Heritage Updates Expansion Plan
(TheNewswire)
Vancouver, B.C. / TheNewswire / June 14, 2018 – HERITAGE CANNABIS HOLDINGS CORPORATION (CSE: CANN) (“Heritage” or “Company”) is pleased to announce that its subsidiary PhyeinMed Inc. (“PhyeinMed”) has commenced the construction of greenhouses as part of a revised Phase 2 plan for the production of Cannabis in Falkland, British Columbia. The initial order of four greenhouses will cost approximately $350,000 and will be funded from cash on hand.
“Considering the impending changes to Health Canada’s regulations and the ability to cost effectively comply with the proposed regulations with respect to outdoor grow options, we re-evaluated our current plan and were able to pivot in a manner which is much more accretive to shareholder value” says Debra Senger, CEO of PhyeinMed “this allows for a more effective use of funds, both in capital spending and ongoing operational savings.”
PhyeinMed started the revised building plan on May 22nd, with the first four of ten year-round greenhouses to be completed in the fall of 2018, and the additional six greenhouses expected to be complete by spring 2019, however greenhouses will be brought online, and growing will commence as they are completed. Total grow canopy of the revised second phase will be 41,580 square feet. This is similar to the previous plans for the indoor grow facility, but the revised plan will contain more grow canopy and capacity.
Utilizing greenhouses as a cost-effective option will increase production while substantially reducing operational costs. Pending approval of our production licence allowing cultivation, it is anticipated that the first crops will be ready for harvest in Q1 2019.
PhyeinMed has plans to take advantage of the additional acreage surrounding our current processing facility and greenhouses by erecting a series of up to 30 additional seasonal small-scale greenhouses in the spring of 2019. The seasonal greenhouses bode well for extracted production products.
About Heritage Cannabis Holdings Corporation
The Company is currently listed as a marijuana issuer having a 75% interest in PhyeinMed Inc, a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations). It is a parent and Development Company with strategic plans to continue to acquire Cannabis related companies.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORPORATION
“Jag Bal”
Jagdip Bal
President and CEO
For more information contact:
Jag Bal
Tel: 604-628-1767
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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