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LGC Capital announces initial 500kg dry cannabis flower supply LOI received by Viridi Unit in Switzerland
LGC Capital announces initial 500kg dry cannabis flower supply LOI received by Viridi Unit...
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[{"type":"text","content":"\n\n\n\nLGC Capital announces initial 500kg dry cannabis flower supply LOI received by Viridi Unit in Switzerland\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\nMONTREAL, Aug. 15, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n\nSymbol: TSX-V: LG\n\n\n\nMONTREAL, Aug. 15, 2018 /CNW Telbec/ - Continuing its theme of aggressive growth in the legal global cannabis market, LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that Viridi Unit SA (\"Viridi\") of Switzerland has received a Letter of Intent (LOI) to buy an initial quantity of 500kg of specially cultivated dry cannabis from Viridi's Swiss growing facilities in Geneva, Switzerland. \n\n\n \n \n\n \nThe LOI calls for the initial supply of 500kg of compliant dry flowers and also expresses further interest for the supply of 200kg per month over the following year. It is envisaged that this initial order will be delivered in November 2018 from the current Geneva crop, which is due to have first harvest in mid-October.\n\nViridi currently has 20,000 plants growing at its Geneva cultivation operations, consisting of 108,000 square feet of canopy in hoophouses and greenhouses, and these plants are expected to yield about 3,000 kg of dried cannabis from this current crop.     \n\nMazen Hadad, Co-Chairman of LGC stated, \"This new order just received by Swiss based Viridi, more than validates why LGC is in investing in this fast-growing business in the heart of Europe, where LGC sees some of the biggest growth in the legal cannabis market.\"\n\nMathieu Marcoulides, CEO of VIRIDI stated, \"This LOI shows again how fast the European market is progressing, and how important the Swiss-made label is.\"\n\nLGC announced a transaction on July 30th, 2018, by which LGC is to acquire a 30% interest in Viridi and a 5% lifetime royalty on Viridi's net sales.  Refer to LGC's press release dated July 30th, 2018 for full details on the transaction. This transaction is subject to TSXV approval.\n\nAnother Step Forward for Legal Global...