Beleave Granted Building Permit for Upcoming London Expansion
TORONTO, April 5, 2019 /CNW/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is pleased to announce that it has received a Building Permit and moved forward in the Health Canada Licensing process for its facility in London, Ontario.
In September 2018, Beleave purchased the existing 250,000 sq. ft. greenhouse facility and has since been developing the property. This includes the installation of 10 megawatts of electrical capacity fully serviced by London Hydro, HVAC, equipment, and site engineering exceeding industry standards.
Beleave has invested roughly $8 million in the property to date and, once completed as expected later this year, will provide an additional 115,000 sq. ft. of greenhouse grow space and 11,600 sq. ft. of indoor grow space.
The 85-acre London property is home to 15 acres of outdoor land specifically allocated to cultivation, which is more cost-effective and produces product with higher margins while maintaining quality controls.
In addition, Beleave has been pursuing its license from Health Canada and was notified that it is now at the review and security clearance stage, to be followed by the confirmation of readiness.
The building permit was granted by the City of London April 1, 2019. Health Canada notified the company of its progress on April 2, 2019.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully-licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused powder products for 2019 as the recreational market is expected to allow for food and beverage-based cannabis products. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner. Through its majority ownership of Procannmed S.A.S., Beleave is fully licensed to cultivate, produce, and extract medical cannabis in Colombia positioning it to capitalize on exports and the expanding Latin American market. The Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
SOURCE Beleave Inc.