MONTREAL, Jan. 5, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") wishes to comment on the directive issued yesterday by the United States Justice Department that will allow the enforcement of U.S. federal marijuana laws in those states that have legalized cannabis.
John McMullen, CEO of LGC stated: "As a Canadian, I have full respect for the United States Government. Yesterday's directive by the U.S. Justice Department will unfold over time. That being said, I wish to remind our shareholders that LGC expressly has no current, nor expects to have, commitments to any cannabis investments in the United States. LGC's portfolio is comprised only of investments in jurisdictions worldwide in which cannabis is or will shortly be legal, excluding the United States.
We as an executive team and Board realize the future importance of medical cannabis products for the global consumer. Through our investment in Little Green Pharma, we are pleased with the recent decision of the Australian government to consider global export.
LGC also looks forward to the Canadian Government's expansion of its legislative mandate to legalize cannabis further with the approval for recreational consumption. LGC's pending investment in Quebec is both exciting and, we believe, will add to our potential returns.
We at LGC believe proudly in our direction and will diligently continue forward with our partners in Australia, Canada and Switzerland. Our partners in Southern Africa continue to excel in their goals as well. We recognize the potential for Southern Africa to grow and supply a large percentage of the world's high-quality cannabis demand.
The global cannabis market is expected to reach at approximately $70 - $75 billion by 2025 and there are consumers who demand quality products. We are excited about LGC's potential to deliver to those people.
We will update our shareholders and the markets in a timely manner as we deliver on our global mandates outside of the United States."
About LGC Capital Ltd. (www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services.
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC"), its operations, strategy, investments, financial performance and condition, and the Investment Agreement referred to above. 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 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, 2016, 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 LGC has no obligation to update such statements, except to the extent required by applicable securities laws.
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SOURCE LGC Capital Ltd
For further information: John McMullen, Chief Executive Officer, Tel.: (416) 803-0698, Email: [email protected]; London contact: Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations: Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: [email protected]