Liberty Leaf (CSE:LIB) has announced it has paid the initial $50,000 deposit to Gr8 Track, representing the first part of a loan payment by Liberty Leaf as per the letter of intent dated February 2, 2017.
As quoted in the press release:
The LOI lays out the terms under which Liberty Leaf can acquire 27.5% of GR8, a private California corporation licensed to produce cannabis for medical use. GR8’s holdings also include another licensed medical cannabis cultivator, CBG, with whom Liberty Leaf signed a memorandum of understanding in November, 2016.
“This is an important step forward in completing our deal with GR8,” says William Rascan, President and CEO of Liberty Leaf. “This transaction will make us a legitimate player in California’s legal-cannabis market – a market that is expected to reach $6.5 billion in sales by 2020. Furthermore, our team continues to work diligently towards securing additional, complimentary cannabis related opportunities.”