Geneva, Switzerland — August 15, 2018 — /D.M.O. Newswire/ — LGC Capital Ltd. (TSXV:LG) (OTC:LGGCF) announced that Viridi Unit SA has received a Letter of Intent to buy an initial quantity of 500kg of dried cannabis from Viridi’s cultivation facilities in Geneva, Switzerland.
Here’s What You Need to Know
- LGC is a cannabis-focused investment firm with a vertically integrated system of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada.
- Back on July 30th, 2018, LGC announced that it would acquire a 30% interest in Viridi and a 5% lifetime royalty on Viridi’s net sales.
- Viridi currently has 20,000 plants growing at its Geneva cultivation operations, consisting of 108,000 square feet of canopy in hoophouses and greenhouses, and these plants are expected to yield about 3,000 kg of dried cannabis from this current crop.
- The LOI calls for the initial supply of 500kg of compliant dry flowers and also expresses further interest for the supply of 200kg per month over the following year.
- It is expected that this initial order will be delivered in November 2018 from the current Geneva crop, which is due to have first harvest in mid-October.
- Mazen Hadad, Co-Chairman of LGC stated, “This new order just received by Swiss based Viridi, more than validates why LGC is in investing in this fast-growing business in the heart of Europe, where LGC sees some of the biggest growth in the legal cannabis market.”
- Mathieu Marcoulides, CEO of Viridi Unit SA stated, “This LOI shows again how fast the European market is progressing, and how important the Swiss-made label is.”
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