True Leaf to build pot plant

By Jon Manchester - CASTANET Jan 2, 2018 / 6:46 am 

A Vernon-based medicinal marijuana company is doubling down on its Lumby operation by purchasing the 40-acre property. True Leaf Medicine International Ltd. has exercised an option to purchase land at a cost of $3.3 million. An up-front fee of $100,000 was paid to the vendor to secure the option. True Leaf now has 30 days to complete the purchase. The company launched a public offering qualified by the Securities and Exchange Commission on Nov. 30 to raise $10 million. It will use a portion of the funds to build phase one of a production facility. Ownership of the land will allow it to demolish an existing building and construct a 16,000-square-foot hydroponic grow building and 9,000-square-foot building housing offices, extraction facility, laboratory and packaging areas. Site and foundation work is expected to begin in coming weeks with completion by summer. True Leaf anticipates that the first phase of the build 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. The company's application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations has completed the security clearance stage. “In addition to purchasing the 40 acres of land to build our facility, the proceeds of the ... offering will also be used to acquire the best talent and technology available to help us fulfill our commitment to producing premium products," says CEO Darcy Bomford, The company has received the support of Lumby Mayor Kevin Acton and expects to become a significant employer in the community of 1,700.
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Also see:  http://www.marketwired.com/press-release/true-leaf-exercises-option-purchase-40-acre-site-lumby-bc-build-cannabis-production-cse-mj-2243979.htm