CannaVerde Completes Acquisition of Colombian Cannabis Producer
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2019) - CannaVerde Pharma Inc. ("CannaVerde" or "the Company"), a privately held Canadian company, is pleased to announce that, further to its press release issued on December 20, 2018, the Company has completed its acquisition of Green Health Colombia S.A.S ("Green Health").
"The Green Health acquisition marks what we anticipate will be the first of several accretive transactions as the Company continues to execute on its current expansion strategy," commented CannaVerde's CEO Michael Nistorescu. "We are excited to work with the Green Health team and to have laid the foundation for CannaVerde's presence in Colombia."
"After considering multiple offers, we believe that CannaVerde's vision closely aligns with our business strategy. We are excited to partner with a like-minded group of individuals as we begin the next chapter of our company in Colombia," commented Eduardo Mayorga, CEO of Green Health.
Green Health is currently licensed for the cultivation, production, manufacture and exportation of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis on seven hectares of land located in the department of Santander, Colombia. Green Health has completed the construction of a 10,580 square foot greenhouse and intends to increase its production space to approximately 400,000 square feet. Grading the land has commenced and construction of the first additional 60,000 square foot greenhouse will begin within the next four weeks. The Company anticipates completion of this greenhouse in the next two and a half months.
Green Health has begun cultivation of four CBD strains in its current greenhouse for the purposes of completing the Colombian Agricultural Institute's (ICA) agronomic evaluation test and anticipates beginning CBD commercial cultivation in the third quarter of 2019.
Additionally, Green Health has applied for a quota for 55 varieties of THC cannabis plants and will begin cultivating select varieties upon receipt of this quota. In anticipation of completing the agronomic evaluation test, Green Health has also applied for a commercial THC quota and expects to begin commercial cultivation in the fourth quarter of 2019.
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