Canada: Maple Leaf to lease greenhouse facilities to grow medical marijuana
The Agreement provides that the parties will enter into a definitive lease for a term of three years, including a purchase option for the entire 7 acre facility, upon receipt by the Company of conditional approval of an MMPR Licence (marijuana medical purposes regulation licence) from Health Canada. The Lease is also subject to any requisite regulatory approvals, including those of the TSXV and any licensing authorities having jurisdiction over the proposed operations of the Company.
The Lease terms will provide for utilization of 80,000 sq ft of greenhouse space (specific facilities to be determined at the time of finalization of the Lease) and access to Woodmere's equipment and laboratory for the purpose of growing medical marijuana, at a base rental of $3.00 per sq. ft. per annum. All utilities, property tax, repair and maintenance expenses, as well as upgrade costs on the leased property will be borne by the Company.
Maple Leaf has an option to buy out the entire nursery facility at "market price"; being the price negotiated between the parties, and failing agreement, determined by an independent appraiser.
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For more information
Maple Leaf Green World Inc.
Raymond Lai
Chairman, President & CEO
+1 (403) 452 - 4552
+1 (403) 452 - 6900 (FAX)
rlai@mlreforestation.com
www.mlgreenworld.com