Maple Leaf Green World (MGW-V) is pleased to announce that the Company and BioNeva Innovations of Henderson LLC (“BioNeva“) have agreed to extend the term of their previously announced Letter of Intent (“LOI“) regarding the purchase of a Nevada cultivation permit (the “Permit“) from BioNeva to January 16, 2017. See the Company’s news release dated November 8, 2016.
The LOI extension is necessary to give Maple Leaf sufficient time to complete the purchase of a suitable site in Henderson, Nevada, which is required, under Nevada law, for the transfer of the Permit to the Company. To accelerate the transfer process, Maple Leaf has elected to acquire an existing warehouse property in Henderson (the “Target Site“) rather than construct a new building. The Company is currently preparing a formal offer to acquire the Target Site. If its offer is accepted, Maple Leaf will then submit an application to Henderson City Council for approval of the transfer of the Permit. Provided such approval is obtained, usually within 30 days and all other conditions to the transaction with BioNeva are satisfied, the Company or its nominee will become the legal owner of the Permit and renovation at the Target Site will commence immediately.
Currently, there are only about 100 cultivation permits which are operational in the State of Nevada. The Company understands that state authorities do not intend to issue additional cultivation permits until they are satisfied the cannabis market’s demand-supply balance has been tilted by strong demand. As a result, management of the Company believes its potential acquisition of the Permit will add significant shareholder value.
With regard to the recent trading activity in the Company’s shares, management confirms that it is not aware of any undisclosed developments that would account for such activity.
For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a Canadian company that focuses on the cannabis industry in North America. With over 10 years extensive greenhouse management experience, it applies its eco- agriculture knowledge and cultivation technology to produce contaminant free organic cannabis products . The Company is currently involved in three cannabis projects:
- Canada – The Company has applied for a ACMPR license for a 80,000 sq ft greenhouse complex in B.C. in August 2014 and has been in Stage 4 (Security Clearance) with Health Canada since December 2015.
- California – The Company is in a joint venture with a Non- Profit Co-Op to cultivate cannabis for its members. The Company owns 20 acres of land and has 2 greenhouses in production since September 2016. The site on which the joint venture operates has capacity for additional greenhouses. Maple Leaf is also in the process of applying for a cultivation license in San Diego area.
- Nevada – The Company is in the process to acquire a cultivation permit for a 33,500 sq ft facility from an existing licensee and has plans for a facility operating in the city of Henderson, 15 miles from Las Vegas.
Maple Leaf’s long term objective is to produce cannabis oil and export its products to approved countries.
Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as “anticipate”, “could”, “expect”, “seek”, “may” “intend”, “will”, “believe”, “should”, “project”, “forecast”, “plan” and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute “forward-looking statements” and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.
Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the marijuana industry and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf’s business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf’s operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf’s ability to attract and retain qualified personnel. Maple Leaf’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.