LGC Capital Announces Closing of Investment in Italian Cannabis Producer, Evolution
29 Maio 2019 - 3:29PM
LGC Capital Ltd. (TSXV: LG) (OTCQB: LGGCF) ("
LGC"
or the “
Corporation”) announces it has closed its
previously announced transaction with 9379-1432 Québec Inc., the
Canadian incorporated parent company of Evolution BNK and Evolution
ATM (collectively referred to as “
Evolution”).
On 13 August 2018, LGC and Evolution entered
into a convertible debenture indenture agreement (the
“Loan”) for Euro 3 million. The Loan, the proceeds
of which have been paid over to Evolution, is convertible into a
49% equity interest in Evolution and bears interest at the rate of
10%.
Evolution is a legal cannabis (less than 0.2%
THC) cultivation facility based in Pavia, Italy. Evolution is
completing the retrofit of its 22,000 sq. ft. indoor facility
within their 70,000 sq. ft. compound in Pavia, Italy for the
production of high CBD, low (<0.2%) THC cannabis. Tests have
been consistently positive as the product is well within the legal
THC content set by the Italian Ministry of Health. Estimated
margins will be greater than 50% due to its patented energy usage
technology and is well placed for any margin compression expected
in Europe.
Mazen Haddad, CEO LGC Capital “The value driver
for Evolution is its low cost cultivation capacity which may offer
synergistic benefits for other LGC investee companies like Viridi
and announced investee, EasyJoint who will require high quality,
compliant product to meet the estimated demands from the European
cannabis light and CBD markets.”
About LGC Capital Ltd
(www.lgc-capital.com)
LGC Capital is a leading cannabis investment
firm with a focus on the legal global cannabis market. Through its
growing portfolio of investment companies, LGC is building a
transversal integrated organization of interconnected legal
cannabis companies with cultivation, processing and distribution in
Australia, Jamaica, Switzerland, Italy, and Canada serving domestic
and export markets. LGC Capital Ltd. is a Canadian incorporated
public company listed on the TSX Venture Exchange (TSXV: LG) and
the US OTC-QB exchange (OTCQB: LGGCF).
Through its partners and assuming pending
transactions under review by the TSXV are approved, LGC presently
will have interests in Jamaica, Switzerland, Italy, Canada and
Australia.
LGC partners currently sell cannabis or
cannabis-derived products across Switzerland and Italy under the
ONE Premium Cannabis and EasyJoint brands as well as medical
cannabis oils in Australia under the Little Green Pharma brand and
Hemp-seeds based Medical devices class IIa and Nutritional
supplements under Freia Farmaceutici Brands. LGC’s partners’
branded products are available in a variety of formats including
medicines, Cosmetics, dry cannabis flower, tinctures, oils and
seeds.
For further information please
contact:
President, John McMullen, +1-416-803-0698,
john@lgc-capital.com Chief Financial Officer, Mark Shinners,
mark@lgc-capital.com
Caution Regarding Press
Releases
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Notice Regarding Forward Looking
StatementsThis press release may contain forward-looking
statements with respect to LGC and their respective operations,
strategy, investments, financial performance and condition. These
statements can generally be identified by use of forward-looking
words such as “may”, “will”, “expect”, “estimate”, “anticipate”,
“intends”, “believe” or “continue” or the negative thereof or
similar variations. The actual results and performance of LGC and
Evolution Bnk could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, competition,
government regulation and the factors described under “Risk Factors
and Risk Management” in LGC’s Management’s Discussion and Analysis
for the three months ended December 31, 2018, as filed on SEDAR
(www.sedar.com). The cautionary statements qualify all
forward-looking statements attributable to LGC and persons acting
on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and
neither LGC nor Freia has any obligation to update such statements,
except to the extent required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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