Harvesting of 20,000 cannabis plants is underway at LGC Capital's Swiss partner, Viridi Unit's Geneva growing facility
MONTREAL, Oct. 12, 2018 / CNW Telbec /
LGC Capital Ltd. (TSXV:LG) (OTC:-PINK: LGGCF) ("LGC") is pleased to announce that Viridi Unit SA ("Viridi") of Switzerland has commenced harvesting of 20,000 plants growing at their Genevacannabis cultivation facility, consisting of 108,000 square feet of canopy.
/NOT FOR DISTRIBUTION IN THE UNITED STATES/
These plants are expected to yield approximately 3,000 kg of dried cannabis flowers from this current crop for sale within Europe and for use in Viridi's broad range of product offerings in Switzerland and the European Union market.
Viridi Unit's high-CBD dry cannabis products are sold under the ØNΞ™ Premium Cannabis brand in over 80 retail locations across Switzerland and the EU and in their cosmetics line under the Viridi Care brand.
LGC announced a transaction on July 30th, 2018, by which LGC is to acquire a 30% interest in Viridi and a 5% royalty on Viridi's net sales. Refer to LGC's press release dated July 30th, 2018 for full details on the transaction. This transaction is subject to TSXV approval.
About Virdi Unit SA (www.viridi-unit.com)
VIRIDI is a vertically integrated legal cannabis supplier to the Swiss and European markets, growing its own seeds and flowers, producing and developing a wide range of cosmetics, cigarettes and natural wellness Swiss authorized products amongst many of its diversified products and activities.
About LGC (www.lgc-capital.com)
LGC Capital is a leading investment firm with a focus on the Legal Global Cannabis market. Through its portfolio investment companies, LGC is building a world-leading, vertically integrated system of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets. LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG).
Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and Viridi Unit SA ("Viridi"), and their respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and Viridi could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor Viridi has any obligation to update such statements, except to the extent required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.