Maple Leaf Starts Construction Planning of its B.C. MJ Project and Updates the Use of Funds from its Previously Announced Financing
Maple Leaf Green World (TSXV:MGW; OTCQB:MGWFF) 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.
Click here to connect with Maple Leaf Green World (TSXV:MGW; OTCQB:MGWFF) to receive an Investor Presentation.