Beleave will add roughly 100,000 sq. ft. for cannabis extraction, processing, and cultivation.
Toronto, Ontario--(Newsfile Corp. - May 23, 2019) - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") is ready to move forward with the long-awaited expansion of its Hamilton facility after receiving approval from the Hamilton City Council.
Last Tuesday, the Planning Committee unanimously authorized Beleave's request to rezone the Hamilton facility and allowed the application to proceed forward to last night's vote which marks the final step in the approval process and was awarded without opposition.
"This is a major breakthrough for Beleave. Our whole team is so pleased to finally receive this approval which grants us the freedom to expand our vital operations and make good on the promise we made to our shareholders," said Beleave CEO, Bill Panagiotakopoulos. "Most of all, I am immensely proud of our leadership team and employees. They have worked diligently to make a day like today possible."
Beleave's Hamilton facility is a state-of-the-art hub for high-efficiency extraction, processing, and cultivation of cannabis and cannabis-derived products. The newly-approved expansion will provide the ability to significantly increase current operations, distribution, and sales beyond what they are today.
The Hamilton expansion is one of two major projects underway in Ontario for Beleave as it prepares for the anticipated increase in demand of cannabis and cannabis-derived products for the Canadian recreational and medical markets.
Late last year, Beleave purchased an existing 250,000 sq. ft. greenhouse facility on 85 acres of land in London, Ontario. The Company has been developing the property for cannabis extraction, processing, and cultivation, and expects the project to be completed later this year. It includes the installation of 10 megawatts of electrical capacity fully serviced by London Hydro, HVAC systems, cultivation and processing equipment, and site engineering to match or exceed industry standards. A building permit was granted by the City of London on April 1, 2019.
With both facilities approved by their respective municipal governments, the Company will now focus efforts toward a timely and cost-effective completion of both projects.
Beleave thanks the Hamilton City Council for their continued cooperation and support through the approval process. The Company looks forward to an ongoing and productive relationship with the city and the community as a whole.
ABOUT BELEAVE INC.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully-licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2019. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner. Through its majority ownership of Procannmed S.A.S., Beleave is fully licensed to cultivate, produce, and extract medical cannabis in Colombia positioning it to capitalize on exports and the expanding Latin American market. The Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
Investor Relations Contact:
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Phone: 1 (647) 449 - 7352
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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