|By Marketwired .||
|July 16, 2014 09:58 AM EDT||
BRAMPTON, ONTARIO -- (Marketwired) -- 07/16/14 -- Canadian Cannabis Corporation ("CCC") is pleased to announce the purchase of its 300,000 square foot facility in Brampton, Ontario located at 98-102 Rutherford Road South.
The property was purchased for a total price of $13,885,000. In connection with the closing a mortgage in the amount of $9,400,000 was secured. The company is required to make monthly interest only payments, beginning August 15th 2014, in the amount of $78,333.33. The mortgage is a one year term mortgage at 10% per annum. The Company invested $4,485,000 in the purchase of the building and believes that the asset represents significant value to shareholders with an enduring asset of highway access and airport proximity to Lester B. Pearson International, which will enhance the company's export capabilities.
"CCC believes this facility offers the ideal structure for a large-scale medical marihuana production plant. Among many other beneficial characteristics, the facility is close in proximity to Laboratory and Quality Assurance Labs and has direct access to an urban skilled workforce," said Benjamin Ward, President and CEO of Canadian Cannabis Corporation.
The company has received formal approval at the Municipal level for the purpose of Medical Marihuana Production from the City of Brampton.
The company took possession of the Brampton facility and commenced phase I of re-purposing to meet production needs. The re-purposing is required to bring the security up to the required Level 10 as dictated by Health and Welfare Canada. Stage 1 construction is intended to include all security and preparation work to have 120,000 sq. ft initially available for the cultivation of Medical Grade Marihuana.
The Brampton facility allows for a maximum 600,000 sq. ft in production space when fully built out through a two-tiered facility. Although the company does not currently intend to build out the entire facility, the company expects to revisit such plans if demand of medical marihuana justifies.
"CCC is currently in the advanced stages of the MMPR licensing process and we are continuing an active dialogue with Health Canada as we work toward the approvals on the application that we have submitted."
Benjamin A. Ward, President and CEO
Canadian Cannabis Corporation
About Canadian Cannabis Corporation
CCC is committed to creating and producing the highest quality medical marihuana with proven and sustainable practices. We believe medical marihuana is a unique and effective treatment option and will strive to provide all eligible patients with a safe and premium grade product. Our mission is to unlock the full potential of medical marihuana for those who suffer from a myriad of chronic conditions and to do so safely and in adherence with all regulatory guidelines.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings.
Canadian Cannabis Corporation
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