It will be 16,000 square feet for a hydroponic grow building and 9,000 square feet for offices, an extraction facility and lab and packaging areas.
True Leaf Medicine International Ltd. expects phase one of the above to be completed by the end of the summer as the quality of life cannabis company for people and their pets have officially completed the purchase of 40 acres of land that encompasses the site of the facility in Lumby.
The purchase was finalized Jan. 19 at a total cost of $3.3 million.
“The company is pleased with the completion of our offerings and the purchase of the land and we can move forward in our pursuit of growing what we hope will be the best quality medicinal cannabis in the world,” said True Leaf founder and CEO, Darcy Bomford.
True Leaf, as previously announced, closed a $10 million Regulation A+ offering, and a concurrent $4 million non-brokered private placement financing with Canadian investors only. True Leaf is the first Canadian-listed company to conduct a successful Regulation A+ offering.
The company used a portion of the proceeds from the offerings to complete the purchase of the Lumby site. Additional offering proceeds will be used to build and staff phase one of the True Leaf facility, as well as provide working capital for the True Leaf Pet business.
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 permission to build its production facility.
At this time, True Leaf does not have a license to produce cannabis.
True Leaf expects a first crop produced in this fall, which will be required to pass a Health Canada inspection in order for True Leaf to be granted a licence to grow medicinal cannabis.
True Leaf plans to become one of the main employers in Lumby.