LG facility update 09:43 AM EST, 02/05/2018 (MT Newswires) -- LGC Capital Ltd. (LG.V) has provided an update on its proposed investment in Jamaican cannabis company Global Canna Labs Limited.
Senior LGC management has completed an on-site inspection of the Global Canna Labs' facilities in Montego Bay, Jamaica, as part of the investment due diligence process.
Greenhouse frames have been installed for the first 28,000 sq. feet with all materials now on site to complete the initial 58,000 sq. feet build-out to full operating status. Installation of the greenhouse irrigation system has begun, and the 6-acre security fencing and the security CCTV network is fully operational.
LGC considers that the timelines for Global Canna Labs converting its conditional Cultivator's Licence (Tier 3) (over 5 acres) to a full unconditional Cultivator's Licence and the planting of its first commercial crop by April 1, 2018 are achievable and may be completed before that date.
The company- was also shown a number of suitable retail sites in Montego Bay and Negril that are under negotiation to launch Global Canna Labs' first Jamaican dispensaries.
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