Maple Leaf Green World (OTC:MPEFF) (TSXV:MGW) announced an update regarding their acquisition of a Nevada cannabis cultivation permit.
Since a suitable cultivation site is required in order for the permit transfer to be processed, Maple Leaf has extended the letter of intent for the permit acquisition to January 16th, 2017.
Buy Instead of Build
To accelerate the process to obtain a suitable building to transfer the cultivation permit to, Maple Leaf Green World has decided to purchase an existing warehouse rather than build out their own custom facility. The announcement says that Maple Leaf is in the process of preparing a formal purchase offer on a site in Henderson, Nevada.
This announcement comes one week after Maple Leaf's announcement that they had raised $2,000,000 CAD or approximately $1,509,263 USD in a private placement to fund their U.S. expansion.
What We're Waiting On
As soon as a cultivation site offer gets approved by the seller, Maple Leaf Green World needs to submit an application to Henderson City Council to approve the transfer of the cultivation permit from BioNeva Innovations of Henderson LLC to Maple Leaf.
As soon as this approval is granted by the Henderson City Council, site renovations will commence and Maple Leaf Green World or its nominee will legally become the Nevada cannabis cultivation permit holder.
1 of 100
According to the release, there are approximately 100 Nevada cannabis cultivation permits in existence, and these permits will be capped until strong marijuana demand proves to outweigh the supply. For this reason, we believe that this step forward for Maple Leaf Green World will prove to be a valuable one.
For more information and coverage on Maple Leaf Green World such as the Chief Grower they've hired for their Nevada cultivation project, be sure to check out Maple Leaf's stock profile in our marijuana stocks database. Also, don't forget to connect with The Daily Marijuana Observer using the links to the right of this article.