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.