TORONTO – Aleafia Wellness Inc. (TSX: ALEF, OTC: ALEAF, FRA: ARAH) (“Aleafia Health” or the “Company”)’s wholly owned subsidiary, Aleafia Farms Inc., has acquired the farmland straight adjacent to its Port Perry Outside Develop facility. The acquire will permit the Enterprise to commence its Outside Develop Phase II expansion, adding an more 60 acres of cannabis cultivation location, for a total of 86 acres. The transaction closed on September three, 2019, with a money acquire value of $1.two million.
Following closing, the Enterprise will commence the procedure of possessing the new property’s address amalgamated with the existing Port Perry address. This would permit Aleafia Farms to request an amendment to its current Wellness Canada license, rather than applying for an totally new Cultivation License. The Outside Develop Phase II buildout will also commence in September, with the intention of submitting a complete proof package to Wellness Canada in late 2019, demonstrating that the internet site is in a develop-prepared state.
Outside Develop PHASE II EXPANSION HIGHLIGHTS
Upon receipt of requisite regulatory approvals, the acquisition will:
Advantage from important economies of scale and streamlined regulatory procedure compared to the creating of an totally new facility
Optimistic regional financial effect, via the continued hiring of regionally primarily based contractors and labour
Enterprise COMPLETES SALE OF UNUSED PARIS ROAD House
In addition, the Company’s wholly owned subsidiary, Emblem Corp., has completed the sale of an unused 43-acre home, situated at 539 Paris Road in Brant for net money proceeds of $eight.two million. The transaction closed on August 28, 2019.
“We are delighted to create on the accomplishment of our 2019 outside cannabis crop to date and considerably expand our low-price production operations for subsequent year. Becoming one particular of a handful of LPs to operate an outside facility this year has positioned us effectively for a significant expansion in 2020,” stated Aleafia Wellness CEO Geoffrey Benic. “These two transactions demonstrate a robust allocation of capital and fiscal prudence. With an more $7 million money on hand and 60 new acres of low-price cultivation location, we are effectively positioned for sustained future development.”
About Aleafia Wellness
Aleafia Wellness is a top, vertically integrated cannabis overall health and wellness firm with 4 principal business enterprise units: Cannabis Cultivation & Solutions, Wellness & Wellness Clinics, Cannabis Education, and Customer Knowledge with ecommerce, retail distribution and provincial provide agreements.
Aleafia Wellness owns 3 significant cannabis solution & cultivation facilities, two of which are licensed and operational such as the 1st big-scale, operational outside cultivation facility in Canadian history. The Enterprise produces a diverse portfolio of commercially verified, higher-margin derivative goods such as oils, capsules and sprays. Aleafia Wellness operates the biggest national network of health-related cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and has international operations in 3 continents.
Innovation is at the heart of Aleafia Wellness competitive benefit. The Enterprise maintains a health-related cannabis dataset with more than 10 million information points to inform proprietary illness-precise solution improvement and its very differentiated education platform FoliEdge Academy. The Enterprise is committed to developing sustainable shareholder worth and has been named the 2019 top rated performing firm of the year by the TSX Venture Exchange prior to graduation to the TSX.