Around all the news on marijuana legalization for recreational purposes, different companies are investing and with this, FSD Pharma is looking to expand.
Atlantic Island Cannabis Inc will soon be renamed to FSD Atlantic Pharma, due to the binding agreement between them and FSD Pharma (OTCPK:FSDDF) (C.HUGE) (HUGE:CNX). The second company will purchase 51% of Atlantic Island Cannabis Inc. They accord a $40 million investment to drive the production and sales of legal cannabis in Newfoundland. Freshwater, Carbonear, Newfoundland will be the set of an indoor high quality 45,000 square foot cannabis production facility. The place will bring around 200 job sources like management and construction. This will benefit the zone economically. The next step is would be to expand the indoor facility up to 300,000 square feet.
$6,500,00 was the price for purchased 51% of Atlantic Island Cannabis Inc. FSD has the alternative to purchase the site at any time for $1,500,000 or it will be leased. A number of conditions will be solicited to the FSD shares issued to complete, involving, satisfactory documentation, receipt of third party consents and a valid purchase order from the government of Newfoundland By August 31, 2018, the negotiation is expected to be closed.
By August 31, 2018, the negotiation is expected to be closed. Suman Pushparajah Chairman of the Atlantic Pharma Inc said that this agreement will benefit the local population. Due to long-term business model for the community of Freshwater, Carbonear, and Newfoundland.
FSD Pharma possesses their subsidiary FV Pharma Inc a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR). FSD Pharma is planning to cover all the legal aspects of the cannabis industry from cultivating to manufacturing as well as research and development. Their headquarter is at the Kraft plant in Cobourg, Ontario near Toronto. Which they are intended to transform it into the largest hydroponic indoor cannabis facility in the world.
In order to form a solid platform to increase a local driven economic and sustained progress, in the are of Newfoundland and Labrador Atlantic Island Cannabis Inc (ATLC) was created. ATLC has been working with them for the supply agreement and retail licenses. They believe in forming and developing strategic partnerships a well-planned investment in order to create job opportunities for the locals of the province.
This information is talking about future events and executions. Seeing that the words could, intend, expect, believe, will and similar meanings are not historical facts they are just intended to relate the forward-looking information. These statements are root in the Corporation´s present-day goals and values or speculations for the future projects. They may be different. This article contains forward-looking information about the growth of the Corporation’s indoor cannabis facility and its business objectives. The information held in the press release is made as of the date hereof. In any form, the Corporation is compelled to revise or update the progress in the information unless it is required by applicable securities laws. In any case, investors should not place reliance on any kind of forward-looking information due to the high risks, suppositions, and uncertainties.