TORONTO, July 30, 2018 /CNW/ - Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF) ("Aleafia") or (the "Company"), one of Canada's leading, vertically integrated medical cannabis companies with a unique patient-focused, healthcare solution, announced that it has closed its previously announced acquisition of a modern, fully automated 160,000 sq. ft. greenhouse in the Niagara Region.
Renovations at the facility are already underway, with the facility expected to be retrofitted and licensed before the end of 2018, with a first harvest expected in spring 2019. The facility will join Aleafia's existing licenced facility in Scugog, Ontario, which is expected to undergo a 150,000 sq. ft. expansion.
"This is a significant milestone in Aleafia's history. We made a commitment to increase production capacity to secure product for medical cannabis patients, and this acquisition is a large step towards following through on that commitment," said Aleafia's Chairman, Julian Fantino.
"Our top priority as a company has been to build an experienced team ready to see this project to fruition. This acquisition solidifies our position as one of Canada's leading medicinal cannabis companies and will realize long-term benefits for our patients and shareholders," said Aleafia's Chief Executive Officer, Geoff Benic.
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About Aleafia Health Inc.:
Aleafia is a leading, vertically integrated medical cannabis company with a unique focus on delivering quality patient care from "seed" to "sale." Aleafia is uniquely positioned with a singular focus on the medical cannabis market. The company operates the largest brick and mortar medicinal cannabis clinic network in Canada under the Canabo Medical Clinic brand, which is staffed by licensed, practicing physicians. Aleafia has obtained over 50,000 unique patients and maintains the largest medical cannabis patient data set in Canada. Aleafia's state of the art production facilities will allow for the production of high- quality strains at low cost. Aleafia's production will focus on securing the highest- quality medicinal product for its growing patient base.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of Aleafia Health's business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of Aleafia Health's business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company's common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE Aleafia Inc.
For further information: Media: Nicholas Bergamini - firstname.lastname@example.org - 647-819-0119; Investor Relations: Tyler M. Troup, Circadian Group, IR@aleafiainc.com - 1-866-950-8300