Liht Cannabis Corporation, an investor in the cannabis space, has reportedly entered into a JV (joint venture) agreement with a private British Columbia corporation, 1186626 B.C. Ltd., for a second cannabis cultivation facility in Chase, British Columbia.
Sources with knowledge of the matter stated that 1186626 B.C. Ltd. is currently in the final stages of buying a 120-acre plot of land, approved by the TNRD (Thompson-Nicola Regional District) to develop and operate bio-secure, organic cannabis production units of around 486,000 square feet. Sources added that 1186626 B.C. Ltd. will finance the project with an estimated cost of C$81,600,000 to the lock-up stage. The commencement of the ground work depends on favorable weather conditions.
Liht has reportedly proposed to affix a secondary license to the British Columbia property, either through a late-stage license application or by extending its present late-stage Health Canada application.
Apparently, the Chase property was chosen for a multitude of reasons like its closeness to Highway 1, which is the chief Trans-Canada Highway route through British Columbia. Other reasons include labor resources from the Thompson-Nicola region, the emergency services appropriately matching Health Canada guidelines and the presence of several natural springs for abundant supply of water.
Linda Sampson, the COO & President at Liht, was reported saying that the partnership is in line with the company’s commitment towards its innovative technology used for low-cost organic cannabis production. The company looks to expand its footprints across British Columbia by raising its output levels for supplying the long-term demands of the Canadian market, added Linda.
Reportedly, as per the agreement’s terms, a delegated nominee of Liht’s JV partner is expected to hold the title to the British Columbia property, following the JV deal. Liht will be further responsible for the construction of the facilities on the property, with its JV partner funding the construction and operational & ancillary costs.