Water Ways Technologies has signed a Memorandum of Understanding (the “MOU”) with a Colombian company, Emerald Bud Corp. (“Emerald”), to assist in the development, supply, installation, and technical support in connection with a project of approximately 43,580 square meters (approximately 10.6 Acres) of greenhouse area, for the production of medical Cannabis in the municipality of San Gil, department of Santander, Colombia (the “Project"). "The MOU is subject to certain conditions including: Emerald obtaining the licenses and permits required for the development of the Project; Emerald obtaining the required financing to complete the Project; and Emerald and the Company entering into a definitive agreement confirming the economic terms of the Project," the team with the company explains.
Pursuant to the MOU, Water Ways responsibility will include:
- Providing Emerald with technical support in the preliminary phase of the Project in order to assist Emerald in obtaining the required licenses, as well as obtaining financial resources;
- Overseeing and accompanying the technological base of the Project, in the technical and agronomic aspects;
- Design, supply and installation of complete greenhouses for the cultivation of medical cannabis including irrigation and fertilization systems; and
- Training of the Emerald team responsible for the operation of the Project.
Presently, but subject to the Conditions, it is estimated that the Project will consist of several stages as follows:
- Stage 1 - a Greenhouse for medical cannabis cultivation of 9,200 square meters;
- Stage 2 - a Greenhouse for medical cannabis cultivation of 12,820 square meters;
- Stage 3 - a Greenhouse for medical cannabis cultivation of 9,645 square meters; and
- Stage 4 - a Greenhouse for medical cannabis cultivation of 11,916 square meters.
Water Ways expects that execution of each stage is dependent on completing the former stage and each stage should be considered as an independent project.
Water Ways further expects that as an integral part of the Project the Company will deliver its CANNAWAYS system.
Water Ways expects the definitive agreement to be signed by the parties by the end of Q2 of 2020 resulting in a material effect on its 2020 and 2021 results.
For more information:
Water Ways Technologies
77 King Street West, Suite 3000, PO Box 95 TD Centre, Toronto, ON, CANADA M5K 1G8
+972-54-5612231 / CEO Ohad Haber