Liht Cannabis, B.C. numbered company deal could result in 486,000 sq. ft of organic cultivation

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Liht Cannabis Corp. recently entered into a joint venture agreement with private B.C. corporation 1186626 B.C. Ltd. for a second cannabis cultivation property in the provincial community of Chase.

“1186626 B.C. Ltd. is in the final stages of acquiring a 120-acre (48 hectares) parcel of land zoned ‘approved use’ for the purpose of developing and operating bio-secure organic cannabis production facilities of as much as 486,000 sq. ft.,” notes a press release issued by Liht.

Financed by the numbered corporation with an approximate cost to lock-up stage of $81.6 million, ground work is expected to begin “as soon as weather permits,” reports the publicly traded company that invests in the medical and recreational cannabis space.

Among other things, the property is attractive because of its proximity to Highway 1, the main route of the Trans-Canada Highway through B.C., multiple natural springs for an abundance of exceptional water, labour resources from the Thompson-Nicola Region and emergency services that meet Health Canada guidelines.

“Liht proposes to attach a secondary licence to the Chase property, whether through extending its current late-stage Health Canada application, which is attached to the Celista property (if and when it is granted), acquiring an individual secondary licence or a late-stage licence application,” the statement notes.

“Cost of production will be reduced by the implementation of a co-generation system, providing a viable and beneficial power alternative, which allows us to avoid costly conventional sources,” it explains.

“Increasing our footprint in B.C. will significantly raise our product output to supply the expected long-term demands of the Canadian market,” says Linda Sampson, Liht president and COO.

“The parties will hold proportionate interests in the corporation holding the property and project. Liht will be responsible for constructing one or more facilities on the property for the purpose of producing cannabis and Liht’s joint venture partner will fund the construction and related operational expenses and ancillary costs,” the statement notes.

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