Beleave Inc. (CSE:BE) (“Beleave” or the “Company”) today announced that its Colombian subsidiary, Procannmed S.A.S. (“Procannmed”) has reached a land-lease agreement that will allow for the development and expansion of Procannmed’s cultivation of cannabis for sale and extraction purposes.
Under the agreement, Procannmed will lease up to 27 hectares (roughly 67 acres, or 2.9 million sq ft) of private land for a nominal monthly fee of $100 USD per hectare. The term of the agreement is for five years, with an option to renew for an additional five years.
Last month, Beleave announced it had acquired 51% of Procannmed for a combination of cash and Beleave common shares. The transaction stemmed from a lengthy due diligence process in which members of the Beleave team visited Colombia to speak with Procannmed representatives and various government and industry-related parties. This land deal is a direct result of those meetings and subsequent acquisition.
“This is an example of how we’re creating value beyond the immediate benefits of our growing and distribution activities,” says Beleave CEO, Andrew Wnek. “Now we can all look forward to the next stages of project development, and the tremendous potential this land offers to create value for shareholders.”
Beleave is a biotech company and the Company’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 been selected to operate in Saskatchewan’s upcoming cannabis retail market and has developed a network of medical cannabis clinics under the Medi-Green banner. The Company 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.
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