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VICTORIA, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- EVERGREEN MEDICINAL SUPPLY INC. (“EVERGREEN” OR THE “COMPANY”)
Evergreen is excited to announce the issuance of a “Confirmation of readiness to inspect” letter from Health Canada for its second facility in Victoria BC.
On November 20, 2017 the company received a paper review of application 10-MM0858 for Evergreen from Health Canada approving construction plans for building “A” of the second site facility (“LEAF” – “Lochside Evergreen Agricultural Facility”) located 1.2 K south of the present licensed facility.
The OMC (Office of Medical Cannabis) confirmed satisfactory provision of information regarding the security plan, record keeping, and tracking systems, QA reports, and security clearance for key personnel.
The Land Purchase
The company entered into an agreement in the summer of 2017 to purchase 98 acres of agricultural land on the Saanich peninsula of Vancouver Island to construct its second licensed production facility. With the confirmation from Health Canada of approval of the new site and a “Confirmation of Readiness To Inspect” (CRTI) from the Office of Medical Cannabis (OMC), Evergreen expects to close on the purchase of this 98 acre property in Dec. of 2017.
The Second Facility
With its team of engineers and consultants Evergreen has developed a unique plan for the three phases proposed for this site. Each Phase is comprised of buildings “A - G”. The first to be constructed is building “A” a 150,000 sq ft hybrid greenhouse facility which will create 65,000 sq ft of greenhouse growing space capable of producing approximately 20,000 kg of dried flower product per year. This first building is designed to provide growing space, propagation areas, vaulting, processing facilities, shipping, warehousing, maintenance and some administrative office space which will serve the future (B - G) modules that will comprise the one million square foot first Phase.
Building “A” the first in a series of the 7 modules in each Phase, represents the core for the proposed 1.05 million sq ft Phase one expansion. Each of the proposed additional modules B - G (yet to be approved by the OMC) in the series represents a further 150,000 sq ft dedicated to production, (105,000 sq ft of grow area). The potential total output will be approximately 31,000 kg of dried flower product per each (B - G) module per year.
The timeline for completion of building “A” is expected to be late 2018. At that time it is anticipated that the OMC will have received the evidence required (virtual inspection) to issue a License for Cultivation for building “A” of Evergreen’s first phase.
The 98 acre property can house two more such phases to be constructed as market demand requires, for a potential total of 3 million sq ft on the site. The estimated timeline for completion of all three phases is 5 to 7 years and with that Evergreen seeks to be one of the largest government approved Cannabis producers in the nation and will drive to reduce the cost of production and mitigate its carbon footprint as a part of its long term business plan.
Evergreen looks forward to working with its funding partner Cannabis Wheaton (CBW.V) to provide the $25M funding for construction of the first building of this state of the art hybrid greenhouse facility in Victoria BC. Together we look to a progressive and productive future in this exciting industry.
Interested investors may find out more about Evergreen Medicinal Supply Inc. at invest@egmed.ca
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to internal expectations, estimated margins, expectations for future growing capacity and costs, the completion of any capital project or expansions, expectations of Health Canada approvals and expectations with respect to future production costs. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Evergreen Medicinal Supply to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
CONTACT INFORMATION
Evergreen Medicinal Supply Inc.
info@egmed.ca