Captiva Verde Land Corp. Announces Agreement to Acquire Mexican Cannabis Licenses, Land and Facilities
Coquitlam, British Columbia--(Newsfile Corp. - January 10, 2019) - Captiva Verde Land Corp. (CSE: PWR) ("Captiva"), symbol PWR on the Canadian Securities Exchange, is pleased to announce that further to its news releases dated Nov. 1 and Nov. 5, 2018 whereby the Supreme Court of Mexico has legalized Cannabis for all forms of adult use and the proposed issuance of one million common shares of Captiva Verde Land Corp, payable to S & G upon approval of the Canadian Securities Exchange where S & G will be responsible for the infusion and distribution of finished cannabis products for the local and export market., Captiva has reached an agreement dated Jan. 10, 2019 with S & G Procesos Industriales, S.A de C.V ("S & G") of Mexico, for the acquisition of Cannabis Licenses, related land and facilities in the Republic of Mexico once the defined regulations are finalized by the newly elected administration. S&G will receive from Captiva a M&A fee of 7% of the proceeds to be paid by Captiva for such licenses, land and facilities.
The final price will be settled when the regulations by the newly elected administration are complete and Captiva will seek financing at the project level by credit facilities with repayments from a percentage of product sales. Captiva will provide updates as the regulations mandated by the Supreme Court are finalized. Law requires the administration to have the regulations in place within 90 days of the Oct. 31, 2018 ruling but Captiva expects some delays within the administration.
The new administration may challenge any licenses issued by the previous administration that were publically disclosed last year by other companies, therefore Captiva will be very careful to follow any new format and policy adoption.
Jeff Ciachurski, CEO of Captiva Verde states: "We are very excited to be working with S & G on this development. Mexico offers the ideal growing conditions, market awareness and long history of cannabis production to satisfy the increasing acceptance of cannabis as a wellness product."
Captiva Verde Land Corp is a sustainable real estate company that invests in assets that contain green residential communities, disruptive manufacturing facilities, organic food production and legal cannabis operations. Captiva is listed as a Life Sciences company on the Canadian Securities Exchange under the symbol PWR.
On Behalf of the Board of Directors
Chief Executive Officer and Director
Cell: (949) 903-5906
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "anticipates", "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.