LGC Capital (TSXV:LG) announced the documentation of its Global Canna Labs Limited transaction was completed in Kingston, Jamaica.
As quoted in the press release:
The signed contracts provide for LGC subscribing for a $2.5 million secured debenture, convertible into an initial 30% strategic interest in Global Canna Labs and to also acquire a 5 [percent] royalty on Global Canna Labs’ net sales for $2.0 million, payable in shares of LGC.
The Jamaican Cannabis Licencing Authority has passed the site inspection for Global Canna Labs’ initial 6.2 acre Montego Bay facility for its Cultivator’s Licence (Tier 3) (over 5 acres), one of the few large acreage projects in Jamaica.
The construction of the first 27,000 square feet of secured greenhouse growing space has been completed and all materials are now on site to commence construction of the next 28,000 square feet of greenhouses. The second phase of greenhouse construction is scheduled to commence in the next two weeks. The drying facilities and packaging and processing areas is currently under construction.