True Leaf Medicine International Limited of Vernon has announced it’s acquired an option to buy 40 acres of land that encompasses its facility in Lumby.
True Leaf plans to expand the 16 thousand square foot building currently on the site for an expected increase in demand for medical marijuana products.
The company says in a news release that its application to produce and distribute cannabis under Health Canada regulations has completed the security clearance stage.
CEO Darcy Bomford calls it a milestone for True Leaf and says with government approvals, they could build a one million square foot facility to produce more than 125 thousand kilograms of cannabis.
True Leaf anticipates that the first phase will include annual production of 2,500 kilograms of dried cannabis once the facility passes Health Canada’s inspection and the Company becomes a licensed producer.
“True Leaf appreciates the support expressed for the company’s license submission by the Mayor of Lumby Kevin Acton, and the community,” continued Mr. Bomford. “We expect to become a significant employer in Lumby, a hard-hit logging community of 1,700 in the northeast corner of the Okanagan Valley in southern British Columbia.”
This significant company milestone comes at a time that True Leaf is preparing to launch a $10 million CAD round of financing using the Regulation A+ model in the United States and corresponding exemptions from the prospectus requirements in Canada.