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StartsL on Dec 19, 2019 10:49am
Leviathan Cannabis Amends Colombia Property Acquisition
Toronto, Ontario--(Newsfile Corp. - December 18, 2019) - Leviathan Cannabis Group Inc. (CSE: EPIC) (the "Company" or "Leviathan") announces it has terminated the original lease to own property arrangement in Rio Negro, Colombia previously announced on September 16, 2019. Through its subsidiary, LCG Holdings Inc. ("LCG"), the Company is purchasing a superior, less expensive property in Rio Negro, Colombia as the foundation for its hemp cultivation and manufacturing operations. Leviathan has a 65% ownership interest in LCG. Pursuant to an agreement of purchase and sale with an arm's length vendor dated November 18, 2019 (the "Agreement"), LCG is acquiring a property comprised of 22.43 flat acres of land in the Municipality of Rio Negro, Colombia (the "Property"). In addition to the land itself, all infrastructure on the Property will be acquired by LCG, including office space, workers' quarter and drying rooms. The Company intends to construct approximately 700,000 square feet of greenhouses on the Property in order to cultivate and produce CBD or other extracted equivalents from hemp. LGC purchased the Property for a price $1,114,000 USD which the Company will pay in five installments over 18 months. The Property is situated approximately 45 minutes from the airport in Medellin, the second most important airport in Colombia behind Bogota's. The Property is surrounded by on three sides by water and has two functioning water reservoirs making it ideal for agricultural purposes.