OTTAWA, ONTARIO--(Marketwired - Jan. 14, 2016) - GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company") (CSE:GCI) is pleased to announce that it has begun the permitting process with both the Local municipal and Quebec provincial governments in anticipation of beginning construction of the proposed 50,000 sq. ft. cannabis production facility for which an application under MMPR was submitted to Health Canada in November of 2014. The status of that application remains unchanged from our last update on October 1, 2015.
"As a company and in consultation with our major shareholders, we believe that proceeding with the construction of our production facility will place GrowPros in the strongest strategic position possible as the federal government continues to move into a period of regulatory restructuring of Canada's Cannabis laws," commented Ryan Brown, Chief Executive Officer.
GrowPros MMP, the wholly-owned subsidiary of GrowPros, has always maintained a vision of being a premier low cost wholesaler and supplier of cannabis to Canada's legal cannabis industry. The application and facility plan were designed around low cost high quality production taking advantage of Quebec's favourable operating costs and favourable climate for agricultural producers.
"Management believes that constructing a state of the art cannabis production facility in compliance with the current MMPR physical security and public safety regulations will provide GrowPros and its shareholders with a great asset moving forward," commented Ryan Brown, Chief Executive Officer.
Update on Expected Proceeds from Cannabis Accelerators LTD ("CAL")/Export Hydro Transaction
We have been notified that the proposed CAL/Export Hydro transaction will close late in the first quarter of 2016.
GrowPros is anticipating receiving $200,000 CDN and 1,000,000 stock options in the ASX listed public vehicle.
The expected receipt of these proceeds coincides with the Company's expected first quarter's capital requirements related to the start of the facility construction.
Other News
Management wishes to commend advisory board member Adam Greenblatt on his recent interview with CBC Montreal regarding the future of Cannabis legalisation particularly in Quebec. We look forward to Adam's contribution moving forward.
See the interview clip entitled Marijuana in Montreal: Advocate Sees Bright Future for Legalized Pot (CBC News Montreal - January 11, 2016) at: http://www.cbc.ca/news/canada/montreal/montreal-marijuana-legal-adam-greenblatt-1.3398498.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Contact Information:
Ryan Brown
Chief Executive Officer
(613) 421-8402