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Heritage Cannabis exercises option to buy CannaCure’s facility in Ontario

CEO Clint Sharples says the facility is ‘important’ for the stability and long-term future of the company’s operations

A cannabis facility belonging to Heritage Cannabis Holdings
The company has four businesses under its umbrella that run the gamut from extraction to production

Heritage Cannabis Holdings Corp (CSE:CANN) announced Friday that it has exercised its option to purchase CannaCure Corp’s facility in Fort Erie, Ontario.

The deal will close in the next 60 days following the terms of the property purchase option agreement.

As a result, the company will acquire the 122,000 square foot facility for the option price of $2.2 million, funded from the proceeds on hand. CannaCure has already transformed nearly 24,000 square feet of licensed space within the facility, with the additional 98,000 square feet ready for Phase 2 extraction and Phase 3 contract manufacturing expansion.

READ: Heritage Cannabis is pioneering the seed-to-sale cannabis model

The additional space will be outfitted for the company's planned push into edibles, infusions, vaping products, tincture bottling and development of medical formulated products.

"Purchasing the Fort Erie building is important to the stability and the long-term future of our operations," said Heritage Cannabis Holdings CEO Clint Sharples. "The recent completion of our bought deal financing allows us to acquire this property and accelerate the strategy of preparing our company for the new cannabis regulations expected this October."

Based in Toronto, Heritage currently has four businesses under its umbrella that run the gamut from extraction to production.

Heritage’s subsidiaries Voyage Cannabis Corp and CannaCure Corp are both Health Canada-approved licensed cannabis producers, while Purafarma Solutions provides extraction services and BriteLife Sciences focuses on the medical market.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Quick facts: Heritage Cannabis

Price: 0.305 CAD

CSE:CANN
Market: CSE
Market Cap: $144.46 m
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