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LGC Capital Provides an Update on Jamaican Medical Cannabis Transaction
LGC Capital Provides an Update on Jamaican Medical Cannabis Transaction Canada New...
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[{"type":"text","content":"\n\n\n\nLGC Capital Provides an Update on Jamaican Medical Cannabis Transaction\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, Feb. 5, 2018\n\n\n\nLGC Capital Ltd. Symbol: TSX-V: LG\n\n\n\nMONTREAL, Feb. 5, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to provide an update on its proposed investment in Jamaican cannabis company Global Canna Labs Limited (\"Global Canna Labs\").\n\n\n \n \n\n \nSenior LGC management has now completed an on-site inspection of the Global Canna Labs' facilities in Montego Bay, Jamaica, as part of the investment due diligence process. \n\nGreenhouse frames are installed for the first 28,000 sq. feet with all materials now on site to complete the initial 58,000 sq. feet build-out to full operating status. Installation of the greenhouse irrigation system has commenced, and the 6-acre security fencing and the security CCTV network is now fully operational. (See Figures 1 and 2)\n\nLGC considers that the timelines for Global Canna Labs converting its conditional Cultivator's Licence (Tier 3) (over 5 acres) to a full unconditional Cultivator's Licence and the planting of its first commercial crop by April 1, 2018 are achievable and may be completed before that date.\n\nLGC management was also shown a number of suitable retail sites in Montego Bay and Negril that are under negotiation to launch Global Canna Labs' first Jamaican dispensaries.\n\nJohn McMullen, CEO of LGC commented, \"Jamaica has a well-established cannabis brand with its Rastafarian culture deeply entrenched in the country. Jamaica has the ideal climate, soils and water for the production of a natural \"sun grown\" medical cannabis product range and Global Canna Labs' operations at Montego Bay are well situated to enable exports to anywhere in the world through Montego Bay's international airport. The Tier 3 Cultivator's Licence, once granted, will put Global Canna Labs in a strong growth position in Jamaica, as its Tier 3 status will allow for expansion opportunities well beyond the 102 acres currently being consid...