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Company founder said they are looking for a partner in facility

True Leaf staying rooted

UPDATE 11:48 a.m.

True Leaf may be selling its cannabis campus, but founder Darcy Bomford has no plans of pulling out of Lumby.

Bomford said True Leaf has a lot of money in the facility and is looking for someone to invest in the building as a partner.

“Really the intention is to attract a joint venture partner that will purchase a significant portion of the asset. Ideally we would retain a percentage of ownership,” said Bomford, adding True Leaf would still produce its popular CBD pet products and selling the building would “see more a return on our investment over time. That would be the ideal transaction."

“We have a significant amount of capital invested into the site and we are very close to getting a (marijuana grow) license,” he said of True Leaf's plans to enter the recreational marijuana industry.

“We've had some discussions with Health Canada over the past few weeks and we are pretty confident that will be coming shortly.”

Bomford the facility is also on the verge of being approved for the edible market. THC-infused edibles became legal in Canada last month.

“We think that is going to be a massive market, we think, in Canada - the processing and production of edibles,” said Bomford. “True Leaf is ideally suited with this facility right in the middle of Lumby - which loves what we are doing – and it will be a great opportunity for us and some other people to make it work there.”

Bomford said if no one steps up to purchase they building the will just “tough it out. I am pretty confident we are going to find somebody. There has been quite a bit of interest already.”

It's hard to say how many people the facility will employ, but initially Bomford said five to 10 people could be hired with more coming on board when necessary.


ORIGINAL STORY

True Leaf has listed its Lumby facility for sale.

The 40-acre industrial property on Shuswap Avenue is zoned for cannabis production and has been listed on the Unique Properties website.

In May of this year, True Leaf announced the “current phase of construction of True Leaf Campus – the company’s cannabis cultivation and production facility – is complete.

“The completed phase includes a two-storey, 18,000 square foot central hub for the initial grow area, laboratory services, whole-plant extraction, and the production of therapeutic cannabis products for pets and their owners.

“The facility was designed to be scalable in more ways than simply adding grow space. In order to conserve capital expenditures while fully leveraging 40 acres of rare industrial zoned land, its modular design, phased approach, and flexible engineering of the central administration area allow True Leaf to expand easily for future phases and respond to the ever-changing cannabis market and regulations.”

True Leaf is a leading global cannabis and hemp wellness brand for pets with the product being sold in many parts of Canada, the United States and Europe.

Founded by Darcy Bomford several years ago, last August, True Leaf Cannabis submitted a package to Health Canada for True Leaf Campus, the company’s cannabis cultivation and production facility in Lumby.

The submission was the final step required to obtain a license to cultivate cannabis at True Leaf Campus, the company said in a release.

At the time, the company expected to receive its cultivation license for True Leaf Campus in the fourth quarter of 2019.

"This site evidence package is a significant milestone for True Leaf towards becoming a licensed producer of cannabis," said Bomford in the release.
The global cannabis and hemp wellness brand for pets brought in $2.3 million for the year ending March 31, 2019, an increase of 65 per cent over the previous 12 months.



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