BOUGAINVILLE VENTURES INC. (“Bougainville” or the “Company”) (CSE:BOG) (“Bougainville” or the “Company”) is pleased to announce it has entered into an agreement with Green Venture Capital Corp., to purchase the balance of a 4 acre property in Oroville, Washington.
The Company currently owns a one acre parcel of land that is occupied by a Tier -3, I-502 tenant. This transaction will add another 3 acres to the Oroville Campus. Once this transaction is completed the Company will have purchased the 4 acre parcel of land in Whatcom County, Washington State for a total purchase price of $350,000.00 USD. The Company now has up to 30 days to complete its due diligence. During this due diligence period the Company will work with its architect to develop future plans for the property that will include multi-tenant greenhouse structures.
The property meets all the Company’s criteria for its planned expansion into Washington State on it Oroville Campus. The property is permitted for both agricultural and light industrial production and processing uses, and currently contains two buildings totaling 1,700 sq. ft. and a 1,000 sq. ft. workshop/garage with sufficient room for expansion.
Andy Jagpal, President of Bougainville, commented that, “The addition of this property in Washington State will help the Company achieve its strategic goals and objectives to facilitate expansion of its Oroville Campus.”
About the Washington I-502 Marijuana Market
In November 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State, worth approximately $1.25 -$1.5 Billion USD in annual sales.
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost. Bougainville has 30,000 sq.ft., in near production in Oroville, WA.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at firstname.lastname@example.org or 1-844-734-8420
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Oroville, WA cultivation facility: statements pertaining to the ability of Bougainville Ventures Inc. (“BOG”); the anticipated economic potential of the property; the availability of capital and finance for BOG to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by BOG in light of its experience and perception of current and expected future developments, as well as other factors that BOG believes are appropriate in the circumstances. Many factors could cause BOG’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.