Alta Vista provides additional information on MMPR target.
Vancouver, British Columbia (FSCwire) - Alta Vista Ventures Ltd. (AVV-CSE, YRLLF-OTC) is pleased to provide additional information on RedeCan Pharm, one of Canada’s 20 MMPR (Marijuana for Medical Purposes Regulations) cultivation and sales licenses that Alta Vista has the right to purchase a 100% interest in (see news release dated November 27th, 2015).
Redecan Pharm is located in the heart of the Niagara peninsula in Southern Ontario and currently utilizes 15,000 square feet of greenhouse space. RedeCan Pharm received its cultivation license in June of 2014 and was then issued its license to sell dry cannabis to medical patients across the country in March of 2015. RedeCan’s license is currently for the cultivation and sale of up to 317 kilograms of dried marijuana annually. Production amounts can be increased at any time to supply future demands by submitting an amendment to the license.
According to RedeCan’s files their average cost per gram is approximately 73 cents. Key factors that contribute to RedeCan’s low cost are: low requirements for electricity due to growing in a greenhouse, access to fresh well water, augmented heat with natural gas and biofuel incinerator, and maintaining a small dedicated staff.
RedeCan is currently offering the following 11 strains: Strawberry Cough, Moby Dick, Diesel, OG Kush, Shaman, Blue widow, White widow, CBD Kush, Orange Hill Special, Mazar and Critical jack.
In addition, RedeCan has the following strains that are awaiting testing and will be released in the near future for patients to order: Polar Light, Blue Cheese, Bubba Kush, Sweet Tooth, CBD Shark Shock, Pineapple Chunk, OG Kush, and Bubblegum.
RedeCan has been turning their focus to producing high CBD content strains. Health Canada has restricted the allowable THC content in oils and extracts to a maximum of 3% THC, however, there is no restriction on the CBD content in oils. RedeCan is in the process of submitting its application for an oils and extracts licence. The timing of receiving a licence for oils and extracts is unknown.
RedeCan’s operation has sufficient room within the current confines of it secured perimeter to add up to an additional 7,500 square feet of cultivation area. In addition to this, there is the potential for additional expansion as the licenced facility is located on a privately owned 30 acre parcel of land. Any potential expansion of the operation will be dictated by the number of patients.
Investors are cautioned that the data contained in this news release is provided to the Company by RedeCan and is subject to confirmation by the Company during its ongoing due diligence of RedeCan.
About Alta Vista Ventures:
Alta Vista Ventures currently has 23,882,107 shares issued and outstanding.
The purchase of Redecan Pharm is a critical step in Alta Vista’s goal of becoming a significant player in Canada’s medical marijuana marketplace. Under the terms of the LOI, subject to satisfactory due diligence and the signing of a definitive agreement, Alta Vista Ventures can purchase a 100% undivided interest in RedeCan Pharm by paying $7,000,000 in cash and issuing a total of 7,575,757 shares. In addition to the purchase price Alta Vista will pay a 10% royalty of the gross revenues of RedeCan on a quarterly basis to be paid 50% in cash and 50% in shares of Alta Vista.
In addition to the right to purchase RedeCan, Alta Vista has the right to purchase Thor Pharma, an early stage MMPR applicant that could add up to 75,000 square feet of growing space. Alta Vista cannot guarantee nor estimate the timing for the issuance of an MMPR license to Thor Pharma.
As part of its ongoing efforts to expand in the sector Alta Vista continues to evaluate additional opportunities.
On behalf of the Board,
For information on Thor Pharma and RedeCan please contact Mr. Don Shaxon at 289-697-8625.
For additional information on Alta Vista Ventures please call the Company at 604-678-2531.
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in such statements. As a result, actual results may vary materially from those described in the forward-looking statements.
To view this press release as a PDF file, click onto the following link:public://news_release_pdf/AltaVistaDec82015.pdf
Source: Alta Vista Ventures Ltd. (CSE:AVV, OTC Bulletin Board:YRLLF)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2015 Filing Services Canada Inc.