• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • NORTH AMERICA EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • NORTH AMERICA EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Cannabis Market
    Cannabis News
    Cannabis Stocks
    • Cannabis Market
    • Cannabis News
    • Cannabis Stocks
    cannabis investing

    Lotus Enters “Active Review” with Health Canada & Closes Cannabis Financing of $1 Million

    Hamza Ghaznavi
    Feb. 09, 2018 05:24AM PST
    Cannabis Investing News
    Cannabis Investing

    Lotus Ventures Inc (CSE:J) (the “Company”) announced today that its licensed producer application for its Armstrong, BC purpose-built indoor facility (the “Application”) under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) is currently in “active review”.

    Lotus Ventures Inc (CSE:J) (the “Company”) announced today that its licensed producer application for its Armstrong, BC purpose-built indoor facility (the “Application”) under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) is currently in “active review”. Following the successful completion of Health Canada’s paper review of the Application, the Company will be required to submit an evidence package demonstrating that the purpose-built indoor facility is a functioning facility that adheres to the ACMPR.

    In conjunction with this announcement, the Company is pleased to confirm that its partner, Cannabis Wheaton Income Corp. (“CBW”) has subscribed, by way of a private placement, for 1,818,181 units (each a “Unit”) in the capital of the Company at a price per Unit of $0.55 (the “Subscription”) for aggregate proceeds of $1,000,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one common share in the capital of the Company for a period of 36 months from the date of issue, at an exercise price of $1.00 per Warrant. Concurrently with the Subscription, the Company and CBW have amended and restated their original interim agreement to decrease the initial financial commitment of CBW by an aggregate amount of $1,000,000.

    “Both these announcements are material milestones for the company and our shareholders. We are very pleased to be working with CBW on our future expansion plans,” said Dale McClanaghan, CEO of Lotus Ventures, Inc.

    Hugo Alves, President of CBW, stated, “We want to congratulate our streaming partner Lotus on their progress towards licensing. We’re excited to invest in Lotus and we believe that they have a unique approach to indoor cultivation and a management team that can successfully scale up their operations.”

    ON BEHALF OF THE BOARD
    Lotus Ventures Inc.
    “Dale McClanaghan”
    Dale McClanaghan, President and CEO

    About Lotus Ventures, Inc.

    Lotus is a late stage licensed producer (“LP”) applicant under the ACMPR rules and regulations, in active review with Health Canada. The unique business model combines an upstream royalty financing model with CBW and a downstream licensing model with farmer/grower partners using Lotus technology and intellectual property. The first facility is currently under construction in Armstrong, B.C. It is a purpose built, “state of the art” indoor facility with proprietary processes. The company has previously announced its first farmer/grower partner with its second facility slated in Ontario. See our December 14, 2017 press release for more details. The Lotus approach enables a scalable and reliable low-cost, high quality production at our BC facilities and our national partners.

    For further information: Dale McClanaghan: dalemcclanaghan@gmail.com (604) 644-9844 or Daniel McRobert, Communications danielmcrobertt@gmail.com (604) 842-4625

    About Cannabis Wheaton Income Corp.

    CBW is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. CBW’s mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. CBW’s partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.

    cannabis wheatoncannabis wheaton incomecannabis investinglicensed producercanada
    The Conversation (0)

    Go Deeper

    AI Powered
    Cannabis Investing

    Cannabis Big News Roundup: CanadaBis Capital Acquires Retail Location; Lifestyle Delivery Systems Inc. to Amalgamate with TransCanna; BevCanna Awarded Health Canada Industrial Hemp Cultivation License

    Cannabis Weekly Round-Up: Constellation Ups Canopy Stake for C$245 Million

    Cannabis Weekly Round-Up: Constellation Ups Canopy Stake for C$245 Million

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Cannabis Investing News Stocks

    extractX

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×