Lotus Ventures (the “Company”) (CSE:J) is approaching completion of its initial 22,500 square feet facility and anticipates submission of its evidence package in November. Design work and building permit drawings for the expansion of the facility by an additional 28,000 – 30,000 square feet is almost complete. The company will provide an update on the expansion budget, estimated capacity and timeline shortly after permit drawings are complete.
Lotus Ventures has retained IF Communications for assistance in the company’s packaging and branding of Lotus’ strains. The company executives and production staff including Head Grower and First Grower identified the groups dedication to reliable production of premium cannabis products. The company is well aware of the North Okanagan’s tradition of producing top-quality medical and recreational marijuana, and in a wide variety of specialized strains.
The Lotus brand approach will express the enhancement of plant health and growing conditions through authentic cultivation processes, and the best technology on environmental and sanitation controls. These technologies also enable low production costs for a premium product.
Further to the news release of October 15, 2018, the company has closed a third tranche of its non-brokered private placement financing by issuance of 2,800,000 units at a price of $0.25 per unit for gross proceeds of $700,000. Each unit consists of one common share and one transferrable share purchase warrant, each warrant exercisable to purchase one common share at $0.30 per share for five years. Securities issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities law. Total proceeds from the placement, announced Sept. 11, 2018, was an aggregate of $2,815,000 and 11,260,000 units issued. The proceeds from the Offering will be used for working capital and general corporate purposes.
ON BEHALF OF THE BOARD
Lotus Ventures Inc.
Dale McClanaghan, President and CEO
This news release may contain certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projection contained in the forward-looking information throughout this news release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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