True Leaf Receives Preliminary Subdivision Approval for the Okanagan’s First Cannabis Business Park
April 15th, 2021
Vernon, British Columbia–(Newsfile Corp. – April 15, 2021) – True Leaf Brands Inc. (CSE: MJ) (OTC Pink: TRLFF) (FSE: TLAA) (“True Leaf” or the “Company”) has received preliminary subdivision approval from the Village of Lumby for a first-of-its-kind Cannabis Business Park in the Okanagan Valley.
True Leaf’s 40-acre parcel of land in Lumby is zoned for cannabis production. Through a phased approach, the Company plans to subdivide the property into 14 lots to offer land packages to regional micro-cultivators. This will create a hub for the craft cannabis community adjacent to the Company’s existing operations at its True Leaf Campus grow facility.
“We are pleased to progress to the next phase of our plan to support micro-cultivators by creating a regional hub for the craft cannabis community,” said True Leaf CEO Darcy Bomford. “In addition to in-house cannabis production and future offering of seed-to-shelf solutions for micro-cultivators, True Leaf is unlocking the tremendous value of this 40-acre property zoned for cannabis production.”
Demand for industrial land in B.C.’s Central Interior region is high, with land in the Kelowna area valued at $1 million an acre. Lumby is an ideally situated alternative, just a 45-minute drive from the Kelowna airport.
Lumby Mayor Kevin Acton confirmed his support for the Company’s plans: “The North Okanagan region has tremendous potential to support enterprises such as True Leaf’s. I am pleased to see True Leaf’s interest in building its business in the region and I’m excited to see this project progress to the next phase of planning.”
The Company received preliminary subdivision approval for phase one, consisting of the grow facility site and three additional lots fronting Shuswap Avenue. The lots will be fully serviced with municipal water and power, ideal for micro-cultivators or other businesses looking for a home in the area. The Company is preparing full subdivision plans which it plans to submit within a few weeks and expects to begin marketing phase one this summer.
About the Company
True Leaf is a Licensed Producer of cannabis preparing to launch a program to provide seed-to-shelf solutions for micro-cultivators. The program will operate from the Company’s 40-acre True Leaf Campus property in Lumby, B.C., Canada, and will provide a full suite of in-house production, processing, and packaging services to the burgeoning craft cannabis community.
To learn more, visit our website at www.trueleafbrands.com.
Chief Executive Officer
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Cautionary and Forward-Looking Statements
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of True Leaf to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks related to the cannabis industry. Forward-looking statements in this press release are expressly qualified by this cautionary statement. The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
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