VANCOUVER, June 18, 2019 /CNW/ - Lotus Ventures Inc.'s (the "Company" or "Lotus") (CSE: J) (Frankfurt: LV9), AGM (the "Meeting") was held on June 14th and management's recommendations as presented in the Information Circular were adopted. In total, 32,667,294 or 39.5% of shares were voted. The meeting set the number of directors at five, appointed DeVisser Gray as auditor, confirmed acts and deeds of the previous board and approved the stock option incentive plan. Five directors were appointed, including Dale McClanaghan with 29,491,214 (90%) shares voting. The other directors, Jeff Tung, Simon Davie, Carl Correia and Maurice Creagh, were voted in the affirmative by 98% or more of votes cast.
The Lotus team looks forward to completing its first commercial harvest as a Licensed Producer, and the Company expects to update shareholders with new photos of the facility and production over the coming weeks, once the plants are flowering.
ON BEHALF OF THE BOARD Lotus Ventures Inc. "Dale McClanaghan" Dale McClanaghan, President and CEO
About Lotus Ventures Inc. Lotus Ventures Inc. (CSE:J) is an Okanagan-based licensed cannabis producer focused on constructing purpose-built facilities with proprietary processes. The Company's initial operation is a 22,500 square foot facility designed with state-of-the-art air filtering systems, precise environmental control and a horticulture program adhering to Good Production Practices (GPP). Lotus designed its facility concentrating on low production costs and high margin products.
Lotus currently holds a Standard Cultivation license and Sale for Medical Purposes license pursuant to the Cannabis Act and Cannabis Regulations. The licenses were obtained by Lotus on March 8, 2019, less than a month after submitting its Evidence Package to Health Canada, being one of the fastest in the industry to do so.
The Company recently launched its initial consumer-brand, 'Lotus Cannabis Co.' targeting the discerning cannabis connoisseur. With a seed library of over 200 strains to choose from, Lotus is set to grow only the best cannabis. The Company has an offtake agreement with Auxly Cannabis Group Inc. which gives Lotus the right to sell up to 50% of the initial facility's production.
Lotus' plant genetics along with its facility design, standard operating procedures, growing methods, and application support can be licensed to farmers and other licensed producers across Canada who see the value in cultivating premium products at low production costs.
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