(TSX-V: MGW, OTCQB:MGWFF)
Jan. 30, 2017 –$0.69
CALGARY, Jan. 30, 2017 /CNW/ - Maple Leaf Green World (MGW-V) ("Maple Leaf" or the "Company") is pleased to announce that the Company has entered into a formal purchase agreement with the owner of a vacant site comprising approximately four (4) acres of land in Henderson, Nevada. This new site is twice as large as the old site Maple Leaf was initially seeking to acquire and the purchase price of USD $875,000 is less than 50% of the asking price for the old site originally targeted by the Company and it is only 2 blocks away from the old site. The increased size of the new site also provides room for future expansion to a larger facility than the 33,500 square foot building contemplated by the existing cultivation permit (the "Permit") held by BioNeva Innovations of Henderson LLC ("BioNeva"). In addition, management believes the close proximity of this new site to the old site originally used by BioNeva to obtain the Permit increases the likelihood that the City of Henderson will approve the transfer of the Permit to this new site. The Company intends to seek preliminary approval for the Permit transfer before closing the land purchase. Once the land purchase is completed and while Maple Leaf is waiting for formal approval of such transfer, Maple Leaf will complete its acquisition of the Permit through the purchase of 100% of the shares of BioNeva. The Company believes the substantially lower cost of its new site in Henderson, together with the larger area for potential expansion of its planned facility, will more than offset the additional time associated with the transfer of the Permit and will also significantly enhance the future profitability of its Nevada operations.
For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a public Canadian company that focuses on the cannabis industry in North America. 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. The Company is currently involved in three cannabis projects:
- Canada – The Company has applied for an ACMPR license for an 80,000 sq ft greenhouse complex in B.C. in August 2014 and is now in Stage 5 (Review) with Health Canada.
- California – The Company is in a joint venture with a Non- Profit Co-Op to cultivate cannabis for its members. The Company owns 20 acres of land and has 2 greenhouses in production since September 2016. The site on which the joint venture operates has capacity for additional greenhouses. Maple Leaf is also applying for a cultivation license in the San Diego area.
- Nevada – The Company is in the process of acquiring a cultivation permit for a 33,500 sq ft facility from an existing licensee and has plans for a facility operating in the city of Henderson, 15 miles from Las Vegas.
Maple Leaf's long-term objective is to produce cannabis oil and export its products to approved countries.
Neither the TSX Venture Exchange or 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.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may", "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.
Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the marijuana industry and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf's operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.
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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