MONTREAL, Aug. 15, 2018 /CNW Telbec/ - Continuing its theme of aggressive growth in the legal global cannabis market, LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to announce that Viridi Unit SA ("Viridi") of Switzerland has received a Letter of Intent (LOI) to buy an initial quantity of 500kg of specially cultivated dry cannabis from Viridi's Swiss growing facilities in Geneva, Switzerland.
The LOI calls for the initial supply of 500kg of compliant dry flowers and also expresses further interest for the supply of 200kg per month over the following year. It is envisaged that this initial order will be delivered in November 2018 from the current Geneva crop, which is due to have first harvest in mid-October.
Viridi currently has 20,000 plants growing at its Geneva cultivation operations, consisting of 108,000 square feet of canopy in hoophouses and greenhouses, and these plants are expected to yield about 3,000 kg of dried cannabis from this current crop.
Mazen Hadad, Co-Chairman of LGC stated, "This new order just received by Swiss based Viridi, more than validates why LGC is in investing in this fast-growing business in the heart of Europe, where LGC sees some of the biggest growth in the legal cannabis market."
Mathieu Marcoulides, CEO of VIRIDI stated, "This LOI shows again how fast the European market is progressing, and how important the Swiss-made label is."
LGC announced a transaction on July 30th, 2018, by which LGC is to acquire a 30% interest in Viridi and a 5% lifetime royalty on Viridi's net sales. Refer to LGC's press release dated July 30th, 2018 for full details on the transaction. This transaction is subject to TSXV approval.
LGC Capital is a leading investment firm with a focus on the Legal Global Cannabis market. Through its portfolio investment companies, LGC is building a world-leading, vertically integrated system of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets. LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG).
FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and Global Canna Labs (GCL), and their respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and GCL could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor GCL has any obligation to update such statements, except to the extent required by applicable securities laws.
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SOURCE LGC Capital Ltd
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