Business
LGC Capital receives final approval bulletin from the TSX Venture Exchange for its investment in Global Canna Labs
LGC Capital receives final approval bulletin from the TSX Venture Exchange for its investm...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital receives final approval bulletin from the TSX Venture Exchange for its investment in Global Canna Labs\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, Sept. 20, 2018\n\n\n\nTSX Venture Exchange provides final approval bulletin for Global Canna Labs Plans are still on schedule to have around 220,000 square feet of premium Jamaican cannabis planted at its Montego Bay site by end of October. This will make GCL the current market leader by size in Jamaica as per the local regulators. GCL is on target to harvest its first cannabis in November./NOT FOR DISTRIBUTION IN THE UNITED STATES/\n MONTRÉAL, Sept. 20, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it has today received the final approval bulletin from the TSX Venture Exchange in respect of LGC's investment into Global Canna Labs Limited (\"GCL\") in Jamaica which closed on August 30, 2018.  As previously announced, LGC subscribed for a $2.5 million secured debenture, convertible into an initial 30% strategic interest in GCL and also acquired a 5% royalty on GCL's net sales for $2.0 million, payable by way of 15,854,141 shares of LGC.  The transaction is now fully completed.\n\n \n \n\n \nIn July 2018, Global Canna Labs formally received its full approval for a Tier-3 cultivation licence from the Jamaican Cannabis Licensing Agency. This licence allows GCL to cultivate medical cannabis at its 270,000 square foot facility within its 6.23 acres site in Montego Bay, Jamaica.\nGCL is on track to have 220,000 square feet planted by the end of October 2018 from its Montego Bay site. The premium strains of organic Jamaican cannabis will be grown in a combination of greenhouse (31,000 sq ft) and outdoor (189,000 sq ft).  GCL plans to expand its greenhouse portion to 58,000 sq ft by the end of 2018.\nThe first cycle of a continuous harvest program is anticipated to start in early November 2018. \nAs previously announced, the 220,000 square foot of planted area is expected to yield o...