- City View Green Holdings is advancing its vertically oriented cannabis operations now that a sale and leaseback agreement has been completed at the Toronto-area facility
- The 40,000-square-foot center is mostly completed; the company expects to build its first cultivation and extraction rooms by the end of the third quarter
- The company has a 19.9 percent stake in a Canadian retailer that grants CVGR access to store shelf space for its brands in Alberta and potentially elsewhere throughout the country
- CVGR plans to produce brands for the medicinal cannabis market and add edibles and infused beverage products as they become legal later this year
- The legal cannabis market is expected to continue growing worldwide at a CAGR of 23.9 percent through the end of 2025, reaching $66.3 billion in sales
Toronto-based City View Green Holdings Inc.’s (CSE: CVGR) vision of a purposeful seed-to-retail cannabis network is advancing thanks to the finalization of an agreement securing its operations in a 40,000-square-foot cultivation facility, where it intends to produce a pharmaceutical-grade crop.
City View Green recently announced that it had completed a previously detailed goal of transferring its option to purchase the facility in Brantford, Ontario, just southwest of Toronto, to an arms-length financier who has also completed a five-year renewable lease agreement with CVGR that includes a first right of refusal on any potential future sale of the property.
The financier will provide all the required buildout and capital improvements necessary for the mandatory Health Canada licenses and to make the facility a fully operational cannabis cultivation and extraction site, according to the announcement (http://cnw.fm/dxFn9). The new landlord obtained one million common share purchase warrants in exchange, each of which can be used to purchase one common share of the company at a price of $0.18 during the next five years.
The company further showed its intentions to keep a clean slate by closing on agreements to settle $580,019 in debt, under negotiated terms announced July 24.
“City View Green is pleased to close this transaction which provides non-dilutive financing to complete the buildout of our facility… and obtain the applicable Health Canada cannabis licensing to enter into full operations,” CEO Ian MacDonald stated in a news release.
The company expects to build the initial cultivation and extraction rooms within the building by the third quarter this year. Security features and general framework of the facility have already been completed.
CVGR is positioning itself to produce brands for the extract market and intends to add edibles as well as distillates and water-soluble products for cannabis-infused beverages once Canada completes legalization protocols for those markets, which is expected to occur in October, with the products themselves becoming available in mid-December (http://cnw.fm/wLAs0).
City View Green has a 19.9 percent stake in Canadian retailer Budd Hutt Inc., which has stores in Alberta and potential retail agreements across the country. The Alberta stores are awaiting approval from the Alberta Gaming, Liquour and Cannabis division, but otherwise have all necessary licenses in place (http://cnw.fm/Ig02J).
CVGR sees the future of the industry as turning to recreational products, and the company intends to produce high-quality brands for both recreational adult-use consumers and medicinal/wellness consumers. The company is drawing on the experience of an expert extraction team and a master grower with a background in a top publicly listed cannabis issuer listed on the TSX Venture Exchange.
Canada’s first-mover position for national legalization of cannabis in North America grants it a lot of strength in advancing the economic interests of the country’s commerce at a time when cannabis and non-psychoactive hemp derivatives are enjoying a rush of societal interest and curiosity from investors as well as consumers. Market watcher Grand View Research predicts that the legal cannabis market will continue to grow worldwide at a CAGR of 23.9 percent through the end of 2025 and that it will reach $66.3 billion in sales by that point (http://cnw.fm/LcZT0).
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://cnw.fm/CVGR
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Do you have a questions or are you interested in working with CNW? Ask our Editor