(TSX-V: MGW, OTCQB: MGWFF)
CALGARY, June 20, 2017 /CNW/ - Maple Leaf Green World Inc. (TSXV: MGW) ("Maple Leaf" or the "Company") is pleased to provide the following update of its California and Nevada cannabis operations.
Maple Leaf has completed the purchase of four (4) acres of industrial land in the City of Henderson, Nevada (the "Nevada Facility") as announced on January 30, 2017. Management expects to make a formal application to the City of Henderson in early July after the architectural blueprint has been prepared by Paramount Structures Inc. for the Nevada Facility. The Nevada Facility satisfies the minimum separation standards for protected uses of the City of Henderson, and has met the applicable preliminary requirements for a Medical Marijuana Establishment – Cultivation Facility as previously announced on February 22, 2017. Management of the Company expects that the transfer of an existing cultivation permit held by BioNeva Innovations of Henderson, LLC (the "Permit") to MGW will be approved by the special committee of the City of Henderson, and that the Company will be notified of approval after the special committee meeting in early July, 2017. Upon approval of the Permit, pre-fabrication of the 20,000 sq. ft. Nevada Facility is expected to commence and the installation of the on-site modular building is expected to be completed by year end.
Maple Leaf is preparing for expansion of the Company's greenhouse facility site in Southern California (the "California Facility") by ordering a modular home to be installed. The California Facility will benefit from the modular home installation to house additional staff required by the expansion plan.
Maple Leaf is also in the process of acquiring land in San Bernardino County in order to apply for a medical cannabis cultivation permit. This is part of Maple Leaf's expansion plan as the Company awaits for the legalization of medical cannabis cultivation facilities in San Diego County. The Company will not cultivate any medical cannabis in San Bernardino until all requisite regulatory approvals have been obtained.
The Company's joint venture non-profit co-operative in California also reported that they have realized revenue of approximately US$220,000 from last year. The harvesting of the first crop of medical cannabis for 2017 is currently underway. Details of the harvesting and the cultivation plan for the rest of this year will be announced later when information is available.
For further information regarding Maple Leaf Green World Inc., please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company currently operates 3 cannabis projects in British Columbia, California, and Nevada. With over 10 years of extensive greenhouse management experience, it applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leaf's long-term objective is to produce cannabis oil and export its products to approved countries.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Specifically, this press release includes, but is not limited to, forward-looking statements with respect to the expected benefits of the Company's medical cannabis operations in Nevada and California, anticipated approvals of the Company's application for a transfer of the Permit and the timing thereof, and the anticipated expansion plans of the Company. Generally, forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the development and operation of the Company's projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical cannabis, inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favourable terms, the medical cannabis industry in Canada and the jurisdictions where the Company operates generally, income tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from governmental authorities, and those factors discussed in the sections relating to risk factors of our business filed in the Company's required securities filings on SEDAR. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. The statements in this press release are made as of the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Maple Leaf Green World Inc.
For further information: Maple Leaf Green World Inc., Raymond Lai, Chairman, President & CEO, +1(403) 452-4552, +1(403) 452-6900, [email protected], www.mlgreenworld.com