Maple Leaf Starts Construction Planning of its B.C. MJ Project and Updates the Use of Funds from its Previously Announced Financing
March 14th, 2017
News, Top News
CALGARY , March 13, 2017/ – Maple Leaf Green World (MGW-V) (“Maple Leaf” or the “Company“) is pleased to announce that the Company’s management team and its consultant; TheraCann; a leading full service international marijuana consultancy, have recently completed a site visit of the Company’s Telkwa, B.C. greenhouse complex for the preparation of its ACMPR application for pre-licensing inspection. After this site visit, Maple Leaf has decided to construct a new facility on the vacant land of 33 acres available, instead of renovating the existing greenhouse facility. Constructing a new greenhouse facility will not only allow the Company to use the latest technologies and processes, it will also increase the production per square meter of floor space and significantly reduce the production costs associated with the use of a conventional greenhouse. The Company has engaged TheraCann to plan, design and construct the new facility.
In order to maintain the Company’s position in the Health Canada’s inspection queue, the Company plans to commence the development of the new facility as soon as possible, with the ultimate goal of obtaining our production license in the last quarter of 2017.
Subject to conditional acceptance from the TSX Venture Exchange, the funds from the Company’s proposed private placement (previously announced on February 27, 2017 ) will be used mainly for this project in British Columbia , except for the funds (approximately CAD $1 million ) committed to purchase 4 acres of land in Henderson , Nevada. No funds from this private placement will be used to acquire any cultivation or production permit in Nevada , without all required regulatory and/or shareholder approvals.
For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a public Canadian company that focuses on the cannabis industry in North America . With over 10 years of extensive greenhouse management experience, it applies its eco- agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. The Company is currently involved in three cannabis projects:
- Canada – The Company has applied for an ACMPR license for an 80,000 sq ft greenhouse complex in B.C. in August 2014 and is now in Stage 5 (Review) with Health Canada.
- California – The Company is in a joint venture with a Non- Profit Co-Op to cultivate cannabis for its members. The Company owns 20 acres of land and has 2 greenhouses in production since September 2016. The site on which the joint venture operates has capacity for additional greenhouses. Maple Leaf is also applying for a cultivation license in the San Diego area.
- Nevada – The Company is in the process of acquiring a cultivation permit for a 33,500 sq ft facility from an existing licensee and has plans for a facility operating in the city of Henderson , 15 miles from Las Vegas .
Maple Leaf’s long-term objective is to produce cannabis oil and export its products to approved countries.
Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (I) statements that may contain words such as “anticipate”, “could”, “expect”, “seek”, “may”, “intend”, “will”, “believe”, “should”, “project”, “forecast”, “plan” and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute “forward-looking statements” and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.
Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the marijuana industry and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf’s business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf’s operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf’s ability to attract and retain qualified personnel. Maple Leaf’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.
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