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True Leaf Medicine International Ltd (OTCMKTS:TRLFF) Purchases 40-Acre Site In Lumby At A Total Cost Of $3.3 Million CAD

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True Leaf Medicine International Ltd (OTCMKTS:TRLFF) recently purchased a 40-acre site in Lumby, British Columbia, Canada for a total cost of $3.3 million CAD. The company exercised its option for this purchase through its wholly-owned subsidiary True Leaf Medicine Inc. The construction will begin with 25,000 square foot hydroponic medicinal cannabis production facility.

The company paid an up-front fee of $100,000 CAD to the vendor to fulfill the purpose of securing the option. Now the company will have to pay the remaining amount 30 days from the date of securing the option in order to complete the purchase. True Leaf launched its Regulation A+ on November 30, 2017, offering to raise around $10 million CAD qualified by the Securities and Exchange Commission (SEC).

With these offerings, the underwriters will get the right to solicit orders from the general public and also institutional investors as well as traditional accredited investors. True Leaf will be using a part of this raise funds to build phase one of the True Leaf facility. Boustead Securities, LLC will be the lead underwriters for the above offering.

The application from the company to produce as well as distribute cannabis under Access to Cannabis of Health Canada for Medical Purposes Regulations (ACMPR) has already been granted security clearance and permission to build a production facility.

First Phase Of Production Facility To Produce 2,500 Kilograms

True Leaf is expecting that the first phase of the project will include a production of 2,500 kilograms of dried cannabis on a yearly basis once the facility receives passing from the inspection of Health Canada and becomes a licensed producer.

With True Leaf now exercising the option and receiving ownership of the land, it can easily go ahead with its plans to come up with the production facility by demolishing an existing building. Apart from the phase one construction of 16,000 square foot hydroponic grow building; True Leaf will also construct a 9,000 square foot building housing offices, laboratory, extraction facility, and packaging grass.

The site and foundation work is expected to begin in the coming few weeks and get completed by the summer of this year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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