- City
View Green Holdings is completing the construction of a 40,000-square-foot
cannabis cultivation facility in the Toronto-area following an all-clear
notice from Health Canada under its new licensing regulations
- City
View began trading on the Canadian Stock Exchange in March and has
recently cleared more than half a million dollars in debt as part of
efforts to strengthen its financial profile
- The company
expects its 19.9 percent stake in Canadian retailer Budd Hutt to provide
it with an avenue for gaining shelf space in Alberta and for other retail
opportunities across the country
- CVGR’s
fledgling operation has the benefit of an experienced leadership team,
including a CEO with decades of sales and leadership experience in the
alcoholic beverage industry and a master grower who co-founded a TSX
Venture Exchange-listed cannabis firm
- The
cannabis industry is expected to achieve $66.3 billion in sales by the end
of 2025
Vertically integrated cannabis company City View Green Holdings Inc. (CSE: CVGR) is pressing
forward with its efforts to establish strong operational and financial
resources for its green seed-to-retail strategy, building on recent
budget-strengthening developments as it completes a 40,000-square-foot
cultivation facility near Toronto for a pharmaceutical-grade crop.
City View Green Holdings announced July 24 that it had
negotiated the settlement of $580,019 in debt with arm’s length creditors in
exchange for an established number of shares at differentiated values. It also
detailed negotiated terms for a sale and leaseback transaction related to its
Toronto-area property in Brantford, Ontario, and for consultancy services, in
exchange for warrants to purchase additional shares and other stock
options (http://ibn.fm/s0M85).
CVGR expects to complete buildout at the Brantford facility
during the coming months and to position itself for growing, extraction,
production and retail services targeting the extract market and, once
legalized, edibles, distillates and water-soluble products for the
cannabis-infused beverage market. The company’s 19.9 percent stake in Canadian
retail outlet Budd Hutt Inc. grants it a channel of opportunity for securing
shelf space in Alberta and other retail opportunities across the country.
Budd Hutt has entered an agreement to acquire eight
pre-license retail cannabis store locations in the Alberta market, all of which
have the appropriate regulatory approvals in place except for pending approval
from Alberta Gaming, Liquour and Cannabis (http://ibn.fm/TPMLC).
Health Canada has granted City View Green the go-ahead to
continue building up its operation under new Cannabis Act & Regulations
licensing rules announced May 8 that require new license applicants to have a
fully built site at the time of submitting applications (http://ibn.fm/edC0l). CVGR
received notice from Health Canada that there were no concerns under the
proposed application following a high-level review, which paves the way for
CVGR’s application to be fast-tracked once the Brantford site is
finished (http://ibn.fm/Ilecc).
Following receipt of Health Canada’s letter, City View
reported that preparation of the facility’s exterior, security fencing and
interior has been completed, and the company expects to finish building the
initial cultivation and extraction rooms during the second and third quarters
of the current calendar year.
“We are excited to maintain our priority in the licensing
process with Health Canada,” CEO Ian MacDonald stated in the news release.
“With the recent changes announced to the application process, we believe
timelines for inspection and approvals will be greatly improved and the value
of a license will increase significantly. The new rules give priority to
applicants like CVGR with strong operational and financial resources. Our
buildout at our Brantford facility will be completed in the coming months and
we are confident our license will be granted shortly thereafter so we can begin
operations and provide the finest flower and oils in the cannabis industry.”
MacDonald was named CEO in April, shortly after the company
began trading on the Canadian Stock Exchange, bringing CVGR the benefit of his
distinguished career in the international alcoholic beverage industry that
includes a strong foundation in sales, marketing and executive management over
30 years. The company’s leadership team also includes a master grower who
helped found successful cannabis firm WeedMD.
City View is anticipating the purchase of processing
equipment, the roll out of a direct route to market QSR (Quick Service
Restaurant) concept and the acquisition of other products as part of its
strategy going forward into world markets where medicinal and adult
recreational use cannabis have been granted legal acceptance.
The legalized cannabis industry has enjoyed explosive
success amid changing cultural perspectives and governmental regulatory
approaches across the globe. Analysts at market observer Grand View Research
anticipate that the worldwide legal cannabis market will expand at a CAGR of
23.9 percent through the end of 2025 to achieve $66.3 billion in sales (http://ibn.fm/2tygb).
For more information, visit the company’s website at www.CityViewGreen.ca
NOTE TO INVESTORS: The latest news and updates
relating to CVGR are available in the company’s newsroom at http://ibn.fm/CVGR
About QualityStocks
QualityStocks is
committed to connecting subscribers with companies that have huge potential to
succeed in the short and long-term future. It is part of our mission statement
to help the investment community discover emerging companies that offer
excellent growth potential. We offer several ways for investors to learn more
about investing in these companies as well as find and evaluate them.
QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the
QualityStocks website applicable to all content provided by QS, wherever
published or re-republished: http://www.qualitystocks.net/disclaimer.php
No comments:
Post a Comment