Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF)
(FRANKFURT:CLB), (the "
Company" or
"
Christina Lake Cannabis" or
"
CLC"), a leading producer of high quality
extracts and sun grown cannabis, is pleased to announce following
its acquisition of outdoor cultivation facilities in Midway,
British Columbia, which closed in February 2024, it has entered
into a lease agreement to acquire new harvesting equipment (the
"
Equipment") to address both the expanded
cultivation footprint and growing demand for its products (the
"
Lease Agreement").
The Lease Agreement is for a term of 36 months
beginning on September 1, 2024 (the "Term"),
following the delivery of the Equipment to the Company. The monthly
payment for the Lease Agreement shall be $13,363.11 per month, plus
GST, payable on the 1st of each month, and $4,000 per month plus
GST for standby rent for the months of April – August 2024, payable
on the 15th of each month. Should the Company make all payment on
time during the first 18 months of the Lease Agreement, the Company
shall have the option to purchase the Equipment at any time
following month 18 up to the end of the Term (the
"Option").
The Lease Agreement is between CLC and an entity
50% owned by a director of the Company. Accordingly, the Lease
Agreement may be deemed to be a 'related party transaction' as
defined under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The Lease Agreement is exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 (pursuant to subsections 5.5(d) and 5.7(1)(f)) as the Lease
Agreement was a lease of repeal property under reasonable
commercial terms made in the ordinary course of business and does
not contain any voting or equity component. The Company’s
independent board of directors reviewed and approved the Lease
Agreement.
About Christina Lake Cannabis
Corp.
Christina Lake Cannabis is a licensed producer
of cannabis under the Cannabis Act. It has secured a standard
cultivation license and corresponding processing amendment from
Health Canada (March 2020 and August 2020, respectively) as well as
a research and development license (early 2020). Christina Lake
Cannabis’ facility consists of a 32-acre property, which includes
over 950,000 square feet of outdoor grow space, offices,
propagation and drying rooms, research facilities, and a facility
dedicated to processing and extraction. Christina Lake Cannabis
also owns a 99-acre plot of land adjoining its principal site. CLC
focuses its production on creating high quality extracts and
distillate for its B2B client base with proprietary strains
specifically developed for outdoor cultivation to enhance
extraction quality.
On behalf of Christina Lake
Cannabis:
"Mark Aiken"Mark Aiken, CEO
For more information about CLC, please
visit: www.christinalakecannabis.com
Jennifer SmithInvestor Relations and Media
Inquiriesinvestors@clcannabis.com902-229-7265
THE CANADIAN SECURITIES EXCHANGE ("CSE") HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR
ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION
SERVICES PROVIDER.
This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", "likely", "probably", "often", or "plan". Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes, but is not limited to, the Lease Agreement, the Option,
the cultivation cycle and outcomes, the anticipated results from
the Lease Agreement, the Lease Agreement being financially
accretive and strategically valuable to the Company, the results of
the processing, the 2024 outdoor grow season, any potential future
expansion, the Company’s objectives, goals or future plans,
statements, harvesting results, and estimates of market conditions.
Factors that could cause actual results to differ materially from
such forward-looking information include: future growth potential
of the Company, fluctuations in general macroeconomic conditions,
fluctuations in securities markets, fluctuations in cannabis
markets, expectations regarding the size of the future harvest, the
ability of the Company to successfully achieve its business
objectives, plans for expansion, inability to obtain adequate
insurance to cover risks and hazards and general market conditions.
Additional factors and risks including various risk factors
discussed in the Company’s disclosure documents which can be found
under the Company’s profile on http://www.sedarplus.com. Should one
or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected.
Although the forward-looking statements
contained in this news release are based upon what management of
the Company believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure shareholders that actual
results will be consistent with such forward-looking statements, as
there may be other factors that cause results not to be as
anticipated, estimated or intended. Readers should not place undue
reliance on the forward-looking statements and information
contained in this news release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company’s disclosure documents which can be found under the
Company’s profile on https://www.sedarplus.com. These
statements speak only as of the date of this news release. The
Company assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
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