MedReleaf Corporation (TSX: LEAF) has announced the purchase of a 1 million sq. ft. greenhouse cultivation facility in Ontario, Canada. The acquired property already has the necessary infrastructure built out and also, adds to MedReleafs growing cannabis operations within Canada.
The 69 acre property, called the Exeter Facility, and 95 acres of adjacent land was acquired for $21.5 million in cash and 225,083 common shares of MedReleaf stock. The new facility has the capacity to produce 105,000 kg of cannabis a year, bringing the total capacity for MedReleafs output to surpass 140,000 kg of cannabis annually. The purchased additional 95 adjacent acres of land has the ability to accommodate a greenhouse facility almost twice the size of the Exeter Facility.
The company is fully funded to complete the Exeter Facility’s existing one million square feet of greenhouse, a new processing building, general site infrastructure upgrades, and site security. The newly aquired greenhouse will incorporate state-of-the-art technology, supplemental lighting, irrigation, and fully automated growing systems.
You may be interested
California Based Edible Company Signs LOI For the Chance to Go Public in CanadaEditor - June 20, 2018
The Bhang Corporation, a privately-held cannabis edible and accessory company with operations out of California, has entered into a LOI (letter of intent) with Canadian public company…
Portugal’s Parliament Legalizes Cannabis as a Prescribed Medicine for PatientsEditor - June 19, 2018
Last week, Portugal's Parliament voted upon the right for its citizens to receive and gain prescriptions to cannabis-based medicines from their doctor. The move is expected to help…