It’s been a busy and positive few months since we last reported to you on What’s New at Liberty Leaf. Here’s a round-up, along with links to our press releases.
Liberty Leaf looking at a possible cannabis market in Greece
In September, Liberty Leaf Holdings and PUF Ventures (now AgraFlora Organics International “AGRA”) to look into cannabis cultivation in Greece. The memorandum of understanding (MOU) reached between Liberty Leaf and PUF (AGRA) the door to discussions with potential local partners about the development of a large-scale, medical cannabis commercial cultivation operation.
In announcing the MOU, Liberty Leaf President and CEO Will Rascan cited AGRA’s considerable accomplishments in international cannabis markets. “We are looking to leverage our respective capabilities, combined knowledge and experience to successfully develop a large-scale commercial medical cannabis project in Greece,” said Rascan.
Interestingly, cannabis has a long history in Greece, with references to its use found in texts as far back as the fifth century.
Completion of work on our Just Kush cultivation facility made us Production-ready
Liberty Leaf was delighted to announce in mid-October that work had completed on our Just Kush cultivation-production facility. This green-lighted us to schedule a Cannabis Compliance Inc. (CCI) inspection of Just Kush by the end of that month. CCI then conducted its site visit walk-through of the facility and compiled video footage as part of the Affirmation of Readiness (AOR) submission to Health Canada.
The CCI visit was, of course, a major step toward Just Kush obtaining its Cannabis Licencing. To ensure efficient processing and review of the AOR, the Company has contracted the entire evidence package process to CCI, which will liaise directly with Health Canada on our behalf to help expedite licensing.
Just Kush’s innovative features include: an advanced security system; comprehensive inventory management (i.e., seed-to-sale) and reporting software; new LED lighting; state-of-the art aeroponic growing system; and detail and care in design of individual grow rooms.
Just Kush worked closely with CCI and the security contractor throughout the entire buildout stage, noted Robert Jackman, Quality Control Manager of the facility. “It took time and a lot of hard work from a lot of good people to get us where we are today.”
A significant advance for Liberty Leaf’s investing: more than $1.1 million from warrant exercises
In October, Liberty Leaf was pleased to announce that it had received an aggregate $1,139,522.80 from the exercise of share purchase warrants.
A total of 5,290,228 warrants were exercised at $0.10 and 8,140,000 exercised at $0.075. The Company allotted and issued a total of 13,430,228 common shares. The warrants were issued in connection with non-brokered private placement financings closed on September 18, 2014 and October 19, 2016.
“We are pleased with the exercise of warrants by long-term shareholders and other accredited investors,” said Will Rascan, President and CEO of Liberty Leaf. “The use of proceeds will be employed to advance the Company’s business model of investing in and supporting a diversified portfolio of cannabis-sector businesses.”
Liberty Leaf submitted Affirmation of Readiness to Health Canada
On the heels of the warrant exercises announcement came even more good news. After much intensive, careful work, in November Liberty Leaf submitted its Affirmation of Readiness (AOR) evidence package to Health Canada. The submission represented the final stage in our strategy and efforts to obtain approval for cannabis licensing at our cultivation-production facility Just Kush.
These efforts included the build-out and upgrading of the Just Kush facility and compliance with all Health Canada’s licensing requirements. The AOR submission was orchestrated and shepherded by Cannabis Compliance Inc. (“CCI”), a respected firm with a proven track record for success in this area.
Completion of the AOR involved certifying the readiness of the facility itself, and producing an attestation video and comprehensive report with evidence supporting the Company’s adherence to Health Canada’s standards and requirements for Cannabis Licensing.
Of this important step forward, Liberty Leaf President and CEO Will Rascan commented, “Special thanks goes out to the hard work by the Just Kush team. Our confidence level in the success of this submission, as well as the expertise of CCI as a part of the team, is exceptionally high.”
Liberty Leaf announced the results of our Annual General Meeting
In December, we were pleased to announce the results of our Annual General Meeting, where Company shareholders:
- Set the number of Company directors for the ensuing year at four
- Elected William Rascan, Steven Feldman, Doug Macdonell and Keith Anderson as those directors, and
- Re-appointed Smythe LLP as the auditors of the Company for the ensuing year and authorized the directors to fix the remuneration to be paid to the auditors.
Liberty Leaf wishes the best of luck to a former, much-respected Director
It’s always bittersweet when you bid farewell to a friend and colleague who’s moving on to new adventures. That’s how we felt at Liberty Leaf on announcing that, as of December 28, 2018, Keith Anderson would be resigning as one of our Directors.
But amid the regrets we were excited for Keith, who is now concentrating on current and future capital market-related projects. Liberty Leaf President and CEO Will Rascan spoke for all of us in saying:
“On behalf of the Liberty Leaf team, I want to express my sincere gratitude for Keith’s contributions as part of the founding team responsible for the Company’s transition from a mining issuer to its focus as a cannabis-sector business. We wish him all the best in his future endeavours.”
Whether you are an investor seeking to include the cannabis industry in your portfolio, or an entrepreneur with a start-up or a strong business idea for the legal cannabis space, Liberty Leaf has the expertise and financial resources to build your portfolio or take your enterprise to the next level.