Maple Leaf Provides an Update on its American Medical Cannabis Operations
Maple Leaf Provides an Update on its American Medical Cannabis Operations
Published: Jan 24, 2018 8:00 a.m. ET
CALGARY, ALBERTA, Jan 24, 2018 (Marketwired via COMTEX) -- CALGARY, ALBERTA--(Marketwired - Jan. 24, 2018) - Maple Leaf Green World Inc. ("Maple Leaf" or the "Company") (MGW)(otcqb:MGWFF) is pleased to provide the following update on its Nevada and California medical cannabis operations.
The Company through its Nevada subsidiary, SSGW LLC ("SSGW"), has completed the purchase of all of the ownership interests in BioNeva Innovations of Henderson LLC ("BioNeva") and all of the ownership interest in the Nevada Medical Marijuana Registration Certificate C115. In accordance with the terms of the transaction, the previous holders of the ownership interest of BioNeva assigned their interest to Mr. Daniel Larkin, a newly appointed director of Maple Leaf as per below, who in turn will transfer one hundred percent of the ownership interest and related licenses to SSGW in accordance with the terms of a Confession of Judgment. BioNeva previously obtained conditional approvals for obtaining a Medical Marijuana Establishment - Cultivation Facility - Class V (Cultivation) business license (the "Cultivation License") in the City of Henderson, Nevada. Maple Leaf, through its Nevada subsidiary, SSGW, has now acquired its first existing cannabis cultivation permit.
BioNeva previously received conditional approvals from the City of Henderson to transfer the Cultivation License from its previous location at 585 North Gibson Road, Henderson, Nevada 89011 to the Company's newly acquired property located on four (4) acres of industrial land, located at 2000 Burns Road, Henderson, Nevada 89011 (the "Proposed Site"). SSGW is currently applying for the building permit from the City of Henderson. Upon receipt of the building permit from the City of Henderson, SSGW will begin the process of construction on the Proposed Site, which is to be a 20,000 sq. ft. facility. The Company expects to speed up the construction by utilizing the same efficient structural insulated panel technology to be employed at the Company's proposed Canadian cannabis cultivation facility located in Telkwa, British Columbia, Canada, which is currently under construction. Maple Leaf anticipates the Proposed Site in the City of Henderson, Nevada to be completed and operational in the summer of 2018.
As part of the purchase of all of the ownership interests in BioNeva, the Company is also pleased to announce the appointment of Mr. Daniel Larkin as a director of the Company. Mr. Larkin is one of the founders of BioNeva, and is also involved in several other cannabis consulting companies. Mr. Larkin possesses extensive experience in the cannabis industry. Mr. Larkin will play an important role in the Company's operations in Nevada.
The Company through its California subsidiary, Golden State Green World LLC ("GSGW"), has terminated the leasing and consulting agreements with Emerald Farm Collective ("Emerald"), effective January 1, 2018. GSGW and Emerald have mutually agreed to allow Emerald to harvest its last crops before shutting down operations at GSGW's wholly-owned facility located in Riverside County. GSGW and Emerald have further agreed that final reconciliations surrounding the outstanding leasing and consulting fees owed to GSGW by Emerald may be offset against potential services that Emerald would provide to GSGW in identifying and establishing a second location in California to apply for a license for both medical and recreational cannabis cultivation and sales, under the new California cannabis regulations effective as of January 1, 2018.
GSGW will continue to own the land and greenhouse facilities in Riverside County for future development purposes and for the result of the public referendum on legalizing commercial cannabis operations to be held in 2018 by Riverside County. The Company hopes to expand its California operations by establishing further licensed cannabis cultivation facilities.
For further information regarding the Company, please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company currently operates three cannabis projects in British Columbia, California, and Nevada. With over ten years of extensive greenhouse management experience, the Company applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leaf's long-term objective is to produce cannabis oil and to export its products to approved countries. The Company's common shares are listed for trading on the TSX Venture Exchange under the symbol "MGW" and on the OTCQB market under the symbol "MGWFF".
This press release includes certain statements and information that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking information relates to future events about Maple Leaf's intended business plans and operations. All information other than historical fact may constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" or "budgeted", "scheduled", "estimates", "projects", "intends", "proposes", "complete", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the development and operation of the Company's projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical and recreational cannabis, inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms, the medical and recreational cannabis industry in Canada and the United States of America and the jurisdictions where the Company operates generally, income and sales tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from municipal, provincial, county, state, and federal regulatory bodies in Canada and the United States of America. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed, planned, or intended. Accordingly, such list of factors are not exhaustive. Additional information on these and other factors which could affect the Company's operations and financial results are discussed in the sections relating to risk factors of the business filed in the Company's required securities filings with applicable securities commissions or other securities regulatory authorities and which may be accessed through the SEDAR website (www.sedar.com).
Specifically, this press release includes, but is not limited to, forward-looking information with respect to the Proposed Site, the construction of the Proposed Site and the projected timelines thereof, and the anticipated completion of the Proposed Site and matters relating thereto. Forward-looking information necessarily involves both known and unknown risks and uncertainties that could cause actual result to differ materially from those anticipated, including, but not limited to failure to obtain the requisite approvals for the Proposed Site, the construction of the Proposed Site, or any combination or all of the foregoing, and failure to obtain the requisite governmental approvals, and failure to obtain any regulatory, stock exchange, or other required approvals.
Although, the Company believes that expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that any forward-looking information will prove accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information contained in this press release or that is incorporated by reference herein, whether as a result of new information, future events or results or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor 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.
Maple Leaf Green World Inc. Raymond Lai Chairman, President & CEO +1(403) 452-4552 or +1(403) 452-6900 email@example.com www.mlgreenworld.com Big Reach Media, Inc. (Investor Relations) Dale Shirley Phone: (780) 632-6963 Mobile: (780) 964-4732 firstname.lastname@example.org www.bigreachmedia.com
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