Vancouver, B.C. / TheNewswire / May 10, 2019 - HERITAGE CANNABIS HOLDINGS CORP. (CSE: CANN) ("Heritage" or "Company") is pleased to announce that is has exercised its option to purchase CannaCure Corporation's ("CannaCure") facility in Fort Erie, Ontario. The closing of the facility will take place in the next 60 days pursuant to the terms of the Property Purchase Option Agreement.
As a result of the closing, the Company will acquire the 122,000 square foot facility for the option price of $2.2 million, funded from the proceeds on hand. CannaCure has already transformed approximately 24,000 square feet of licensed space within the facility, with the additional 98,000 square feet ready for Phase 2 extraction and Phase 3 contract manufacturing expansion. This additional space will be outfitted for the Company's planned expansion into edibles, infusions, vaping products, tincture bottling and the development of its various medical formulated products.
"Purchasing the Fort Erie building is important to the stability and the long-term future of our operations." states Clint Sharples, CEO of Heritage. "The recent completion of our bought deal financing allows us to acquire this property and accelerate the strategy of preparing our company for the new cannabis regulations expected this October."
About Heritage Cannabis Holdings Corp.
The Company is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and BriteLife Sciences which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.