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Jamaican Medical Cannabis Company, Global Canna Labs, Receives Cultivator's License from Jamaican Authorities
Jamaican Medical Cannabis Company, Global Canna Labs, Receives Cultivator's License from J...
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[{"type":"text","content":"\n\n\n\nJamaican Medical Cannabis Company, Global Canna Labs, Receives Cultivator's License from Jamaican Authorities\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\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, June 21, 2018\n\n\n\nSymbol: TSX-V: LG\n\n\nImmediate commencement of growing at its Montego Bay facility.\nLGC Capital receives conditional approval from the TSX Venture Exchange for investment into Global Canna Labs.\n\n\n\n \n \n\n \nMONTREAL, June 21, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that Global Canna Labs Ltd. (\"GCL\") has now received its approvals from the Jamaican Cannabis Licensing Agency (\"CLA\") for its Tier-3 growing license for its 270,000 square feet facility within its 6.23 acres site in Montego Bay, Jamaica. \n\nGCL's growing team is already on site and is preparing to start cultivation immediately. GCL will be planting 8,000 seedlings for its first cycle and its first harvest is expected in around 12 weeks. GCL is also commencing the expansion of its current growing facility in Montego Bay and is in late stage negations for the acquisition of an additional 300 acres of land in Jamaica.\n\nLGC is also pleased to announce that it has received conditional approval from the TSX Venture Exchange (\"TSXV\") for its previously announced (see press release dated May 15, 2018) transaction with Global Canna Labs Ltd. Under the terms of the transaction, LGC will subscribe for a $2.5 million secured debenture, convertible into an initial 30% strategic interest in Global Canna Labs and will also acquire a 5% royalty on Global Canna Labs' net sales for $2.0 million, payable in shares of LGC. The terms have not changed from the news release issued on May 15, 2018.\n\nFinal TSXV approval will be subject to the following conditions, inter alia, i) receipt by the TSXV of satisfactory legal opinions and final documentation; ii) the setting up of controls and procedures to ensure that cannabis production is destined for the medical applications market and iii) the establishment of an ongoing monitoring p...