- City View Green Holdings is completing the construction of a 40,000-square-foot cannabis cultivation facility in the Toronto-area following an all-clear notice from Health Canada under its new licensing regulations
- City View began trading on the Canadian Stock Exchange in March and has recently cleared more than half a million dollars in debt as part of efforts to strengthen its financial profile
- The company expects its 19.9 percent stake in Canadian retailer Budd Hutt to provide it with an avenue for gaining shelf space in Alberta and for other retail opportunities across the country
- CVGR’s fledgling operation has the benefit of an experienced leadership team, including a CEO with decades of sales and leadership experience in the alcoholic beverage industry and a master grower who co-founded a TSX Venture Exchange-listed cannabis firm
- The cannabis industry is expected to achieve $66.3 billion in sales by the end of 2025
Vertically integrated cannabis company City View Green Holdings Inc. (CSE: CVGR) is pressing forward with its efforts to establish strong operational and financial resources for its green seed-to-retail strategy, building on recent budget-strengthening developments as it completes a 40,000-square-foot cultivation facility near Toronto for a pharmaceutical-grade crop.
City View Green Holdings announced July 24 that it had negotiated the settlement of $580,019 in debt with arm’s length creditors in exchange for an established number of shares at differentiated values. It also detailed negotiated terms for a sale and leaseback transaction related to its Toronto-area property in Brantford, Ontario, and for consultancy services, in exchange for warrants to purchase additional shares and other stock options (http://cnw.fm/u7Tjx).
CVGR expects to complete buildout at the Brantford facility during the coming months and to position itself for growing, extraction, production and retail services targeting the extract market and, once legalized, edibles, distillates and water-soluble products for the cannabis-infused beverage market. The company’s 19.9 percent stake in Canadian retail outlet Budd Hutt Inc. grants it a channel of opportunity for securing shelf space in Alberta and other retail opportunities across the country.
Budd Hutt has entered an agreement to acquire eight pre-license retail cannabis store locations in the Alberta market, all of which have the appropriate regulatory approvals in place except for pending approval from Alberta Gaming, Liquour and Cannabis (http://cnw.fm/6PauU).
Health Canada has granted City View Green the go-ahead to continue building up its operation under new Cannabis Act & Regulations licensing rules announced May 8 that require new license applicants to have a fully built site at the time of submitting applications (http://cnw.fm/gEo4J). CVGR received notice from Health Canada that there were no concerns under the proposed application following a high-level review, which paves the way for CVGR’s application to be fast-tracked once the Brantford site is finished (http://cnw.fm/kpMT4).
Following receipt of Health Canada’s letter, City View reported that preparation of the facility’s exterior, security fencing and interior has been completed, and the company expects to finish building the initial cultivation and extraction rooms during the second and third quarters of the current calendar year.
“We are excited to maintain our priority in the licensing process with Health Canada,” CEO Ian MacDonald stated in the news release. “With the recent changes announced to the application process, we believe timelines for inspection and approvals will be greatly improved and the value of a license will increase significantly. The new rules give priority to applicants like CVGR with strong operational and financial resources. Our buildout at our Brantford facility will be completed in the coming months and we are confident our license will be granted shortly thereafter so we can begin operations and provide the finest flower and oils in the cannabis industry.”
MacDonald was named CEO in April, shortly after the company began trading on the Canadian Stock Exchange, bringing CVGR the benefit of his distinguished career in the international alcoholic beverage industry that includes a strong foundation in sales, marketing and executive management over 30 years. The company’s leadership team also includes a master grower who helped found successful cannabis firm WeedMD.
City View is anticipating the purchase of processing equipment, the roll out of a direct route to market QSR (Quick Service Restaurant) concept and the acquisition of other products as part of its strategy going forward into world markets where medicinal and adult recreational use cannabis have been granted legal acceptance.
The legalized cannabis industry has enjoyed explosive success amid changing cultural perspectives and governmental regulatory approaches across the globe. Analysts at market observer Grand View Research anticipate that the worldwide legal cannabis market will expand at a CAGR of 23.9 percent through the end of 2025 to achieve $66.3 billion in sales (http://cnw.fm/w9fvT).
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
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