133294
134888

Vernon  

Facility land sale finalized

True Leaf Medicine International Ltd. announced it has finalized its purchase of a 40-acre swath of land in Lumby for a total cost of $3.3 million.

The site will become a 25,000 square foot hydroponic medicinal cannabis production facility.

With the completion of the sale, phase one is now set to begin.

Phase one construction plan includes a 16,000 square foot hydroponic grow building, and a 9,000 square foot office building — The office building will also house an extraction facility, and laboratory and packaging areas.

Completion of phase one is expected by the end of summer 2018 with a first crop by fall of 2018.

This first crop will have to pass a Health Canada inspection in order for True Leaf to be granted a license to grow medicinal cannabis.

The completion of the sale was made possible in part by a sort of "crowfunding." 

True Leaf was granted permission by the U.S. Securities and Exchange Commission to participate in Regulation A+ offering — a public equity offering. 

Through regulation A+, True Leaf was able to raise close to $10 million. The company was able to raise another $4 million through a non-brokered sale of shares.

True Leaf is the first Canadian-listed company to conduct a successful Regulation A+ offering.

In a statement, the company posted that 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 permission to build its production facility." However, at this time, True Leaf does not have a license to produce cannabis.

True Leaf CEO, Darcy Bomford, said, “The company is pleased with the completion of our offerings and the purchase of the land and we can move forward in our pursuit of growing what we hope will be the best quality medicinal cannabis in the world.”



More Vernon News

59046
Recent Trending


49792


132801


Send us your News Tips!


58227
Okanagan Oldies

Vernon SPCA Featured Pet

Kurt
Kurt Vernon SPCA >


133364




Castanet Proud Member of RTNDA Canada
58209