VERNON, BC – True Leaf Medicine International Ltd. (“True Leaf”), a quality of life cannabis company for people and their pets, has completed the purchase of 40 acres of land that encompass the site of its facility in Lumby, British Columbia, Canada, through its wholly owned subsidiary True Leaf Medicine Inc.
The purchase was finalized on Jan.19, 2018, at a total cost of $3.3 million (CAD).
True Leaf, as previously announced, closed a $10 million Regulation A+ offering, and a concurrent $4 million non-brokered private placement financing with Canadian investors only. True Leaf is the first Canadian-listed company to conduct a successful Regulation A+ offering.
The company used a portion of the proceeds from the offerings to complete the purchase of the Lumby site. Additional offering proceeds will be used to build and staff phase one of the True Leaf facility, as well as provide working capital for the True Leaf Pet business.
True Leaf’s application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) has completed the security clearance stage, and the company has permission to build its production facility. At this time, True Leaf does not have a license to produce cannabis.
True Leaf expects the phase one construction of a 16,000 square foot hydroponic grow building and a 9,000 square foot building housing offices, an extraction facility, and laboratory and packaging areas, to be completed by the end of summer 2018 with a first crop produced in the fall of 2018. True Leaf’s first crop will be required to pass a Health Canada inspection in order for True Leaf to be granted a license to grow medicinal cannabis.
Commenting on this latest milestone, True Leaf Founder and Chief Executive Officer, Darcy Bomford, said, “The company is pleased with the completion of our offerings and the purchase of the land and we can move forward in our pursuit of growing what we hope will be the best quality medicinal cannabis in the world.”
True Leaf plans to become one of the main employers in Lumby, a logging community of 1,700 in the northeast corner of the Okanagan Valley in southern British Columbia.
