MONTREAL, July 15, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSX-V: LG / OTCQB: LGGCF)
LGC Capital Ltd. (“LGC” or the “Company”), announces that Health Canada, on July 12th, awarded Trichomed Corporation (Trichomed), its long awaited license to cultivate cannabis seeds and plants at its newly constructed facility in Brownsburg, Quebec.
As per the terms of its agreement with Trichomed, LGC is, now entitled to convert the first ranking secured loan it provided to Trichomed in December 2017 into a 49% direct equity interest, and a five percent (5%) royalty of Trichomed’s net sales of cannabis and cannabis-related prodcuts which covers actual sales less any arm’s length third-party discounts, merchandise returns and rebates. In addition as per the agreement, LGC is entitled to representation on Trichomed’s board.
For further information, please contact:
John McMullen, President
Tel: (416) 803-0698
Mark Shinners, Chief Financial Officer
Tel: +44 7827 960971
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