05:49:35 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



True Leaf Medicine International Ltd
Symbol MJ
Shares Issued 95,269,059
Close 2018-05-03 C$ 0.55
Market Cap C$ 52,397,982
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True Leaf expects to complete cannabis facility in fall

2018-05-03 09:25 ET - News Release

Mr. Darcy Bomford reports

CONSTRUCTION WELL UNDERWAY AT TRUE LEAF CANNABIS CULTIVATION FACILITY

True Leaf Medicine International Ltd.'s construction of its cannabis cultivation facility, currently being built in Lumby, B.C., is well under way and is on schedule to be completed by fall 2018.

The first phase of the project is planned to include a 9,000-square-foot building for the initial grow area, laboratory services, whole-plant extraction and production of therapeutic cannabis products, plus a 16,000-square-foot cannabis cultivation facility. Together, the facilities will be known as True Leaf Campus, a hub for the development of the company's medicinal cannabis products.

A development permit was submitted and approved, and a building permit has been submitted. The existing structure on the site has been demolished and the excavation work and site grading are complete. The concrete for the foundation is being poured and the steel is being shipped to the site which aligns with the company's timeline to erect the building in mid-May.

"With construction well under way at True Leaf Campus, True Leaf is getting closer to its inspection by Health Canada and the final milestone of receiving our licence to produce and sell cannabis," said Darcy Bomford, founder and chief executive officer of True Leaf. "In conjunction with our build, we are also assembling a world-class team to help develop our medicinal cannabis products and bring a whole range of plant-based wellness products to market."

The project is expected to employ approximately 150 workers during construction and create 35 full and part-time jobs at the start of operations. True Leaf seeks to become a major employer in Lumby, a hard-hit logging community of 1,700 in the northeast corner of the Okanagan Valley.

The facility is being built on a 40-acre site owned by True Leaf, so the company is well positioned to expand to meet future market demands.

About True Leaf Medicine International Ltd.

True Leaf is a purpose-driven, plant-based health care company for people and their pets. Founded in 2013, True Leaf has two main operating divisions: True Leaf Medicine Inc. and True Leaf Pet Inc. The company's goal is to provide federally approved medicinal cannabis products that will be sold across Canada and the United States.

We seek Safe Harbor.

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