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Westleaf Announces Acquisition of 50% Interest in the Delta West Extraction Facility from Delta 9
Westleaf Announces Acquisition of 50% Interest in the Delta West Extraction Facility from ...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf Announces Acquisition of 50% Interest in the Delta West Extraction Facility from Delta 9\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 28, 2019\n\n\n\nDelta West scheduled to open in summer of 2019 and will be a world-class cannabis research, extraction and production facility\n CALGARY, Jan. 28, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (\"Westleaf\"), is pleased to announce it has signed a definitive agreement (\"Definitive Agreement\") to acquire Delta 9 Cannabis Inc.'s (TSXV: NINE) (\"Delta 9\") 50% interest in the Delta West extraction facility, bringing Westleaf's total ownership to 100%. Under the Definitive Agreement, Westleaf has agreed to issue an aggregate of 5,600,000 common shares in the capital of Westleaf (\"Common Shares\") in consideration for the acquisition of Delta 9's 50% interest in the project (the \"Purchase Price\"). Closing is expected to occur on or about January 31, 2019 (\"Closing\").\n\n \n \n\n \nThe Delta West facility is approximately 60,000 square feet with Phase I (~15,000 sq. ft.) to include R&D, processing, extraction, manufacturing and order fulfillment, all built to EU GMP specifications with the intent to access international export markets. Phase II of the facility is designed to produce new derivative product lines in preparation of Health Canada's legalization of derivative products, expected to occur on October 17, 2019. The Delta West facility is scheduled to open in the summer of 2019.  \n\"This transaction is another step in the direction of becoming a significant vertically integrated player in the Canadian cannabis industry,\" said Scott Hurd, President and CEO of Westleaf. \"It is our view that over time, a diversified offering of derivative cannabis products will account for the majority of consumer demand. We are positioning to formulate unique, high quality derivative products and leverage our expertise in building and running these types of facilities.\" Hurd refers to the senior management team at Westleaf who have co...