(TSX-V: MGW, OTCQB: MGWFF)
March 13, 2017 - $0.58
CALGARY, March 13, 2017 /CNW/ - Maple Leaf Green
World (MGW-V) ("Maple Leaf" or the "Company") is
pleased to announce that the Company's management team and its
consultant; TheraCann; a leading full service international
marijuana consultancy, have recently completed a site visit of the
Company's Telkwa, B.C. greenhouse
complex for the preparation of its ACMPR application for
pre-licensing inspection. After this site visit, Maple Leaf has
decided to construct a new facility on the vacant land of 33 acres
available, instead of renovating the existing greenhouse facility.
Constructing a new greenhouse facility will not only allow the
Company to use the latest technologies and processes, it will also
increase the production per square meter of floor space and
significantly reduce the production costs associated with the use
of a conventional greenhouse. The Company has engaged TheraCann to
plan, design and construct the new facility.
In order to maintain the Company's position in the Health
Canada's inspection queue, the Company plans to commence the
development of the new facility as soon as possible, with the
ultimate goal of obtaining our production license in the last
quarter of 2017.
Subject to conditional acceptance from the TSX Venture Exchange,
the funds from the Company's proposed private placement (previously
announced on February 27, 2017) will
be used mainly for this project in British Columbia, except for the funds
(approximately CAD $1 million)
committed to purchase 4 acres of land in Henderson, Nevada. No funds from this
private placement will be used to acquire any cultivation or
production permit in Nevada,
without all required regulatory and/or shareholder approvals.
For further information regarding Maple Leaf Green World Inc.,
please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a public Canadian company that
focuses on the cannabis industry in North
America. With over 10 years of extensive greenhouse
management experience, it applies its eco- agriculture knowledge
and cultivation technology to produce contaminant-free organic
cannabis products. The Company is currently involved in three
cannabis projects:
- Canada – The Company has
applied for an ACMPR license for an 80,000 sq ft greenhouse complex
in B.C. in August 2014 and is now in
Stage 5 (Review) with Health Canada.
- California – The Company is in
a joint venture with a Non- Profit Co-Op to cultivate cannabis for
its members. The Company owns 20 acres of land and has 2
greenhouses in production since September 2016. The site on
which the joint venture operates has capacity for additional
greenhouses. Maple Leaf is also applying for a cultivation
license in the San Diego area.
- Nevada – The Company is in the
process of acquiring a cultivation permit for a 33,500 sq ft
facility from an existing licensee and has plans for a facility
operating in the city of Henderson, 15 miles from Las Vegas.
Maple Leaf's long-term objective is to produce cannabis oil and
export its products to approved countries.
Neither the TSX Venture Exchange or its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain statements in this news release including (I)
statements that may contain words such as "anticipate", "could",
"expect", "seek", "may", "intend", "will", "believe", "should",
"project", "forecast", "plan" and similar expressions, including
the negatives thereof, (ii) statements that are based on current
expectations and estimates about the markets in which Maple Leaf
operates and (iii) statements of belief, intentions and
expectations about developments, results and events that will or
may occur in the future, constitute "forward-looking statements"
and are based on certain assumptions and analysis made by Maple
Leaf. There is no assurance that sufficient financing can be raised
or that permits will be available to allow the Company to carry out
its current projects on a timely basis.
Forward-looking statements in this news release include, but
are not limited to, statements with respect to future capital
expenditures, including the amount, nature and timing thereof;
other development trends within the marijuana industry and the
status of, and ability to capitalize on, opportunities available to
the Company as well as the business strategy; expansion and growth
of Maple Leaf's business and operations and other such matters.
Such forward-looking statements are subject to important risks and
uncertainties, which are difficult to predict and may affect Maple
Leaf's operations, including, but not limited to: the impact of
general economic conditions; industry conditions; the availability
of equity or debt financing; government and regulatory developments
including availability of requisite licenses; product supply and
demand; competition; and Maple Leaf's ability to attract and retain
qualified personnel. Maple Leaf's actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will occur, or if any of them do occur,
what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.