- CVGR is on track to complete its Brantford, Ontario, facility in the coming months; the company expects to receive a license to begin producing cannabis flower and oils
- CVGR CEO has praised new licensing regulations requiring applicants to have a fully built site
- CVGR maintains priority in the cannabis licensing queue and is currently completing the sale and leaseback of its facility
City View Green Holdings Inc. (CSE: CVGR) anticipates receiving a license from Heath Canada enabling it to turn its Brantford, Ontario, resource into an operational cannabis grow-and-extraction facility. CVGR also hopes to close on its LOI for a purchase-leaseback transaction of the property in the near future, calling for the new landlord to finance the required build-out and capital improvements needed to obtain Health Canada licenses (http://nnw.fm/3Tefr).
In addition, CVGR recently announced that the exterior, security fencing and interior of the facility have been completed, and, over Q2 and Q3 2019, the company plans to complete construction of initial cultivation and extraction rooms for the approval of Health Canada. CVGR has maintained its application status and priority in the licensing queue for Health Canada and will submit an evidence package prior to receiving a license (http://nnw.fm/3nBRv).
In a news release, CVGR CEO Ian MacDonald said, “Our build-out at the 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.”
CVGR anticipates closing soon on its LOI for completion of a sale-leaseback of the Brantford facility. The company would exercise its option to purchase the Brantford property, then transfer that option to a financier. CVGR would then enter a five-year lease with a five-year renewable term. The company would have the right of first refusal to purchase the facility and property if the new owner decides to sell.
MacDonald praised new regulatory guidelines established by Health Canada that require license applicants to have a fully built site at the time of application. He believes the change will speed up approval and “the value of a license will increase significantly.”
Toronto, Canada-based CVGR is a vertically integrated, seed-to-sale cannabis company that’s planning to grow high-quality cannabis and produce extracts. The company anticipates producing, once legalized, edible products, distillates and water-soluble products for the beverage market. CVGR is focused on becoming a diversified company that will potentially acquire targets in the cannabis industry.
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://nnw.fm/CVGR
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