LGC Capital (TSXV:LG) announced Global Canna Labs obtained approvals from the Jamaican Cannabis Licensing Agency for a Tier-3 growing license on a 270,000 square feet facility.
As quoted in the press release:
GCL’s growing team is already on site and is preparing to start cultivation immediately. GCL will be planting 8,000 seedlings for its first cycle and its first harvest is expected in around 12 weeks. GCL is also commencing the expansion of its current growing facility in Montego Bay and is in late-stage negations for the acquisition of an additional 300 acres of land in Jamaica.
LGC is also pleased to announce that it has received conditional approval from the TSX Venture Exchange (“TSXV”) for its previously announced (see press release dated May 15, 2018) transaction with Global Canna Labs Ltd. Under the terms of the transaction, LGC will subscribe for a $2.5 million secured debenture, convertible into an initial 30 [percent] strategic interest in Global Canna Labs and will also acquire a 5 [percent] royalty on Global Canna Labs’ net sales for $2.0 million, payable in shares of LGC. The terms have not changed from the news release issued on May 15, 2018.