A North Okanagan cannabis production company is looking to the future.
True Leaf Medicine International Ltd., whose website lists its corporate office as being on Kalamalka Lake Road in Vernon, announced Thursday it has acquired an option to purchase the 40 acres of land that encompasses its facility in Lumby’s industrial park.
The option is exercisable until Dec. 31 at a total of cost of $3.3 million, $100,000 of which has already been paid to the vendor in the form of an up-front fee for the purpose of securing the option.
True Leaf’s application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) has completed the security clearance stage and the company has initiated plans to refit the 16,000 square foot building on the property.
Upon exercise, True Leaf’s ownership of the property will allow the company to rapidly expand operations once it is approved as a licensed producer from Health Canada.
“This is a milestone for True Leaf,” said CEO Darcy Bomford. “This property gives us the capacity to expand to meet the increased demand that is widely expected. With government approvals, the size of this site could allow us to build a 1,000,000 square foot facility and produce more than 125,000 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,” said Bomford. “We expect to become a significant employer in Lumby.”
Acton said the village has been working to open the industrial park and put bylaws in place to allow for the cannabis production facility.
“They’re going to be clean and quiet and we think they’ll be a good addition to the village, to our tax base and they’ll be a good employer,” said Acton.