Beleave Signs Agreement to Acquire 250,000 Square Feet of Greenhouse Space and 85 Acres of Land to Expand its Production Capabilities
Beleave Inc. (CSE: BE) (OTCQX: BLEVF) (“Beleave” or the “Company”) is pleased to announce it has finalized plans to acquire 250,000 square feet of greenhouse space and 85 acres of land in London, Ontario to cultivate and harvest cannabis for distribution and sale in Canada.
Located just south of the City of London, the facility will become a contributor to the local economy, both through investments and job creation. The unique location of the facility provides a number of competitive advantages, including access to abundant hydro power, low-cost natural gas, and close proximity to major highways providing quick and easy access for employees, shipping, and receiving.
Beleave purchased the greenhouse space and land for $6,700,000 using a combination of cash ($1,172,500 in cash), Beleave common shares ($1,172,500 in shares) and mortgage financing ($4,355,000 in financing) at 6% annual interest.
The Company has begun the application process for Health Canada approval to cultivate and harvest cannabis and anticipates bringing the existing greenhouse facility online in two phases; Phase 1 providing 100,000 square feet of flowering capacity with Phase 2 coming online shortly thereafter. The remaining land will be designated for the construction of additional greenhouses and the cultivation of outdoor growing spaces, allowing Beleave to continue its above-average yields and maintain its high-grade product as it supplies its existing and growing distribution channels.
“Beleave continues to identify innovative approaches to financing which allow us to maximize the value of our asset base and ensures we maintain our excellent balance sheet,” said Beleave CEO, Andrew Wnek. “This acquisition is a critical part of our strategic plan to continue being a leader in the Canadian cannabis industry. This property already houses state-of-the-art greenhouse space that we can immediately put to use once approved by Health Canada, and additional land allowing us to build some of the largest greenhouses in the region.”