CALGARY, Alberta, Oct. 31, 2019 (GLOBE NEWSWIRE) — Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”) (NEO: MGW, OTCQX: MGWFF) is pleased to provide the following Corporate update:
California – Hemp Seed Cultivation
The Company is preparing the two greenhouses at its Riverside, California facility to start cultivating Hemp for CBD enriched Seed production as a starting point for the Company’s Hemp Cultivation initiative announced in its August 29, 2019 press release. The two greenhouses are in good operational condition and can start up the Hemp Seed cultivation program immediately with some minor adjustments. The two greenhouses provide about 6,000 sq. ft indoor space to produce about 350 pounds of CBD enriched Seeds every 2 months. The Company has also planned to install 2 to 4 more greenhouses once the cultivation in these 2 green houses are underway, and to utilize the remaining open space of the 20 acres land to grow Hemp outdoor starting in the summertime of 2020.
The Hemp Seed produced will be either sold to the Lin International as announced in the September 17, 2019 press release or to any customers across U.S.A. The current average selling price for CBD enriched Hemp Seed in U.S.A. is about US$3,500 a pound.
Telkwa, B.C. Facility – Financing
The Company has retained Helixx Enterprises Ltd (“Helixx”) exclusively to secure a debt financing for completing its Telkwa facility and acquisition of Woodmere Nursery Ltd. The amount of financing is up to a maximum 70% cost or 65% of total appraised value, whichever is lower, estimated at CAD$11,200,000. Helixx has already couple lenders interested in doing the deal.
Helixx is an advisory and consulting group that partners with boutique investment banks across Canada to offer a wide range of financial solutions and strategies. Helixx has formed a strategic partnership with Cambio Merchant Capital (“Cambio“), a prominent boutique merchant bank in Alberta, to further leverage their combined expertise and extensive network. Cambio has a wealth of expertise in the unique strategic, operational, and financial issues that their clients face. The firm’s professionals leverage this experience to create a hands-on, tailored approach to each client engagement, its reputation is built on execution, creativity, and professionalism. Their website is https://www.cambiocapital.com/home.html
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 has cannabis projects in British Columbia and California. With over 10 years of extensive greenhouse management experience, the Company applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free cannabis products. Maple Leaf’s long-term objective is to produce cannabis oil and to export its products to approved countries. The Company’s common shares are listed for trading on the Aequitas NEO Exchange Inc. under the symbol “MGW” and on the OTCQX market under the symbol “MGWFF.”
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning: the Proposed Transaction and the timing thereof; When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company that include, but are not limited to, the timely receipt of all required regulatory and third-party approvals, including approvals from NEO and from the shareholders of Maple Leaf. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including approvals from NEO and from the shareholders of Maple Leaf, not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form (“AIF”) for the year ended December 31, 2018 and management’s discussion and analysis (“MD&A”) thereof for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company’s profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
For further information, please contact:
Maple Leaf Green World Inc.
Raymond Lai, Chairman, President & CEO
Garnet Paton, I.R. Manager