Cannabis
Craftport Cannabis Provides Update Regarding Pitt Meadows Facility
Vancouver, British Columbia–(Newsfile Corp. – December 13, 2021) – Craftport Cannabis Corp. (CSE: CFT) (“Craftport” or the “Company”) today announced the following regarding the Pitt Meadows facility (“Pitt Meadows”). Pitt Meadows is owned by 1161750 B.C Ltd. (“1161”), which is 51% owned by Craftport.
Termination of Cultivation Agreements
Pitt Meadows had entered into two separate cultivation agreements.
On August 17, 2020, it entered into an agreement with a third party to assist with the cultivation activities associated with an estimated 12,000 square feet of space within area 4 of the Pitt Meadows greenhouse. The agreement had a 4 year term and could be extended for consecutive 2 year periods. The agreement could be terminated by either party with or without any reason, and without any penalty, upon giving 180 days written notice.
On November 23, 2020, it entered into an agreement with another third party to assist with the cultivation activities associated with an estimated 33,600 square feet of space within area 3 of the Pitt Meadows greenhouse. The agreement had a 4 year term and could be extended for consecutive 2 year periods. The agreement could be terminated by either party with or without any reason, and without any penalty, upon giving 180 days written notice.
Except for the above two agreements regarding areas 3 and 4, Pitt Meadows had suspended all operations while management reviewed strategic options for the facility.
Effective December 12, 2021, written notice was provided to both of the parties who entered into the above agreements for areas 3 and 4, that the cultivation agreements would be terminated in 180 days in accordance with the provisions of the agreements.
Listing Pitt Meadows For Sale
The Company previously announced its intention to utilize an asset-light model to focus on the premium craft cannabis Canadian recreational market. The Company continues its effort to secure the funding necessary to fully execute on this business plan. Given Pitt Meadows no longer fits within the Company’s new business plan, a listing agreement has been executed with B.C. Farm & Ranch Realty Corp. to sell the Pitt Meadows facility. Proceeds from the sale are expected to be used to repay debt and outstanding accounts payables, as well as for working capital purposes to support the asset-light model.
About Craftport Cannabis
Craftport Cannabis is a Canadian cannabis licensed producer based in British Columbia. The Company intends to focus on the Canadian premium craft cannabis recreational market by utilizing an asset light model based from it’s Peachland facility. It intends to leverage legacy roots and know how in order to introduce unique genetics and strains to the Canadian market.
For more information about Craftport Cannabis, please refer to information available under the Company’s profile on SEDAR at www.sedar.com and the CSE website.
Mike Cosic
Chief Executive Officer
Craftport Cannabis Corp.
[email protected]
416-723-2103
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
Forward-Looking Statements
This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words “anticipate”, “continue”, “intends”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Forward-looking statements in this news release include, but are not limited to: the Company’s ability to sell the Pitt Meadows facility, the Company’s ability to secure financing, and the Company’s ability to execute on its business plan. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107462
Cannabis
North America Legal Cannabis Industry Report 2024: Market to Grow at a CAGR of 26.65% During 2023-2032, Bank Loans Boosting Business Growth
Cannabis
Global Legal Marijuana Strategic Business Report 2024: A $125+ Billion Market by 2030 Featuring Aphria, Aurora Cannabis, Beacon Medical, Canopy Growth, Cronos, OrganiGram, Tikun Olam, Tilray, Wayland
Cannabis
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa
-
Cannabis2 weeks ago
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
-
Humboldt2 weeks ago
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
-
Cannabis2 weeks ago
Bay Area Social Equity Operator Launches the Purple Raina Balm Wand 1:1, an Inclusive Multipurpose Cannabis Topical
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
-
Cannabis7 days ago
IM Cannabis Reports First Quarter Financial Results
-
Cannabis6 days ago
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
-
Innocan5 days ago
Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey
-
Cannabis2 days ago
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa