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.
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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://nnw.fm/CVGR
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