Aleafia Health Inc. Provides Update on Acquisition of Niagara Cannabis Cultivation Facility
TORONTO, July 9, 2018 /CNW/ – Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF) (“Aleafia“) or (the “Company“), one of Canada’s leading, vertically integrated medical cannabis companies with a unique patient-focused, healthcare solution, is pleased to provide an update further to the press release dated July 6, 2018, on the acquisition of the 160,000 square foot cultivation facility located in Grimsby, Ontario.
Aleafia is pleased to report that the zoning variance required by Aleafia for the Grimsby facility was accepted and passed late Friday afternoon. As previously disclosed, the Company expects to close on the transaction in late July, after completion of the 20 day appeal process.
Since executing the agreement to acquire the facility, Aleafia has been meticulously working through the due diligence process and has found that the facility is expected to provide even more value from a cultivation perspective than initially anticipated.
Working with well respected engineers and contractors in the cannabis cultivation space, Aleafia has found that the facility, in its current state, is expected to be up and running sooner than anticipated and under the budget originally developed.
“Having only been working with the Aleafia team a very short time, I am pleased to find that as I dig deeper into the inner workings of the company, the foundation for growth is unlimited.” said Geoff Benic, CEO. “Getting intimately familiar with the new facility has given me comfort in our ability to continue to grow our company both organically and by way of additional acquisitions.”
At the meeting late Friday afternoon, Mr. Benic addressed the Grimsby town council, thanked them for their support and reiterated Aleafia’s continued mission to be leading corporate citizens while supporting the local economy.
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About Aleafia Health Inc.:
Aleafia is a leading, vertically integrated medical cannabis company with a unique focus on delivering quality patient care from “seed” to “sale.” Aleafia is uniquely positioned with a singular focus on the medical cannabis market. The company operates the largest brick and mortar medicinal cannabis clinic network in Canada under the Canabo Medical Clinic brand, which is staffed by licensed, practicing physicians. Aleafia has obtained over 50,000 unique patients and maintains the largest medical cannabis patient data set in Canada. Aleafia’s state of the art production facilities will allow for the production of high- quality strains at low cost. Aleafia’s production will focus on securing the highest- quality medicinal product for its growing patient base.
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of Aleafia Health’s business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of Aleafia Health’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.