option to purchase 40 acres of land that encompasses its facility in Lumby, B.C. through its wholly owned subsidiary True Leaf Medicine Inc.
The option was exercised on December 22, 2017 at a total cost of $3.3 million CAD. An up-front fee of $100,000 CAD was paid to the vendor for the purpose of securing the option. True Leaf now has 30 days from that date to complete the purchase.
True Leaf’s application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) has completed the security clearance stage, and the company has permission to build a production facility.
True Leaf anticipates that the first phase of the build will include annual production of 2,500 kilograms of dried cannabis once the facility passes Health Canada’s inspection and the company becomes a licensed producer.
Now that the option has been exercised, True Leaf’s ownership of the land will allow it to go ahead with plans to demolish an existing building to make way for phase one: the construction of a 16,000-square foot hydroponic grow building and a 9,000-sq. ft. building housing offices, extraction facility, laboratory and packaging areas.
The company expects site and foundation work to begin in the coming weeks to be completed by summer 2018. The Government of Canada is committed to legalizing marijuana for recreational purposes by July 2018.
Commenting on this latest milestone, CEO Darcy Bomford said, “In addition to purchasing the 40 acres of land to build our facility, the proceeds of the Regulation A+ offering will also be used to acquire the best talent and technology available to help us fulfill our commitment to producing premium products”.
True Leaf benefits from the support expressed for the company’s license submission by the Mayor of Lumby Kevin Acton, and the community. The company expects to become a significant employer in Lumby, a hard-hit logging community of 1,700 in the northeast corner of the Okanagan Valley in southern British Columbia.
For more information:
True Leaf
32 - 100 Kalamalka Lake Rd
Vernon, BC, V1T 9G1
1-778-475-5323
info@trueleaf.com
www.trueleaf.com
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