TORONTO, Sept. 20, 2018 /CNW/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is excited to announce that is has entered into a partnership with Kannavis Biotech Corp. ("Kannavis") to invest, build and operate 867,000 square feet of indoor growing space in British Columbia in preparation for the anticipated demand for cannabis in the Canadian and International marketplace.
The ambitious new project, jointly-designed by Beleave and Kannavis, will encompass a total of ten indoor growing facilities, approximately 87,000 square feet each, divided between two regions; one in Chilliwack, and nine in Abbotsford. Once construction is complete, both companies will share the operational and day-to-day expenses, with Kannavis assuming sole responsibility for the initial capital expenditures required to build the facilities.
Phase one of the development will begin with the construction of two facilities, one in each city, and is already underway. Both facilities are expected to be completed in mid-2019, with an annual projected capacity of 13,500 kg of dry flower each. The remaining eight facilities, planned for phase two of the development, are expected to commence construction in late 2019 bringing the total annual capacity of the Abbotsford site to 121,500 kg.
The new facilities feature an indoor system capable of precisely controlling the internal environment and growing conditions. This allows Beleave to maintain its industry-leading high-yields of 475 grams per square foot annually, while keeping overhead costs low.
"Our British Columbia project will give Beleave the indoor capacity in the province to supply our established distribution channels, and enhance our ability to meet the need for high quality and diverse strains across Canada and international markets," said Andrew Wnek, Beleave CEO. "B.C. has a rich reputation with respect to cannabis agriculture, and we're excited to be growing in a province with such a strong tradition. I want to thank our hard-working staff and partners for all their efforts to make this project a success."
The Company continues to operate its facility in Hamilton that houses high-efficiency extraction, R&D, product development and cultivation of cannabis and cannabis derived products. The facility's 80,000 square foot expansion will proceed as planned once final permits are granted. In the meantime, the site continues to be the hub of operations for extraction, packaging, and distribution.
"We have taken strategic steps to ensure that reliable, high-quality product is readily available for sale this October across all of our growing distribution channels," said Bojan Krasic, Beleave CFO. "As we await permitting to finalize the expansion of the Hamilton facility, we will continue to produce product out of that property to support early sales efforts. Earlier this month we announced the acquisition of additional land and greenhouse space in London, Ontario which will bring yields in early 2019. With today's announcement, we are adding hundreds of thousands of square feet of superior indoor grow space to our portfolio of properties. This strengthens our overall stance when measured against our larger peers."
ABOUT BELEAVE INC.
Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that operates streamlined facilities throughout Canada to cultivate high-quality cannabis flower, oil, and extracts with funded capacity in excess of 150,000 kg per year.
Fully-licensed to cultivate and sell medical and recreational cannabis, Beleave is leading the way through research partnerships with universities to bridge the gap between science and tradition and to develop pharma-grade extracts and derivatives. Beleave is currently developing new product lines for October 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.
Beleave is growing its storefront and online sales presence rapidly through its wholly-owned subsidiaries, Beleave Kannabis Corp. and Seven Oaks, which are licensed for medicinal and recreational sales respectively. The company's first retail location is opening this fall in Llyodminster, Saskatchewan. Beleave has also 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 has access to 27 hectares of outdoor grow space and is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market.
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 speak 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.
For further information: Investor Relations Contact: Richard Oyelowo, Phone : 1 (833) 375 - 9995, Email : [email protected]; Media Relations Contact : Grant McLeod, SVP, Regulatory Affairs and General Counsel, Phone : (416) 910 - 3401, Email : [email protected]