THC Global Group Limited announced that its wholly owned subsidiary, Vertical Canna, has completed the acquisition of a Canadian company, 10034622 Canada Inc, which holds the property and is in the process of becoming a Licenced Cultivator of cannabis.
"Initial stage of production from the site is expected to be cannabis flower for sale into the Canadian recreational and medicinal markets, with plans for later stage higher value-add production capabilities to be established on the site, as well as applying to be a Licensed Processor and Seller. The staged development of the site will allow the Company to accelerate profit-generating production from the Canadian site", the company explains.
The company adds: "The proposed initial stage facility is expected to have a footprint of 20,000sq ft (~1850sqm), however the total size of the land acquired by Vertical Canna in the transaction is approximately 4 acres (~16,000sqm) allowing for significant scalability of the Company’s operations at this location. Present yield estimates for the first stage development of the site is projected to be 37,000 kg of dried flower annually, however the Company is in negotiations with agricultural technology partners to develop a higher yield-per-square-foot from the facility which will significantly increase projected annual production."
The company expects to obtain project funding for the development and is considering debt and hybrid facilities within Vertical Canna, "thus allowing THC Global to complete the project and see revenue generating production with limited upfront capital outlay."
For more information:
THC Global Group
131 Macquarie St
Sydney NSW 2000
+61 (0)2 9251 7177