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LGC Capital Closes Investment in Swiss Cannabis Producer, Viridi Unit SA
LGC Capital Closes Investment in Swiss Cannabis Producer, Viridi Unit SA Canada Ne...
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[{"type":"text","content":"\n\n\n\nLGC Capital Closes Investment in Swiss Cannabis Producer, Viridi Unit SA\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\nMONTRÉAL, Dec. 12, 2018\n\n\n\nLGC Capital completes all-stock transaction for 30% of Viridi's stock plus 5% royalty on Viridi's net sales./NOT FOR DISTRIBUTION IN THE UNITED STATES/\n MONTRÉAL, Dec. 12, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (OTC-PINK: LGGCF) (\"LGC\") is pleased to announce that it has closed its previously announced transaction with Swiss cannabis producer, Viridi Unit SA (\"Viridi\").  LGC has issued 35,167,001 shares of its common stock at a price of $0.1143 each to Viridi in exchange for a 30% equity interest in Viridi plus a 5% royalty on Viridi's net sales over ten years. All final documentation in respect of the transaction will be submitted today to the TSX Venture Exchange.\n \nViridi's Market Presence in Switzerland and Europe\nViridi produces, processes, and distributes high-CBD legal cannabis products under the ØNΞ Premium Cannabis brand in over 500 retail locations across Switzerland.\nRecently in October, LGC announced that Viridi had harvested and processed 20,000 plants that were growing at their Geneva cannabis cultivation facility, consisting of 65,000 square feet of canopy space.  This recent harvest yielded 2,700 kg of high-CBD dried cannabis flowers to be used as inputs to the ØNΞ Premium Cannabis products as well as for wholesale markets across Europe.\nViridi uses a proprietary breeding system for its high quality, high-CBD strains and seeds that comply with the Swiss regulations of <1% THC and European Union regulations of <0.02% THC.  Viridi will also be launching its CBD cosmetics line called Viridi Care for the global market in early 2019.\n\n\n\n\nLGC Capital's Investment in Viridi\nOn August 1, 2018, LGC announced a binding agreement to acquire a 30% interest in Viridi, a vertically integrated legal cannabis supplier to the Swiss and European markets.\nUnder the terms ...