VANCOUVER, Sept. 14, 2018 /CNW/ - PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), announces that the Company is proceeding with the 2.2 million square foot greenhouse project located in Delta, British Columbia (the "Project") which was announced on June 29, 2018. The Company has been in discussions with potential financiers regarding financing of the Project, is in the process of finalizing sublease, management and shareholder agreements related to the Project, and has completed several site tours of the facility.
In conjunction with the Project, the Company plans to issue up to 4,000,000 common shares of the Company (the "Shares") for services to key personnel including related parties assisting with the Project. The Shares will be issued in tranches, with up to 2,000,000 Shares to be issued next week and up to 2,000,000 Shares to be issued on execution of the outstanding agreements related to the Project. The deemed value of the Shares will be determined by the closing market price on the day preceding the issuance of the Shares.
Additionally, the Company has paid a $1,500,000 deposit on the Project and has spent an additional $200,000 for the hiring of security personnel for the property.
The Company is also in discussions with various tissue culture experts and have shortlisted certain experts for potential partnerships.
About the Company
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies: AAA Heidelberg and Solaris Nutraceuticals Pty Ltd., and is actively pursuing other opportunities within the industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., a private Ontario company and advanced applicant for an ACMPR license. Solaris Nutraceuticals is building one of the largest medical cannabis greenhouses. For more information please visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.