GrowPros Cannabis Ventures Inc. has begun the permitting process with both the Local municipal and Quebec provincial governments in anticipation of beginning construction of the proposed 50,000 sq. ft. cannabis production facility for which an application under MMPR was submitted to Health Canada in November of 2014. The status of that application remains unchanged from our last update on October 1, 2015.
“As a company and in consultation with our major shareholders, we believe that proceeding with the construction of our production facility will place GrowPros in the strongest strategic position possible as the federal government continues to move into a period of regulatory restructuring of Canada’s Cannabis laws,” commented Ryan Brown, Chief Executive Officer.
GrowPros MMP, the wholly-owned subsidiary of GrowPros, has always maintained a vision of being a premier low cost wholesaler and supplier of cannabis to Canada’s legal cannabis industry. The application and facility plan were designed around low cost high quality production taking advantage of Quebec’s favourable operating costs and favourable climate for agricultural producers.
“Management believes that constructing a state of the art cannabis production facility in compliance with the current MMPR physical security and public safety regulations will provide GrowPros and its shareholders with a great asset moving forward,” commented Ryan Brown, Chief Executive Officer.
Update on Expected Proceeds from Cannabis Accelerators LTD (“CAL”)/Export Hydro Transaction
We have been notified that the proposed CAL/Export Hydro transaction will close late in the first quarter of 2016.
GrowPros is anticipating receiving $200,000 CDN and 1,000,000 stock options in the ASX listed public vehicle.
The expected receipt of these proceeds coincides with the Company’s expected first quarter’s capital requirements related to the start of the facility construction.