Construction Well Underway at True Leaf Cannabis Cultivation Facility
Ground preparations are complete at the North Okanagan site of True Leaf Campus; structure will take shape this month
VERNON, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- True Leaf Medicine International Ltd. (“True Leaf”) (CSE:MJ) (FSE:TLA) (OTCQB:TRLFF), a global plant-based healthcare brand for people and their pets, announced today that construction of its cannabis cultivation facility, currently being built in Lumby, British Columbia, is well underway and is on schedule to be completed by fall 2018.
The first phase of the project is planned to include a 9,000 square foot building for the initial grow area, laboratory services, whole-plant extraction, and production of therapeutic cannabis products, plus a 16,000 square foot cannabis cultivation facility. Together, the facilities will be known as True Leaf Campus, a hub for the development of the company’s medicinal cannabis products.
A development permit was submitted and approved, and a building permit has been submitted. The existing structure on the site has been demolished and the excavation work and site grading is complete. The concrete for the foundation is being poured and the steel is being shipped to the site which aligns with the company’s timeline to erect the building in mid-May.
“With construction well underway at True Leaf Campus, True Leaf is getting closer to its inspection by Health Canada and the final milestone of receiving our license to produce and sell cannabis,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf. “In conjunction with our build, we are also assembling a world-class team to help develop our medicinal cannabis products and bring a whole range of plant-based wellness products to market.”
The project is expected to employ approximately 150 workers during construction and create 35 full and part-time jobs at the start of operations. True Leaf seeks to become a major employer in Lumby, a hard-hit logging community of 1,700 in the northeast corner of the Okanagan Valley.
The facility is being built on a 40-acre site owned by True Leaf, so the company is well-positioned to expand to meet future market demands.
About True Leaf
True Leaf is a purpose-driven, plant-based healthcare company for people and their pets. Founded in 2013, True Leaf has two main operating divisions: True Leaf Medicine Inc. and True Leaf Pet Inc. The company’s goal is to provide federally-approved medicinal cannabis products that will be sold across Canada and the United States. True Leaf Medicine Inc. was launched in July 2013 to become a licensed producer of medicinal cannabis for the Canadian market. True Leaf Medicine Inc. has been granted approval by Health Canada to build its grow facility and will be subject to a Health Canada inspection upon completion to allow for the cultivation, manufacture, and distribution of cannabis products. Currently, True Leaf does not have a license to produce cannabis.
Established in 2015, True Leaf Pet Inc. markets hemp-based products for the pet industry. The company launched the True Hemp™ pet supplement line in Canada, the United States, and Europe, becoming one of the first hemp-based pet product lines to be marketed worldwide. True Hemp™ North American products are free of CBD and THC.
Director, Public Relations
Kevin Bottomley (Canada)
Director and Corporate Relations
Tirth Patel (US)
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This news release contains forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995 and True Leaf hereby claims such safe harbour protection for all forward-looking statements. True Leaf believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions; however, True Leaf’s actual results and performance and the value of its securities could differ materially from those set forth in the forward-looking statements due to the impact of many factors summarized in the "Risk Factors" section of True Leaf’s Offering Circular Form 1-A filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities and other discussions of risk factors contained in True Leaf’s periodic filings or supplements to the offering circular. True Leaf's Offering Circular Form 1-A can be found at www.trueleaf.com/pages/investor. Forward-looking statements speak only as of the date they are made. True Leaf undertakes no obligation to update or revise any such information for any reason after the date of this presentation unless required by law.
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Released May 3, 2018