07:07:49 EDT Sun 21 Jul 2024
Enter Symbol
or Name

Lotus Ventures Inc
Symbol J
Shares Issued 55,555,750
Close 2018-02-08 C$ 0.56
Market Cap C$ 31,111,220
Recent Sedar Documents

Lotus Ventures' LP application in active review

2018-02-08 20:44 ET - News Release

Mr. Dale McClanaghan reports


Lotus Ventures Inc.'s licensed producer application for its Armstrong, B.C., purpose-built indoor facility under the Access to Cannabis for Medical Purposes Regulations (ACMPR) is currently in active review. Following the successful completion of Health Canada's paper review of the application, the company will be required to submit an evidence package demonstrating that the purpose-built indoor facility is a functioning facility that adheres to the ACMPR.

In conjunction with this announcement, the company is pleased to confirm that its partner, Cannabis Wheaton Income Corp. (CBW), has subscribed, by way of a private placement, for 1,818,181 units in the capital of the company at a price per unit of 55 cents for aggregate proceeds of $1-million. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant is exercisable into one common share in the capital of the company for a period of 36 months from the date of issue, at an exercise price of $1 per warrant. Concurrently with the subscription, the company and CBW have amended and restated their original interim agreement to decrease the initial financial commitment of CBW by an aggregate amount of $1-million.

"Both these announcements are material milestones for the company and our shareholders. We are very pleased to be working with CBW on our future expansion plans," said Dale McClanaghan, chief executive officer of Lotus Ventures.

Hugo Alves, president of CBW, stated: "We want to congratulate our streaming partner Lotus on their progress towards licensing. We're excited to invest in Lotus, and we believe that they have a unique approach to indoor cultivation and a management team that can successfully scale up their operations."

About Lotus Ventures Inc.

Lotus is a late-stage licensed producer (LP) applicant under the ACMPR rules and regulations, in active review with Health Canada. The unique business model combines an upstream royalty financing model with CBW and a downstream licensing model with farmer/grower partners using Lotus technology and intellectual property. The first facility is currently under construction in Armstrong, B.C. The company has previously announced its first farmer/grower partner with its second facility slated in Ontario.

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