Beleave Inc. (“Beleave” or the “Company”) (CSE:BE; OTCQX:BLEVF) is pleased to announce initial projections for the sale of medical cannabis. The Company is currently operating out of its 14,500 sq. ft. facility in Hamilton, ON with its additional 80,000 sq. ft. greenhouse expansion well underway and expected to come online by the beginning of the third quarter.
“Our growers continue to improve yields on a per square foot basis with current yields now north of 80 grams per square foot per cycle,” commented Beleave CEO Andrew Wnek. “With five to six cycles planned per year we are confident that we will be able to exceed initial production estimates at our indoor facility.”
The company will have 65,000 sq. ft. of dedicated flowering space once its expansion is complete and is projected to yield 26,000 kilograms of dried cannabis annually. To insure the highest level of productivity a full workflow study has been conducted to make its expansion project even more efficient. (Note – Estimates based off of the Company’s current yields).
Over the course of the last four weeks the Company obtained its sales license from Health Canada, closed a $5,000,000above market private placement and announced the acquisition of Medi-Green, a clinic network of 4,000 patients that at average prescription sizes could yield sales of between 2,900 and 4,400 kilograms in annual sales from its initial three locations alone. Beleave’s wholly owned Medi-Green plans to expand to 9 locations by the end to the calendar year.
“We are excited by these significant and positive recent developments and are unaware of anything that would have negatively affected the share price on the back of this news,” continued Wnek, “The company is well funded to move forward and will continue to strategically execute its strategy across all verticals.”
Beleave Inc. is a biotech company and Beleave’s wholly-owned subsidiary Beleave Kannabis Corp. (formerly First Access Medical Inc.) is a licensed producer pursuant to the ACMPR. Beleave’s purpose-built facility is located in Hamilton, Ontario.
This news release contains “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). The use of any of the words “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com. These risks and uncertainties include, but are not limited to, risks relating to construction permitting, cost and timing, cultivation-related risks, supply-chain risks consumer interest in its products, competition, regulatory and legislative risk , operational and technological risks, and anticipated and unanticipated costs and delays. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release and the Company disclaims any obligation to update the information in this news release except where strictly required by law.