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Feb 7, '14 - NR
Enertopia (TOP-CSE) has signed a letter of intent with a private company currently producing, cultivating and selling medical marijuana in Canada under the current Health Canada medical marijuana access program (MMAP).
There is approximately 6,000 square feet in use/production currently and the existing building has multiple rooms for ultimate expansion to 55,000 square feet of production space. This LOI is separate from any other pre-existing joint ventures that Enertopia has in the medical marijuana sector. The physical location of the facility is in a different province than the pre-existing joint venture which is located in British Columbia.
"Enertopia is capitalizing on the consolidation opportunity from the current system: where small independent operators will be challenged to comply with the stricter new legislative requirements, while larger entities operating only the most trusted and secure systems have the ability to thrive," stated president and chief executive officer Robert McAllister. "Enertopia is pleased with its existing joint venture and expects positive developments with its Health Canada licence application, and plans to expand strategically as opportunities present themselves."
Enertopia paid $100,000 on signing the LOI and could issue an additional 19 million shares and $900,000 to earn up to a 75-per-cent interest in the private operation over three years, upon signing the definitive agreement. The signing of the definitive agreement is expected to coincide with the closing of the company's final tranche on or before Feb. 21, 2014. Upgrades to the existing facility are currently under way. "It is Enertopia's business model to operate in locations where it can attain the status of low-cost producer while at the same time being respected as producing the highest quality of medical-grade marijuana," stated president and CEO Robert McAllister. |
