September 28th, 2017
News, Top News
Company ready to expand upon acquiring license to produce
Vancouver, British Columbia–(Newsfile Corp. – September 28, 2017) – True Leaf Medicine International Ltd. (CSE: MJ) (FSE: TLA) (OTCQB: TRLFF) (“True Leaf” or the “Company“), has acquired an option (the “Option“) to purchase the 40 acres of land that encompasses its facility in Lumby, B.C. (the “Property“), through its wholly owned subsidiary True Leaf Medicine Inc.
The Option is exercisable until December 31, 2017 at a total cost of $3.3 million CAD, $100,000 of which has already been paid to the vendor in the form of an up-front fee for the purpose of securing the Option.
True Leaf’s application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) has completed the security clearance stage and the Company has initiated plans to refit the 16,000 square foot building on the Property. Upon exercise, True Leaf’s ownership of the Property will allow the Company to rapidly expand operations once it is approved as a licensed producer from Health Canada.
“This is a milestone for True Leaf,” commented CEO Darcy Bomford. “This property gives us the capacity to expand to meet the increased demand that is widely expected. With government approvals, the size of this site could allow us to build a 1,000,000 square foot facility and produce more than 125,000 kilograms of cannabis.”
True Leaf anticipates that the first phase will include annual production of 2,500 kilograms of dried cannabis once the facility passes Health Canada’s inspection and the Company becomes a licensed producer.
“True Leaf appreciates the support expressed for the company’s license submission by the Mayor of Lumby Kevin Acton, and the community,” continued Mr. Bomford. “We expect to become a significant employer in Lumby, a hard-hit logging community of 1,700 in the northeast corner of the Okanagan Valley in southern British Columbia.”
This significant company milestone comes at a time that True Leaf is preparing to launch a $10 million CAD round of financing using the Regulation A+ model in the United States and corresponding exemptions from the prospectus requirements in Canada.
About True Leaf
True Leaf Medicine International Ltd., through its wholly owned subsidiary ‘True Leaf Pet’, has entered the $104.9 billion global pet industry with a line of hemp-focused pet chews and supplements in Canada, the United States and Europe. The Company has also filed an application under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) to become a Canadian licensed producer of medical cannabis through its ‘True Leaf Medicine’ subsidiary. It has passed through the preliminary and enhanced screening process of Health Canada’s review and has recently received approval to build its facility.
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although True Leaf believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed in True Leaf’s continuous disclosure filings available under the Company’s profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
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