Beleave Inc. (CSE: BE) (OTCQX: BLEVF) (“Beleave” or the “Company“) today announced that its Colombian subsidiary, Procannmed S.A.S. (“Procannmed“) has reached a land-lease agreement that will allow for the development and expansion of Procannmed’s cultivation of cannabis for sale and extraction purposes.
Under the agreement, Procannmed will lease up to 27 hectares (roughly 67 acres, or 2.9 million sq ft) of private land for a nominal monthly fee of $100 USD per hectare. The term of the agreement is for five years, with an option to renew for an additional five years.
Last month, Beleave announced it had acquired 51% of Procannmed for a combination of cash and Beleave common shares. The transaction stemmed from a lengthy due diligence process in which members of the Beleave team visited Colombia to speak with Procannmed representatives and various government and industry-related parties. This land deal is a direct result of those meetings and subsequent acquisition.
“This is an example of how we’re creating value beyond the immediate benefits of our growing and distribution activities,” says Beleave CEO, Andrew Wnek. “Now we can all look forward to the next stages of project development, and the tremendous potential this land offers to create value for shareholders.”
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.