CALGARY, Alberta, April 02, 2019 — Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”) (NEO: MGW, OTCQX: MGWFF) has filed its 2018 audited annual financial statements and related management’s discussion and analysis (the “Statements”), with the applicable Canadian securities regulatory authorities on SEDAR.
- Telkwa, B.C.
◦ Construction at the Telkwa facility (the “Facility”) is 75% complete and work is still going on at the site. Maple Leaf continues its efforts to obtain financing for completion of the Facility. Previously announced financing from Silver Arch could not materialize as Silver Arch could not arrange funds for the financing.
◦ Maple Leaf filed application for subdivision of Land with appropriate authorities in British Columbia and is awaiting approval from the Agricultural Land Commission. Upon their approval it will then be sent to BC Highways for their final approval.
- Henderson, Nevada
◦ On December 31, 2018, the Cultivation License expired because the facility was not complete. The Company appealed the decision to the Taxation Dept., and was informed that the appeal had been denied in March 2019. The Company has the option to appeal the Taxation Dept.’s decision to the State’s Special Review Committee; however, after an extensive evaluation of the construction cost and political environment in comparison of Henderson versus other Nevada jurisdictions for cannabis, the Company has decided to forfeit the Henderson cultivation facility. The Company has retained a Las Vegas area realty broker to maximize the sale of the land owned by Maple Leaf in Henderson as the real estate value of the land has been increased substantially since the acquisition in 2017. The Company is actively seeking new real estate zoned for cannabis cultivation in both the City of North Las Vegas and Clark County. The Company is also presently in preliminary negotiations with three potential groups offering their Nevada cultivation certificates and businesses. The Company believes this move will result in big cost savings and future operational expenses savings in the long run.
Company’s priority now is to complete B.C. facility first, obtain the cultivation license under the CTLS of Health Canada, then acquire an existing Cultivation and/or Processing license in Clark County.
For further information regarding the Company, please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America. The Company is in the process of construction of a marijuana facility in British Columbia. With over ten years of extensive greenhouse management experience, the Company applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free cannabis products. Maple Leaf’s long-term objective is to produce cannabis oil and to export its products to approved countries. The Company’s common shares are listed for trading on the Aequitas NEO Exchange Inc. under the symbol “MGW” and on the OTCQB market under the symbol “MGWFF”.
This press release includes certain statements and information that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities legislation. Such forward-looking information relates to future events about Maple Leaf’s intended business plans and operations, including Company’s Application with Health Canada. All information other than historical fact may constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” or “budgeted”, “scheduled”, “estimates”, “projects”, “intends”, “proposes”, “complete”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the development and operation of the Company’s projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical and recreational cannabis, inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms, the medical and recreational cannabis industry in Canada and the United States of America and the jurisdictions where the Company operates generally, income and sales tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from municipal, provincial, county, state, and federal regulatory bodies in Canada and the United States of America. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed, planned, or intended. Accordingly, such list of factors are not exhaustive. Additional information on these and other factors which could affect the Company’s operations and financial results are discussed in the sections relating to risk factors of the business filed in the Company’s required securities filings with applicable securities commissions or other securities regulatory authorities and which may be accessed through the SEDAR website (www.sedar.com).
Specifically, this press release includes, but is not limited to, forward-looking information with respect to the completion of its Facility in Telkwa, BC, which is dependent on the Company’s ability to raise funds for its completion. Forward-looking information necessarily involves both known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated.
Although the Company believes that expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that any forward-looking information will prove accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information contained in this press release or that is incorporated by reference herein, whether as a result of new information, future events or results or otherwise, except in accordance with applicable securities laws.
For further information, please contact:
Maple Leaf Green World Inc.
Raymond Lai, Chairman, President & CEO