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LGC Provides Update on Transaction with Jamaican Cannabis Company - Global Canna Labs Limited
LGC Provides Update on Transaction with Jamaican Cannabis Company - Global Canna Labs Limi...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Provides Update on Transaction with Jamaican Cannabis Company - Global Canna Labs Limited\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, March 6, 2018\n\n\n\nSymbol: TSX-V: LG\n\n\n\nMONTREAL, March 6, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce that it and Global Canna Labs Limited (\"Global Canna Labs\") have agreed to extend the closing date of their transaction, first announced on January 26, 2018, to the end of March 2018 in order to allow for completion of the corporate structuring of the transaction in compliance with Jamaican law.\n\n\n \n \n\n \nLGC's due diligence having been successfully completed, the extension is required in order to establish the appropriate ownership structure for LGC in the context of foreign ownership requirements of Jamaican law. The parties are working towards finalization of the debenture and security documentation, which must be in compliance with Jamaican law.\n\nGlobal Canna Labs has advised LGC that it has received approval from the Jamaican Ministry of Health for the registering of a \"List 4\" class of drug for a full spectrum of CBD oils for medical consumption. Global Canna Labs has also advised LGC that all the irrigation for its greenhouses in Montego Bay, Jamaica is in place and that greenhouse coverings for phase one construction are being installed this week.\n\nJohn McMullen, Chief Executive Officer of LGC commented, \"We continue to see good progress with the Global Canna Labs transaction, from building out its growing operations to licensing. We congratulate the entire team as they continue to work diligently toward finalizing this important transaction for both of our companies.\"\n\nClosing of the transaction with Global Canna Labs is subject to the parties entering into definitive agreements, to standard closing conditions, and to regulatory approval, including that of the TSX Venture Exchange.\n\nAbout Global Canna Labs (http://globalcannalabs.com)\n\nGlobal Canna Labs is a Jamaican entity with its head office located in K...