True Leaf Medicine’s plan to buy 40 acres of land in Lumby will kick off a massive expansion effort for the company.
The Lumby company announced its intention to buy the property today, saying it has already put up $100,000 of the $3.3 million it will eventually pay for it.
Right now, True Leaf’s 1,500-square-metre production facility sits on the land.
CEO Darcy Bomford says owning the property outright will allow True Leaf to “rapidly expand” its operations, once it is approved as a licensed cannabis producer through Health Canada.
“This is a milestone for True Leaf,” Bomford said. “This property gives us the capacity to expand to meet the increased demand that is widely expected. With government approvals, the size of this site could allow us to build a 1,000,000-square-foot facility and produce more than 125,000 kilograms of cannabis.”
True Leaf has already seen rapid growth over the past several years, as its unique line of hemp-based pet chews has proliferated in pet stores across Canada and the US.
The company’s application to produce and distribute cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations is still ongoing but has completed the security clearance stage.
Bomford anticipates True Leaf’s first phase of production, once it gets Health Canada approval, will include annual production of 2,500 kilograms of dried cannabis.
As its production grows, Bomford says he believes True Leaf will become “a significant employer in Lumby.”
True Leaf’s looming expansion comes as the company prepares to launch a $10 million round of Regulation A+ “crowdfunding” financing.
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