Beleave Signs Agreement to Acquire 250,000 Square Feet of Greenhouse Space and 85 Acres of Land to Expand its Production Capabilities
Beleave Inc. (CSE:BE) (“Beleave” or the “Company”) is pleased to announce it has finalized plans to acquire 250,000 square feet of greenhouse space and 85 acres of land in London, Ontario to cultivate and harvest cannabis for distribution and sale in Canada.
Located just south of the City of London, the facility will become a contributor to the local economy, both through investments and job creation. The unique location of the facility provides a number of competitive advantages, including access to abundant hydro power, low-cost natural gas, and close proximity to major highways providing quick and easy access for employees, shipping, and receiving.
Beleave purchased the greenhouse space and land for $6,700,000 using a combination of cash ($1,172,500 in cash), Beleave common shares ($1,172,500 in shares) and mortgage financing ($4,355,000 in financing) at 6% annual interest.
The Company has begun the application process for Health Canada approval to cultivate and harvest cannabis and anticipates bringing the existing greenhouse facility online in two phases; Phase 1 providing 100,000 square feet of flowering capacity with Phase 2 coming online shortly thereafter. The remaining land will be designated for the construction of additional greenhouses and the cultivation of outdoor growing spaces, allowing Beleave to continue its above-average yields and maintain its high-grade product as it supplies its existing and growing distribution channels.
“Beleave continues to identify innovative approaches to financing which allow us to maximize the value of our asset base and ensures we maintain our excellent balance sheet,” said Beleave CEO, Andrew Wnek. “This acquisition is a critical part of our strategic plan to continue being a leader in the Canadian cannabis industry. This property already houses state-of-the-art greenhouse space that we can immediately put to use once approved by Health Canada, and additional land allowing us to build some of the largest greenhouses in the region.”
ABOUT BELEAVE INC.
Beleave Inc. is a biotech company who’s wholly-owned subsidiary Beleave Kannabis Corp. is licensed to cultivate and sell medical cannabis and produce cannabis oils and extracts pursuant to Health Canada’s Access to Cannabis for Medical Purpose Relations. Beleave has developed a network of medical cannabis clinics under the Medi-Green banner and has applied for various patents to broaden its strong research focused foundation.
This news release contains “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). The use of any of the words “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com.