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LGC Capital Joint Venture to Acquire Controlling Interest in the House of Hemp in South Africa With 40,000m2 of Fully Certified and State-of-the-Art Greenhouse Facilities for the Cultivation of Cannabis
LGC Capital Joint Venture to Acquire Controlling Interest in the House of Hemp in South Af...
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[{"type":"text","content":"\n\n\n\nLGC Capital Joint Venture to Acquire Controlling Interest in the House of Hemp in South Africa With 40,000m2 of Fully Certified and State-of-the-Art Greenhouse Facilities for the Cultivation of Cannabis\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 and South Africa, July 18, 2017\n\n\n\nMONTREAL and South Africa, July 18, 2017 /CNW/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\" or the \"Company\") is proud to announce that LGC and AfriAg (Pty) Ltd, its strategic joint venture partner on this medical cannabis initiative, have today signed sole and exclusive agreements to acquire a 60% interest in South Africa's House of Hemp.\n\n\"This is an important deal for LGC, that launches the Company straight into the global medical cannabis sector,\" said John McMullen, the CEO of LGC Capital. \"House of Hemp's massive 40,000m2 (420,000 square feet) glasshouse complex at Durban Airport is the only certified cannabis growing and processing facility in South Africa. This is an opportunity to move towards production quickly as this facility exists and is already operational. It is ideal for large scale cultivation and processing of cannabis with its humidity and temperature controlled environments. We see a real global competitive edge as we will have minimal capital costs going forward and plenty of scope to cheaply increase the growing footprint within the Dube TradePort AgriZone. From an operating cost perspective, South Africa has a highly skilled labour force and the unit costs of electricity, labour and fertilizer are globally very competitive. The House of Hemp has a long and established history of top quality R&D in the hemp and cannabis fields in South Africa and we plan to leverage this superior knowledge to use its skills to grow our medical cannabis initiative elsewhere in southern Africa and beyond.\"\n\nAbout the House of Hemp (Pty) Ltdwww.houseofhemp.co.za\n\nUniquely, the House of Hemp in South Africa has a long term lease on the only certified indoor growing facility for the possession and cultivation of the Cannabis Sativa Pl...