City View Green Holdings (CSE: CVGR) on Tuesday
announced the successful completion of the transfer of its option to purchase
49 Easton Road in Brantford to an arms-length financier who has now acquired
the property. In exchange, CVGR and the new landlord have entered a five-year
lease with a renewable term of five years. The landlord has agreed to finance
all the necessary buildout and capital enhancements that are required for CVGR
to obtain its Health Canada Licenses needed to turn the facility into a fully
operational cannabis grow and extraction facility. Per the terms of the lease
agreement, CVGR also holds the right of first refusal to purchase the property
and building back if the new owner were to decide to sell. In connection with
the new lease, CVGR has issued the new landlord 1,000,000 common share purchase
warrants that are exercisable into one common share of the company at $0.18
each for a period of five years. In addition, CVGR announced the close of the
previously announced debt settlement agreements. The company has issued 2,693,460
common shares in settlement of debt totaling $580,019. All securities are
subject to a four month hold period in accordance with applicable securities
laws. “City View Green is pleased to close this transaction which provides
non-dilutive financing to complete the buildout of our facility located at 49
Easton Road, Brantford Ontario. This transaction will enable City View Green to
complete the construction at the facility and obtain the applicable Health
Canada Cannabis licensing to enter into full operations,” City View Green
Holdings CEO Ian MacDonald stated in the news release.
To view the full press release, visit http://ibn.fm/XbzIH
About City View Green Holdings Inc.
City View Green has been structured to be a vertically
integrated cannabis company focused on seed to retail. Upon receipt of its
Cannabis Act license, City View Green will incorporate growing, extraction,
production and retail at its Brantford, Ontario, facility. It is the company’s
intention that City View Green will grow exceptional-quality cannabis and
produce high-quality extracts. Once legalized, City View Green expects to
produce high-quality edible products, distillates and water-soluble products
for the beverage market. In addition, City View Green owns a 19.9% stake in
Budd Hutt Inc., a retail-focused cannabis company with access to licenses in
Alberta and other retail opportunities across Canada. The company expects that
Budd Hutt Inc. will secure shelf space and distribution opportunities for City
View Green’s products. City View’s future is green. Follow the green. 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
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