Medical marijuana planned for Ontario greenhouse
May 23, 2014, Vancouver — A large greenhouse in southern Ontario is expected to soon be converted into a medical marijuana growing facility.
May 23, 2014, Vancouver — Supreme Pharmaceuticals Inc. has purchased a 342,000-square-foot greenhouse facility in southern Ontario for future medical marijuana production.
The facility is located approximately 160 kilometres outside of Toronto. Production will commence after installation of the required security measures and subsequent receipt of final regulatory approvals.
Work to upgrade the property has begun.
The facility is located in a specially created high-energy-use industrial park. It is located next to an unlimited supply of electricity at a very competitive rate, has year-round road access and is conveniently located with respect to shipping logistics.
AWAITING RECEIPT OF MMPR LICENCE
It appears all local use permits are in place such that production can commence immediately upon receipt of the final MMPR (Marijuana for Medical Purposes Regulations) licence.
The total purchase price of the facility was $4,500,000, of which Supreme paid $1,000,000 on closing out of available funds, and assumed a vendor mortgage of $3,500,000, payable on the second anniversary date from closing.
No interest will accrue in the first year, but the mortgage bears interest at seven per cent during the remaining year.
It is expected this acquisition will close by the end of this month.
“We are pleased that this first step has been completed in Supreme achieving its goal of producing and selling medical marijuana,” said the company in announcing the purchase.
“While there is still significant work to be done, this bodes well for the Company being able to execute its business plan.”