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LGC to Expand into Italy with Investment in Evolution Bnk, an Emerging Cannabis Grower
LGC to Expand into Italy with Investment in Evolution Bnk, an Emerging Cannabis Grower ...
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[{"type":"text","content":"\n\n\n\nLGC to Expand into Italy with Investment in Evolution Bnk, an Emerging Cannabis Grower\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 12, 2018\n\n\n\nSymbol: TSX-V: LG\n\n\n\nMONTREAL, March 12, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") is pleased to announce the signing of a Letter of Intent (\"LOI\") with Evolution Bnk ATM S.p.A (\"Evolution Bnk\") for a secured loan by LGC in an amount of € 3 million (approximately CAD $4.7 million), convertible in certain circumstances into a 49% equity interest in Evolution Bnk.  The LOI also provides that LGC will acquire a 5% royalty on Evolution Bnk's net sales.\n\n\n \n \n\n \nEvolution Bnk is establishing a new Cannabis cultivation operational division, with the first 5,000 m2 currently under construction in the famous flower-growing region of Sanremo on Italy's Mediterranean coast.  Evolution Bnk is also generating revenues from Bitcoin mining and Bitcoin ATM machines, which have been and are being added into the Italian market.\n\nMazen Haddad, LGC's Co-Chairman commented; \"We see Europe as a very important and fast-growing market for the legalized Cannabis sector.  LGC is reviewing a number of very exciting cash-flowing opportunities in Europe and the Evolution Bnk deal will see LGC enter the European legalized cannabis market and Bitcoin sector in a very significant way and potentially provide us with strong cash flow and growth opportunities going forward.  LGC has chosen to invest in Evolution Bnk due to its integrated approach combining energy efficiency and heat transfer technology which should significantly lower costs for both operations.  A patent is in the process of being filed for this application and more information on this technology will be disclosed in the future.\"\n\nSanremo is Italy's leading floricultural center and flowers have been a primary export for the region.  The Mediterranean coastal climate is ideal for the cultivation of Cannabis, and Sanremo has significant greenhouse surp...