MONTRAL, April 04, 2019 (GLOBE NEWSWIRE) -- LGC Capital Ltd. (TSXV: LG, OTCQB: LGGCF) ("LGC") is pleased to announce that is has been advised that Global Canna Labs has now received their formal approvals late in March from the Jamaican Cannabis Licensing Agency (CLA) to commence commercial medical cannabis sales domestically to licensed dispensaries.
As of today, Global Canna Labs has now sold a total of 46.5 kilograms of dried medical cannabis products in to the local dispensaries. It is now receiving regular domestic sales inquiries and demand for Global Canna Labs' products is expected to accelerate from here.
LGC also advises that Global Canna Labs has now planted out the majority of its 6.2 acre site in Montego Bay and expects to commence harvesting, under CLA supervision, two sectional harvests per months from various phases of crop growth and various Cannabis strains, with the first of these bi-monthly harvests scheduled for April 10.
Global Canna Labs is one of the very few Tier-3 licences in Jamaica for the cultivation and production of medical cannabis (licensed to cultivate and produce over 5 acres), after formally receiving its full approval for a Tier-3 cultivation license from the Jamaican Cannabis Licensing Agency ("CLA") in July 2018. This license allows GCL to cultivate medical cannabis at its 6.23 acres site in Montego Bay in Jamaica. GCL is planning on opening 2 Dispensaries and an Extraction facility in the very near future.
Mazen Haddad, Co-Chairman and CEO of LGC Capital, stated: "This is a tremendous achievement for the team in Jamaica. We have seen many achievements within Global Canna Labs since LGC became a cornerstone funder of this exciting company. We see them continuing to expand and grow at their facility in Montego Bay, as the market demand grows. Senior LGC management recently toured the Montego Bay facility to witness operations almost at full planting capacity and witnessed the results of the first harvests. There is still scope to infill sections of the 6.2 acre site before looking to expand beyond the existing secured growing areas. We see Jamaica as a very key growth market in the area and can see considerable expansion opportunities for Global Canna Labs as a Jamaican leader in their field, as the domestic and internal markets for Jamaica's special brand of organic sativa strains and find their place in the market."
LGC has a secured debenture, convertible into a 30% strategic interest in Global Canna Labs and a 5% royalty on Global Canna Labs' net sales.