SOURCE: Lotus Ventures Inc.

April 19, 2017 09:30 ET

Lotus Ventures Inc.: Cannabis Facility Permits Issued

VANCOUVER, BC--(Marketwired - April 19, 2017) - Lotus Ventures Inc. (CNSX: J) is pleased to report that its activities to obtain Licensed Producer (LP) status under the Health Canada, Access To Cannabis For Medical Purposes Regulations (ACMPR) has moved forward and we are poised to begin construction of the first facility in 2017.

Lotus has received approval for the necessary building permit for its proto-type facility from Spallumcheen Township near Armstrong BC. We have received a binding financial commitment to fund the two-stage construction, previously announced on January 30, 2017 and have received further information that Lotus Ventures Inc. has well advanced along in the approval process and expects to receive an affirmation confirmation from Health Canada to commence building this year. We have also created a community contribution profile which highlights our creation of 60 - 70 permanent jobs from the initial $18 million investment plan in the North Okanagan region.

Health Canada has increased its budget and staffing, which will increase the speed at which it issues affirmation confirmations and processes LP applications. The Federal Government has issued legislation in favor of LP's being the permitted producers in the adult recreation legal market to commence July 1, 2018.

These announcements are material milestones for Lotus Ventures becoming an important market participant in the rapidly-developing Canadian regulated market for both medical and adult recreational use markets. We anticipate events developing more rapidly, in the near future, and will keep our shareholders informed as we move forward with our business plans.

ON BEHALF OF THE BOARD

Lotus Ventures Inc.

Dale McClanaghan, President and CEO

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, contact:
    Dale McClanaghan
    President and CEO
    (604) 644-9844