Liht Cannabis Corp. announces a fully funded LOI to develop its 28,000 sq. ft facility to include an advanced Biospherical System for controlled, organic cannabis cultivation in Washington

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KELOWNA, BC, Jan. 2, 2019 /CNW/ – Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) (FSE: 2M0) (“Liht”) or the “Company”) is very pleased to announce that Marapharm Washington LLC a wholly owned subsidiary of Liht Cannabis Corp. (“LIHT”), executed a Letter of Intent (“LOI”) on December 18th, 2018, with a Canadian company (“the Provider”) that has developed “Biospherical Systems” which control and enhance cannabis cultivation.

 

In reference to our news release dated December 19, 2016, the Company has entered into a LOI which would provide our state certified tenant, AlphaPheno, with a vertically equipped facility, maximizing the capacity of its 28,000 sq. ft footprint in 2019.

The Provider will design, fabricate, supply and install an advanced “Biospherical System”. The system incorporates proprietary technologies which can provide logistical, operational and financial benefits to the Company, over standard industry practices. This comprehensive agreement includes, commissioning and warranty of their equipment and future service required to facilitate operations. The pre-determined value of the systems is approximately $7,500,000 USD.

A definitive agreement formalizing this arrangement will be finalized within the coming weeks. Compensation will be in the form of royalties, and leaseback financing provisions; no compensation will be stock based; the final terms will be determined by the definitive agreement.

“We are committed to pursuing this alternative solution to increase production without causing dilution to our shareholders. This is another great opportunity to work in a like-minded partnership with a strategic commitment to technological innovation, for the uncompromised production of organic medical-grade cannabis.” Rahim Mohamed, CEO.

Emerald contributor since March 2012

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