LGC Capital (TSXV:LG) announced it agreed to extend the closing date of a transaction with Global Canna Labs Limited to March 2018.
As quoted in the press release:
LGC’s due diligence having been successfully completed, the extension is required in order to establish the appropriate ownership structure for LGC in the context of foreign ownership requirements of Jamaican law. The parties are working towards finalization of the debenture and security documentation, which must be in compliance with Jamaican law.
Global Canna Labs has advised LGC that it has received approval from the Jamaican Ministry of Health for the registering of a “List 4” class of drug for a full spectrum of CBD oils for medical consumption. Global Canna Labs has also advised LGC that all the irrigation for its greenhouses in Montego Bay, Jamaica is in place and that greenhouse coverings for phase one construction are being installed this week.